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.
According to the bank in a statement, the development validates the bank’s reputation for service delivery and efficient processing of international transactions through its trade services platform.
“The joint agreement with the Nigeria Customs Service, 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,” the bank noted.
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 development we 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,” Wright said.