Oceanic Bank: Trade Services


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Services

Trade Services

We recognise that you value simple uncomplicated solutions; this is why our dedicated trade finance experts have designed processes to ensure that you experience seamless trade banking services when you choose to process your trade transactions through Oceanic Bank

Our products and services include are:

Letters of Credit

A letter of Credit is a contractual undertaking issued by a bank (issuing bank) on behalf of the buyer (importer/applicant) to the seller (exporter/beneficiary) or the exporter’s bank (advising/confirming bank) to pay for goods or services. Our LC desk issues Documentary LC’s and standby LC’s whether confirmed or unconfirmed.

At Oceanic Bank we tailor specific Letter of Credit products for you after a careful review of the peculiarity of your needs. Click here to download an LC application form
Oceanic Bank complies with the International Chamber of Commerce Uniform Customs and Practice (UCP600) treaty and other international trade standards.

Bills for Collection

If your supplier (exporter) offers you (the importer) a period of credit on goods dispatched via importation, then the Bills for Collection product is for you. This is a cheaper alternative to you (the importer) compared to the Letter of Credit option.

The relevant documents are sent by the exporter through Oceanic Bank to the importer. The exporters bank forwards documents to Oceanic Bank for release to the importer against the acceptance of the Bill of Exchange or immediate payment.

Exports

Let Oceanic Bank turn your export business around! Our commercial exports desk provides you with efficient handling of documentary requirements for exports such as LC, BC and Advance payment. We also offer advisory services that keep you abreast of developments on exports in the local and International Markets.

You may also need to register with the Nigerian Export Promotion Council (NEPC) who will open another set of opportunities to you.

Form “M” Not Valid For Foreign Exchange (NVFX)

The Form M, a peculiar document to importers in Nigeria, is the initiating stage of all importation processes in Nigeria.

The correctness of the information filled in the Form M is vital to the smooth processing of all importation transactions in the country, hence, our team of experts are trained to assist you in ensuring that you have a smooth and timely importation process. You can pick up a Form M in any of our branches nationwide.

Supplier Finance

Our Value Chain Products team are always willing to provide support to your business at every point of the supply chain. We offer suppliers of large corporates facilities based on the comfort of payment from the former but we assess the peculiarities of the suppliers on a case by case basis.

Many of the large corporates have had a long standing relationship with us due to the support we have provided in ensuring their production is not starved with raw materials from their suppliers.

Receivables Finance

The Value Chain team of Oceanic bank provides immense support to businesses. Our Receivables Finance product offers you a reasonable source of funding before your invoices are due.

Our team of experts are available to discuss customised transaction dynamics with you in relation to the peculiarity of your need.

Import Finance Facility (IFF)

Our team of experts can tailor specific trade loans for your importation needs. A careful assessment of your request will help us identify your need but we are guided by the Imports Prohibition List of the Federal Government and the Standard Organisation of Nigeria

Oceanic Alert

The O-Alert platform puts you up to speed with your trade transactions. It is designed to give you either e-mail or SMS notifications at every point of the transaction cycle. This will help you monitor your time sensitive trade transaction with ease. The following represent the various notifications you may apply for:

LC Issuance	Revalidation of Form M	Reminder to chase for RAR
LC Revalidation	Acceptance of Form M	Reminder to chase for RAR
LC Expiration	Form M Expiration	Resubmission RAR Reminder
LC Revalidation Expiration	Form M Revalidation Expiration	RAR resubmission
LC Shipping Doc. Received	Form M Rejection	RAR Issued
LC Document Payment Due	Form M Submission	RAR Rejection
LC Document Submit	Form M Resubmission	Exports Proceeds Overdue
BC Shipping Doc. Received	Form M Resubmit Rejection	Export Document CCI Overdue
Payment Received	Form M Overdue	Export Proceeds Shortfall
Export Registration	Form M Amendment	Document Dispatched
Deal Start	Deal Placement	Deal Maturity

Please click here to access the O-Alert form.

Invisibles

These are payments to offshore service providers. They are usually made by SWIFT or by foreign drafts. Such services include:

• Medical Bills
• School Fees
• Mortgage & other Loan Payments
• Dividend & Royalty Payment
• Expatriate Personal Home Remittance
• Personal Home Remittance
• Management Fees
• Technical Services
• Travel allowance: Business, Personal & Pilgrimage
• Demurrage
• Net proceeds of International Air - Tickets sales

To process invisible transactions as above, you require a Form A. Please visit any of our branches nationwide for a copy.

Frequently asked Questions (FAQs)

Q. What is Form “M”
A. It is part of the Nigerian import procedure that any person intending to import physical goods into the country shall in the first instance, process a Form M through an authorized dealer Bank. The form M has an initial validity of 6 months.

Q. How can I get a Form M?
A. Go to any of Oceanic Bank Branches and you will be given one upon request.

Q. How can I get an LC application form?
A. You may go to our website to download it or visit any of our branches for a hard copy.

Q. How can my company apply for a Trade Finance Facility such as IFF, Receivables Finance or Supplier Finance?
A. You may contact any of our branches or contact the trade team through your branch or send a mail to commercialandtradeproducts@oceanicbank.com