Trade Services

Our Trade Services team offers you a variety of excellently tailored services to support your business and meet your international trade transaction while supporting your import and export transactions in line with banking best practices.

Our front-line trade solutions include the;

Form M processing

Form M is a statutory requirement for all physical import related transactions. Form M processing is electronically initiated on Trade Portal managed by CBN and Nigeria Customs Service and must be accompanied by the following documents:

  • Proforma Invoice
  • Local Marine Insurance
  • Other relevant regulatory documents such as NAFDAC, DPR, SONCAP depending on the item of import.
Form M Link
Form M can be processed on Valid and Not Valid for Foreign Exchange basis depending on whether official or non-official funds will be used for payment.

Letters of Credit

This is an irrevocable undertaking by Sterling Bank on behalf of our esteemed customer to pay the supplier (beneficiary) on presentation of credit complying documents. We partner with international banks of repute to deliver best in class services to our numerous Trade customers. You will find a Letter of Credit solution that meets your business requirements from our array of Letters of Credit types below:

  • Confirmed cash-backed letters of credit
  • Clean confirmation letters of credit
  • Unconfirmed Letters of Credit
  • Red Clause letters of Credit
  • Standby Letters of Credit / Guarantees
We also offer hybrid LCs with features of more than one LC type to meet your requirements.

Bills for Collection

This is the instruction of the supplier to the bank to collect the value of the documents from the purchaser by handing over the documents against acceptance or an undertaking to pay. Our experienced Trade team facilitates your import and export Bills for Collection transactions.

Foreign Currency Transfer

We leverage on our active relationship with first class international banks to seamlessly transfer foreign currency funds on behalf of our domiciliary account customers. Beneficiaries on the average receive funds within 24 – 48 hours depending on location and time zone while the larger percentage receives funds on same day basis. Our customers can initiate their foreign transfer requests from the Internet Banking platform available on this Website or by submitting hard copy instruction through any of our branches nationwide.

Foreign currency inward transfer (Inflows)

Sterling Bank receives funds (Inflow) on behalf of customers. We give value within 24 hours of receipt or on same day basis depending on the location/time zone of the transferring bank. Our correspondent bank details for receipt of USD, GBP & EUR inflows are available on request.

Invisible transactions

These involve outward payment in foreign currency through the Naira account. Invisible transactions are transactions relating to payment for services and intangible goods. Customers are expected to submit completed Form A and other supporting documents through any of our branches to meet up with the regulatory requirement for this transaction type. Qualifying transactions include but are not limited to the following:

  • School fees remittance
  • Correspondence courses, membership subscription and examination fees (for individuals)
  • Conferences, seminars and training courses organized locally and abroad.
  • Repayment of external loans.
  • Medical fees.
  • Foreign Nationals' personal home remittances.
The form A which is a regulatory document can be picked up from any of our branches nationwide.

Foreign cheques issuance and collection

While some customers have moved away from draft / cheque issue as a means of international payment, there are quite a number of others who may for documentary reasons prefer this mode of payment to electronic funds transfer. To this group of customers, Sterling Bank offers cheque issuance and collection services. We issue foreign currency drafts in USD, Euro and GBP on request by our domiciliary account customers as well as our naira account holders who meet documentation requirements for invisible transactions.

We also facilitate the clearing / collection of foreign cheques deposited by our customers. Depositors’ accounts are credited with proceeds within 24 hours of receipt of proceeds from the drawer’s bank.

Certificate of Capital Importation

Customers with access to foreign funding / loan will find our Capital Importation services valuable. Capital Importation is capital brought into Nigeria in form of foreign currency inflow or by way of equipment/ machinery / raw material.

We issue Certificates of capital Importation within 24 hours of receipt of inflow and credit customer’s account with Naira equivalent subject to appropriate documentation. The certificate affords the customer opportunity to source funds from the official market for repayment at the time of capital repatriation.

Exports (NXP processing)

Commercial exports transactions are processed on Letters of Credit, Bills for Collection or open account basis depending on customer’s preference. The process begins with the customer completing the statutory Nigerian Export Proceeds Form (NXP). The NXP form can be picked from any of our branches nationwide.

Trade advisory services

Our professional Trade Advisory Team is ever poised to support our clients’ dynamic international trade requirements and add value to their businesses.

For further enquiry, please contact us through the under stated address;

Trade Customer Service,
Trade Services Group,
Sterling Bank Plc, 20 Marina, Lagos.

Email: tradehelpdesk@sterlingbankng.com
Phone: +234 807 529 2113, 01-4622516