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ICCN launches uniform rules for banks

20 February 2014, 16:23

Lagos - The International Chamber of Commerce Nigeria (ICCN) has expressed its readiness to launch the Uniform Rules for Bank Payment Obligation (URBPO) in collaboration with the ICC Banking Commission in Lagos.

Olubunmi Osuntuyi, the Secretary General of the ICCN, said that the rules were of 21st century standard in supply chain finance that would facilitate international trade.

According to her, URBPO will enable banks to offer flexible risk mitigation and financing services across the supply chain to corporate customers.

She said that the rules, which came into force in July 2013 on the global scene, would also be of immense benefit to the Nigerian business environment.

“It will help drive growth and benefit the trade sectors across the country.

“URBPO offers an alternative means of settlement in international trade and an innovative solution in supply chain finance for trade.

Osuntuyi said that the launch was ICCN's response to new market needs to help deal with increasing cost pressures and changing risk dynamics owing to widespread liberalisation in emerging markets.

She said that this would be a way of showing the chamber's commitment towards supporting the development of business, while making Nigeria the leading banking and financial hub in West Africa.


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