Tanzania - Apply for a Standby Letter of Credit

Advertisement

Procedure

Apply In-Person:

1. To Apply for a Standby Letter of Credit in Tanzania, the applicant has to approach the Bank of Tanzania Link
2. Applicant must obtain the application form from the office and fill it up with all the necessary information in it.
3. Applicant should carry both photocopies and originals of all the documents that are needed for completing this procedure.
4. Documents that are needed for completing this procedure are mentioned under the “Required Documents” section of this page.
5. Applicant should attach all the required documents (both photocopies and originals, whichever is necessary) along with the application form before submitting them at the office.
6. The Fee for this procedure has to be paid as per the authority’s request.
7. Once the fee is paid, the applicant will receive a receipt of payment from the concerned authority, the receipt has to be kept safe for future use.
8. After successful payment, the concerned authority will provide the information about the processing time for getting the document.
9. Later, the applicant will receive notification via Email or SMS regarding the availability of the document.
10. If they got the notification, they can visit the office on the mentioned time and collect their document.
11. If there is no information regarding the document is provided, the applicant must visit the office to know the status of their application.

Advertisement

Required Documents

• Completed Application Form
• ID Proof – National ID/Passport/Driving License
• Address Proof – National ID/Driving License
• TIN Certificate
• Letter of credit written application form

Office Locations & Contacts

Head Office Address,
16 Jakaya Kikwete Road 40184, Dodoma, Tanzania
Contact No: +255 262 963183/7 or +255 222 232 506
Fax: +255 262 963 189
Email: [email protected]/ [email protected]

Bank of Tanzania,
Address: Mirambo St, Dar es Salaam, Tanzania
Contact No: (+255) 222 233 000
Contact link

Sub-Head Office,
Dar es Salaam, 2 Mirambo Street 11884,
P.o.Box 2939, Dar es Salaam, Tanzania
Contact No: +255 22 223 4494/5/7
Fax: +255 22 223 4217

Sub-Head Office Zanzibar,
P.O. Box 568, Zanzibar, Tanzania
Contact No: +255 242 230 803 / 223 8234 – 5 / 223 6369 – 70
Fax No: +255 242 230 415

Eligibility

• Any individuals in Tanzania who are in need of a standby letter of credit are eligible.

Fees

• The Fee for this procedure has to be paid as per the authority’s request

Validity

• Standby letter of credit is valid for the period mentioned in it.

Documents to Use

Please attach documents that can be used by people. e.g. links

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• The Processing time for this procedure will be mentioned by the concerned authorities.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.gIn the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• Applicant should make sure to follow all the instructions provided by the concerned authorities.
• If any other documents are requested by the concerned authorities during the time of application, it must be provided by the applicant.

Required Information

• Name of the Applicant
• Age
• Date of Birth
• Signature
• Mobile Number
• Contact Number
• Email Address

Need for the Document

• Standby letter of Credit is a legal document that will guarantee a bank’s commitment of payment to a seller in the event that the buyer defaults on the agreement.

Information which might help

• The Standby Letter of Credit is usually issued by a bank, which commits to paying the beneficiary of a contract when the other party fails or is believed to have failed to fulfil the contract. The person who pays for the products or services under the contract is often the beneficiary.

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

• Bank of Tanzania link

Others

More information which might help people.