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E-invoicing, SCF & E-procurement

First City Monument Bank Introduces commodity trade finance facility

Tuesday 6 August 2019 | 11:06 AM CET

Nigeria-based First City Monument Bank has introduced an enhanced agro-commodity trade finance facility for agribusiness operators.

The development marks another bold step by the bank to expand and deepen its support to the agriculture sector, its value-chain and the overall growth of the Nigerian economy. The revamped facility is designed for agro-commodity merchants with supply contracts to multinationals, large corporates and processors of agro-commodities. Targeted commodities are cocoa, cashew nuts, sesame, ginger, palm oil, grains (maize, sorghum, soya beans, paddy rice).

Under this new FCMB trade finance facility which is structured in the form of a working capital, the minimum amount that can be accessed by a qualified customer is N100million, while the maximum is around USD 5 million.

More: Link
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