1.  Local Letter of Credit
Union Bank’s Local letter of credit facilitates trade within Nigeria.

  • Purchasing via Local LC’s assures the supplier of prompt payment from Union Bank.
  • It enhances the buyers credit as the Bank assumes the liability for payment. This positions the buyer favorably and provides opportunities for the customer to have leverage in commercial negotiations, obtain reasonable product prices and obtain preferential conditions including extended payment days, thereby reducing working capital costs.

Benefits to your business

  • Increase your working capital
  • View and track account receivables
  • Strengthen trade relationships

2. Form Q 

This solution gives SMEs the opportunity to get forex easily. It allows SMEs to access up to $20,000 per quarter.

Requirements

  • You must be an account holder and must have operated your account for not less than six months
  • Submit a written application letter
  • Proforma Invoice (PFI) from the supplier
  • Supplier’s/ beneficiary’s bank account details

3. Import Letters of Credit

We offer you first class solutions to import goods through the Import Letters of Credit payment mode.

4. Export Letters of Credit

We provide a holistic range of services to support you under the Letter of Credit payment mode. Our services include receiving, reviewing and advising on authenticated instruments, documents negotiation, export financing- (including LC discounting) and receiving & certification of exports proceeds.

5. Import (Inward) Bills for Collection

Let us support your business with our import Bills for Collections. We can ensure speed for your transactions.

6. Export (Outward) Bills for Collection

We can support your exports through the Bills for Collection payment mode from production/sourcing of exported goods to documents checking, dispatch, receipt and certification of export proceeds.

7. Bonds / Guarantees

We provide a range of bonds and guarantees including Bid/Tender Bonds, Performance Bonds, Advance Payment Guarantees, Customs Bonds, Shipping Guarantees and Retention Bonds.