This product is a simple and effective method of financing the purchase of raw materials for business needs within the country. With the Cost Plus (Murabaha) Working Capital, the Bank will appoint the customer as its agent to source for the goods/asset they need and obtain a proforma invoice in the name of the Bank.

The customer is informed of total cost price and profit, and payment to the Bank is usually agreed at a future date either in instalments or as a lump sum. Subsequently, the Bank will purchase the goods after making payment to the supplier, while the customer takes delivery of the goods.

Features

  • Zero account opening balance
  • Zero Account Maintenance fees
  • Verve debit card
  • Internet banking
  • mobile banking app
  • Email and/or SMS alert

Benefits

  • Personalized services
  • 24/7 Digital access
  • Strong Financials – Settle your payment obligations promptly
  • Liquidity – Improve your company’s cash flow
  • Flexibility – Allows you to finance goods, services and expenses related to your business

Requirements

  • Duly filled and signed Account Opening Form
  • Two (2) Specimen Signature Cards
  • Two (2) Independent and satisfactory references (completed by another Limited Liability Company or higher.
  • Two (2) recent and clear passport-size photographs for each signatory to the account
  • Certificate of Incorporation (Originals to be sighted)
  • Particulars of Directors – Form CO7 (Certified True Copy by the Registrar of Companies and originals to be sighted)
  • Memorandum and Articles of Association (Certified True Copy by the Registrar of Companies/Director of Company)
  • Board Resolution (Signed and Sealed)
  • Identification of Signatories (International Passport, Drivers License, Voters Card or National ID Card)
  • Resident Permit (Where the signatory is an expatriate)
  • Public Utility Receipt
  • Form CO2 and CAC 2.1 (originals to be sighted)
Features

Features

  • Zero account opening balance
  • Zero Account Maintenance fees
  • Verve debit card
  • Internet banking
  • mobile banking app
  • Email and/or SMS alert
Benefits

Benefits

  • Personalized services
  • 24/7 Digital access
  • Strong Financials – Settle your payment obligations promptly
  • Liquidity – Improve your company’s cash flow
  • Flexibility – Allows you to finance goods, services and expenses related to your business
Requirements

Requirements

  • Duly filled and signed Account Opening Form
  • Two (2) Specimen Signature Cards
  • Two (2) Independent and satisfactory references (completed by another Limited Liability Company or higher.
  • Two (2) recent and clear passport-size photographs for each signatory to the account
  • Certificate of Incorporation (Originals to be sighted)
  • Particulars of Directors – Form CO7 (Certified True Copy by the Registrar of Companies and originals to be sighted)
  • Memorandum and Articles of Association (Certified True Copy by the Registrar of Companies/Director of Company)
  • Board Resolution (Signed and Sealed)
  • Identification of Signatories (International Passport, Drivers License, Voters Card or National ID Card)
  • Resident Permit (Where the signatory is an expatriate)
  • Public Utility Receipt
  • Form CO2 and CAC 2.1 (originals to be sighted)