MKP Group of Companies
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MKP Service Division
CCCL Bank International Consortium Bank OMEGA-MKP ZAMBIA LIMITED  
Introduction
Business Banking
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Frequent Asked Question
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Deposit

ICB offers variety of deposit accounts with competitive market interest rates to meet your short, mid, long terms needs and provides you with the easiest solution in handling your day to day business transactions. It not only saves your time but also provides protection and peace of mind.

 

Our Current Account designed for your convenience and offers you all the features that you would expect from any other major bank. We also offer a number of other benefits that you would only expect from an organization as innovative as ICB.

Requirements (for company current account):

Memorandum & Articles of Association (certified copy)

Form 24 (certified copy)

Form 49 (certified copy)

Photocopy of Identity Card/Passport of signatories

Company's rubber stamp (in dark color ink)

Cheque requisition slip duly signed

Minimum deposit of USD700.00

Board of Directors resolution to authorize the opening of a current account

Introducer (current accountholder with ICB)

Signature on specimen signature cards (must be in black ink)

Requirements (for sole proprietor/partnership current account):

Sole Proprietorship (original)

Business License (original)

Photocopy of Identity Card/Passport of signatories

Company's rubber stamp (in dark color ink)

Cheque requisition slip duly signed

Minimum deposit of USD700.00 .00

Introducer (current accountholder with ICB)

Signature on specimen signature cards (must be in black ink)

 

ICB Bank provides you with a higher rate of return with minimum risk for your funds compared to other deposits accounts. You could keep your funds in the most profitable way and earn monthly interest on maturity to grow your money faster through our Time Deposit. You have the choice to choose the amount and duration of the deposit from our versatile range of monthly tenures and enjoy our competitive rates.  This account is ideal for customers who have a large amount of cash that can be locked in for a specific period of time.

 

 

Loan

A business loan is a financing facility that can be given with or without collateral. It can address your long-term and short term goals while helping you plan your cash flow for the life of loan.

 

Term Loan is a credit facility guaranteed for a specific tenor and for a specific purpose. It is usually utilized to finance the purchase of capital goods and immovable properties, the construction of buildings such as factories, shop houses and buildings for business operations. The tenor is usually fixed to meet the business's short/ long term financing requirement.

 
Term Loans Facility

Medium to long term lending facility

Term of up to 15 years is available

Fixed monthly repayment over loan tenure

Interest rate pegged to the bank's Base Lending Rate (BLR)

 

Overdraft is a convenient and flexible form of financing with no fixed repayment schedule. The benefit is you can draw on funds as and when you require and the interest rate is charged only on the part of amount that is drawn. The purpose of Overdraft is to meet you business's working capital requirement.

 Overdraft Facility

Short term lending facility

No fixed repayment schedule

Flexibility to draw on funds as and when required

Interest rate pegged to the Bank's Base Lending Rate (BLR)

Trade Finance

When you import and export from different shores, it is important to have seamless operational support. Receiving the right trade financing services can help you effectively manage risks associated with foreign trade, giving you the opportunity to expand your business more extensively. We offer a comprehensive range of trade and product services so that you can concentrate on the bigger picture.

Letters Of Credit

LC is an arrangement with the Bank that gives your suppliers an assurance of payment. Moreover, you are also assured that payments will only be released on presentation of stipulated documents that comply with all the terms and conditions in the LC. LCs can be issued by payment at sight, deferred payment, acceptance (usance) or negotiation, depending on the arrangement between the trading parties and terms of the sale.

Benefits

Advance payments need not be made for goods purchased

More transactions can be performed with foreign businesses through payment guarantee from LC

Ability to negotiate for better prices

Payment can only be made to supplier presenting all stipulated documents called for under the LC

Local or Foreign Currency Loans are available to finance the underlying goods

Immediate usage of funds to meet business needs

 

Import

Trust receipt enables you to take delivery of your goods prior to payment of the bills. The bank releases the shipping documents to the importer who will hold the goods as trustee for the bank. The importer will be required to execute a TR document thereby undertaking to sell the goods and pay the bank the principal amount with interest. The bank actually provides a short term loan to the importer to settle the supplier.

 Average tenor of the TR varies from 30 to 180 days and is determined based on the importers trade cycle to convert the goods into cash and pay the bank.

Benefits                  

Prompt payment to your supplier

You can take delivery of goods without immediate payment

You get to sell goods before payment

A BA is an issuance bill of exchange drawn by the importer to his order and accepted by the bank, payable on a specified future date. The BA is then discounted and the supplier paid off.  The underlying commercial transaction to support the drawing of a BA can be shipping documents presented under an LC, documents presented on collection on D/P (documents against payment) terms, or invoices covering purchases on open account terms.

On maturity date, the amount of the BA will be charged to the importers' current account with the bank automatically.

The advantage of the BA facility is the financing at competitive prevailing money market rates.

Benefits

Prompt payment to your supplier

Ability to pay cash to your supplier in order to obtain a discount

Flexible and simple documentation

Enable importer to collect goods immediately upon arrival

At times, goods reach the destination port much earlier than the shipping documents. Extended storage of goods by the agents will incur demurrage. Under such situations, the importer who has imported the goods under an LC is issued a SG to clear the goods in the absence of the bills of lading. Subsequently, upon receipt of the shipping documents, the importer is to surrender an original bill of lading to the shipping company and retrieve the SG for cancellation.

Benefits:

You receive goods before effecting payment

Reduces unnecessary delays to the day-to-day running of your business

Payment is deferred until your supplier's documents have been presented

Eliminates expensive storage/demurrage charges

Managing costs and lost opportunities of goods

We handle imports under collections (non-LC) against payment (DP) or acceptance (DA) received from any of your suppliers. At ICB we can act as the Collecting Bank for any bank in this world. Your suppliers may entrust shipping documents to their banker with instructions to forward them to us.

Benefits

Payment will only be made on arrival of goods

You may arrange for financing to obtain documents and goods

A cheaper alternative compared to establishing LC

 

Export Financing

The exporter sells on credit terms, draws a usance bill of exchange on the Bank for acceptance. Subsequent to the acceptance, the BA can be discounted with us.  On maturity date, the BA is liquidated with the export proceeds or charged to the exporter's current account.

The supporting documents to support the drawing of the BA can be shipping documents evidencing export on credit terms (under LC or collection) or invoices issued under Open Account terms.

Benefits

        Because the funding rate quoted for BA is taken from the Interbank market on a daily basis, the rate is reflective of actual liquidity conditions, and could be at times, cheaper to obtain than bank-based borrowing (ie against BLR).

 

A facility for exporters who sell on sight terms under LC or collections. The sight documents will be purchased by the bank and immediate value given to the exporter. It is a short term advance to cover the transit period for the payment to be received for the shipment, averaging from 7 to 14 days.

Benefits:

Improves your competitiveness

Flexible payment options to your clients without affecting your cash flow

Allows you to reinvest funds in your business before receiving payment from your sales

You receive finance even before the importer agrees to make payment

This facility is for exporters who sell on credit or usance terms. Under normal circumstances, the exporter will have to wait till the maturity date to receive payment from the buyer. Under this facility, the exporter will present the shipping documents and the bank will discount the documents at a discounted rate. The discounting can be either upon presentation of documents or upon acceptance of the bill of exchange by the buyer.

 

The exporter will receive the discounted proceeds. The advance given by the bank will be settled upon receipt of the export proceeds.

Benefits

Bank handles and monitors collection of proceeds

Obtain advance or financing before actual payment or acceptance by buyer/importer

Allow you to invest funds in your business before receiving payment from buyer/importer

Documents drawn under LCs issued by prime banks acceptable to the bank are negotiated and the exporter given the proceeds, less interest or discount, without recourse. A line of credit is not required for this facility but the exporter must be an account holder of the bank.

Benefits:

Expands your business by reinvesting sales proceeds immediately

Expedites payment as ICB checks your documents to ensure that they comply with terms of the credit

Reduces the risks of non-payment as even minor discrepancies may result in default

Provides more payment options to your clients without negatively affecting your cash flow

 

 

Bank Guarantees

A Letter of Guarantee issued by the bank whereby the bank undertakes to pay an agreed sum to the beneficiary of the guarantee if the applicant fails to fulfill his obligations under the terms and conditions of a contract with the beneficiary.

Guarantees can be issued for various purposes. The main types are:

Tender / Bid Guarantee

Performance Guarantee

Advance Payment Guarantee

Security Deposit Guarantee

Guarantee issued in support of a tender for contract wherein a company that participates in a tender must submit its offer with a Bid Bond. The bank undertakes to pay the guaranteed amount if called upon by the beneficiary of the guarantee. These guarantees are usually short term.

Guarantee issued to assure the beneficiary the guaranteed amount if the contractor (applicant) fails to fulfill his obligations under the contract. Usually, the performance bond is for about 10% of the contract value. These guarantees are usually valid until the completion of the contract and may come with warranty period after completion.

Guarantee issued to cover advances made by the beneficiary to the applicant in which if the applicant fails to perform under the contract, such advances made earlier will be refunded.

 

SME Financing

We have offered a complete range of products and services to effectively serve SMEs needs over the years and aspire to be a true partner in your growth and development.

To expedite your loan application please fill up the following simple ICB SME Loan application form and forward to nearest ICB Business Loan Centre.

ICB SME Loan Application Form

Checklist A - Standard / Common Documents Private Limited Company

Checklist B - Standard / Common Documents Sole Proprietorship / Partnership / Individual

Checklist for ICB Contract Financing

An enterprise is considered an SME in each of the respective sectors based on the Annual Sales Turnover or Number of Full-Time Employees as shown in the table below.

 

Micro-enterprise

Small enterprise

Medium enterprise

Mining, Manufacturing, Refineries, & Agro-based industries

Sales turnover of less than USD80,000

or

Full time employees less than 5

Sales turnover between USD80,000 and less than USD 3 mil

or

Full time employees between 5 and 50

Sales turnover between USD 3 mil and USD 8 mil

or

Full time employees between 51 and 150

Services, Primary Agriculture and Information & Communication Technology (ICT)

Sales turnover of less than USD65,000

or

Full time employees less than 5

Sales turnover between USD65,000 and less than USD300,000

or

Full time employees between 5 and 19

Sales turnover between USD300,000 and USD 1.5 mil

or

Full time employees between 20 and 50

 

Mining, Manufacturing, Refineries and Agro-based industries

"Small and medium enterprises in the manufacturing, manufacturing related services and agro-based industries are enterprises with full-time

employees not exceeding 150 OR with annual sales turnover not exceeding USD 8 million"

Services, Primary Agriculture and Information & Communication Technology (ICT)

"Small and medium enterprises in the services, primary agriculture and Information & Communication Technology (ICT) sectors are enterprises with full-time employees not exceeding 50 OR with annual sales turnover not exceeding USD 1.5 million.

 

 

Contracting

Securing a contract is half the battle won, your next step is to secure financing to help fulfill your contract obligation. Specially designed with you in mind, ICB Contract Financing now offers financing for potential contractors with viable contracts from the Government.

Supply & general trade

Maintenance and services

Construction and infrastructure projects

Installation and commissioning

 

Overdraft

Overdraft (Restricted)

Letter of credit / Trust Receipts

Bank Guarantee

Foreign Exchange

Applicant must be the main contractor or nominated sub-contractor with at least 1 year track record in undertaking supply or construction contracts.

Application is for financing a contract with a minimum value of RM1.0 million for supply and services and RM3.0 million for construction.

 

 

Remittances

?

ICB offers a comprehensive range of products and services to meet the ever increasing remittance needs. Through our international network of correspondent banks, we are proud to provide our overseas Remittance Service to various global destinations stretching from North to South and from East to West. Visit one of our Branches today and we'll show you that distance is never a problem.

MKP Omega Zambia Ltd
 
 
 

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