NIC Bank has partnered with ATI (African Trade Insurance Agency) to be able to extend credit facilities to SME businesses that have credible business contracts but insufficient tangible securities. Customers can access a select group of Trade products (listed below) within a shorter time without the need to go through the rigorous process of charging security. They will instead use the ATI credit insurance cover in place of tangible security.
Under the ATI/NIC program, SMEs can access the below short term trade facilities:
Letters of Credit – 360 days,
Invoice Discounting – 90 days,
Short-term trade loans – up to 360 days
Bonds – 360 days (120 days for Bid Bonds)