Bills for Collection

Bills for Collection is an underlying credit from the supplier to the beneficiary (importer) for which a Bill of Exchange ( IOU) is duly accepted by the importer and endorsed by his bank (Unity Bank).

Remittances are made on behalf of our customers on imports done under the Bills for Collection arrangement.


  • Used mostly by parties with long standing relationship or related entities
  • Documents are released against accepted bill of exchange stating when payment will be paid (due date)
  • Payment is made only after goods are cleared and Exchange Control Documents(ECDs) submitted to the Bank
  • It is operated under the Uniform Rules for Collection, ICC Publication No. 522
  • Used mostly by parties with long standing relationship or related entities. It is a business of ‘trust’


  • Refinancing can be done
  • Transaction dynamics is easier than LC
  • Cheaper transaction charges as no confirmation charge is required
  • Foreign exchange funds can be bought via the official market(RDAS or Interbank)

The following are required documents for issuance of Bills for Collection:

a) Completion of 'Form M' online on :
b) Supply of proforma invoice dated within the past three months
c) Insurance certificate insuring 110 percent of the value of the proforma invoice (PFI)
d) PHCN/NERC clearance certificate for importation of generators and power related equipments
e) NAFDAC clearance certificate for importation of foods and pharmaceutical related goods
f) SONCAP for importation of machinery and equipments
g) DPR import permit/Depot license for petroleum products importation
h) Written application letter from customer for Bills for Collection issuance.

The following documents are required for processing the Risk Assessment Report (RAR)

a) Transport documents (Bill of lading, Airway bill or Way bill)
b) Commercial invoice or Final invoice
c) Packing list
d) Combined Certificate of Value and origin (CCVO)( Form C16)
e) Manufacturers certificate/certificate of photo sanitary/certificate of analysis

Customers are expected to supply our bank with the following Exchange Control Documents after clearing of their goods at the port:

a) Single Goods Declaration (SGD FORM)
b) Used Risk Assessment Report
c) Payment schedule
d) Terminal delivery order
e) Duty receipts

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