IB bank Burkina

Letter of credit

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Acceuil / Letter of credit

Description:

A letter of credit or documentary credit is a bank's commitment to pay a specified amount to the supplier of goods or services in exchange for the delivery, within a specified period, of listed documents proving that the goods have been shipped or that the services have been performed.

The purpose of these documents is to prove that the importer has fulfilled their obligations. The bank will then send these documents to the buyer against payment, so that the buyer can take possession of the goods.

The documentary credit technique therefore meets a dual requirement:

– Provide the exporter with a bank commitment from the importer's bank.

– Assure the importer that payment by their bank will only be made if the seller can prove that they have properly fulfilled their own contractual obligations.

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Benefits:

  • Enhanced confidence in international transactions
  • Enhanced security for both parties
  • Document and compliance control
  • Flexible payment terms
  • Reduced costs compared to documentary credit
  • Facilitation of financing
Documents to be provided and conditions for opening:
  • Two (02) recent passport photos from the same print run
  • Valid proof of identity (National Identity Card, Consular Card, ECOWAS Card, or Passport)
  • Proof of income (most recent pay slip, employment contract, certificate of employment, or certificate of commencement of employment)
  • Proof of residence (a copy of a water, electricity, or landline telephone bill, or a certificate of residence)
  • Mailing and geographic address
  • Initial Deposit: Free of charge
  • Two (02) recent passport photos from the same print run
  • Valid proof of identity (National Identity Card, Consular Card, ECOWAS Card, or Passport)
  • Mailing and geographic address
  • Proof of residence (a copy of a water, electricity, or landline telephone bill, or a certificate of residence)
  • Initial Deposit: Free of charge
  • Two (02) recent passport photos from the same print run
  • Valid proof of identity (National Identity Card, Consular Card, ECOWAS Card, or Passport)
  • Retirement certificate or pension statement
  • Mailing and geographic address
  • Proof of residence (a copy of a water, electricity, or landline telephone bill, or a certificate of residence)
  • Initial Deposit: Free of charge
  • Two (02) recent passport photos from the same print run
  • Valid proof of identity (National Identity Card, Consular Card, ECOWAS Card, or Passport)
  • Activity declaration form, professional license, or authorization to practice
  • Mailing and geographic address
  • Proof of residence (a copy of a water, electricity, or landline telephone bill, or a certificate of residence)
  • Initial Deposit: Free of charge
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