FBNQuest Emerges First Merchant Bank to Collect Customs Duties, Taxes

November 21, 2019/FBNQuest

FBNQuest Merchant Bank, the investment banking and asset management business of FBN Holdings Plc, has been approved by the Nigeria Customs Service as the first designated merchant bank in Nigeria authorised for the collection of customs duties and taxes. This development validates the Bank’s reputation for excellent service delivery  and efficient processing of international transactions through its Trade Services platform.

The joint agreement with the Nigeria Customs, and the full integration process with the Bank’s payment application system will ensure that businesses now have access to  further enhanced turnaround  for Form M customs duty related transactions, end-to-end import processes, as well as shipping document endorsement, delivery and collection.

Commenting on the development, Bimbola Wright, Head of Coverage and Corporate Banking at FBNQuest Merchant Bank said; “In our continued effort to make our service offering more robust, seamless and convenient for our customers,  we constantly innovate and introduce value adding solutions to facilitate the international trade activities and requirements  of our clients. Being the first merchant bank in Nigeria to be authorised for custom duties collection is a developmentwe are very proud of, and we are excited  to  further expand the scope of  support we provide our customers.

The trade services business within FBNQuest Merchant Bank is responsible for delivering  international trade and related solutions, by collaborating with the  Coverage and Corporate Banking arm of the institution. The Bank is also set to fully implement its Trade Information System early next year, which will serve as a hub for end to end execution of customers trade transactions.

Leave a Comment

Your email address will not be published. Required fields are marked *

*