WHAT IS IT?

The DAUE / Cheque Discounting Product Program sets out the framework for overdrafts pending the clearance of local currency negotiable instruments, such as cheques and drafts, which have already been sent for collection /clearing

Target Market

  • Corporate Customers
  • SME Customers

Features

  • Tenor: Applicable clearing period.
  • Repayment: Repayment shall be from proceeds of cleared instruments
  • Pricing: Interest Rate: Base Rate+2%.
  • Processing Fee: 0.25% flat on approved amount subject to a minimum of GMD100.00.
  • Management fee: 1. % flat of facility per transaction, subject to a min of GMD 100.00.
  • Security: Lien on instruments in the course of clearing.
  • Support: Personal guarantee of at least one Director.

Benefits

  • It provides the avenue for customers to draw against proceeds of cheques in the course of clearing.
  • Thiswillreducedelaysandfrustrations to customers’ business arising from the urgent nature of such requests
  • To meet our customers’ needs for short term funding by providing immediate
  • Access to funds in clearing in a structured manner

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