Grow your business with confidence while we provide the guarantees needed.
Bank Guarantee is an irrevocable commitment by NFC Bank to pay an agreed sum, on behalf of our client, to the recipient of the guarantee in the event that our client fails to perform its obligations or liability to the beneficiary. The payment of the amount of the guarantee is done upon reception of the beneficiary written demand.
Our Bank Guarantees require security in the form of cash held on deposit with us or real estate of a type and value acceptable to the bank.
- The Bank Guarantee (BG) issued by the Bank at your request in favour of a third party guanrantees payment in case of default or non-performance of a certain action/performance.
- BG is a formal and trustable source of undertaking to both buyer and seller and allow our customer to ease their cash flow in replacement for deposit requirement.
- BG can have an expiry date after which the guarantee automatically ceases.
- For the supplier or vendor, there is no need to hold or manage individual bonds.
Bid Bonds: We issue bid bonds to our eligible corporate customers with contracts to facilitate the biding process.
Start-off or Advance bonds: We also issue Start-off bonds to a customer who has been awarded a contract. NFC Bank gets into a contractual agreement with the customer to give an advance payment for the project to be started.
Performance Bond: NFC bank issues Performance bonds to its customers; that is, the Bank stands as a full guarantor to the full execution on the contract.