Business Banking
We provide our business banking customers tools to improve cash flow, HR Solutions, Trade Services, Merchant Services and support in raising capital.
Account
Business Integrated Accounts
Aksum Bank Limited provides you with integrated accounts that will help you manage and grow your business whether you have a well-established business or a new one.
Certificates of Deposit (CDS)
Enjoy the reward without the risk
With a low minimum deposit and the flexibility to choose your term, a Certificate of Deposit, or CD, from Aksum Bank can help you grow your money and reach savings goals with competitive interest rates, guaranteed returns, and absolutely no market risk.
If you are looking for an investment vehicle that will provide you with financial security and peace of mind during even the most turbulent economic times, then a CD account from Aksum Bank may be the ideal solution for you.
How it Works
- Predictable returns on your investment with no market risk (CD Calculator here)
- CD terms 12 to 60 months available
- Starting at US $50K Minimum amount to open an account
- No maintenance fee
- Minimum set-up fee
- Free electronic transfer of interest
- Auto renew option
Credit and debit cards
AKSUM CARD
The AKSUM card serves as your debit and/or prepaid credit card.
What is it?
- Direct Deposit
- Load Cash from your bank account, direct deposit, transfer card to card, transfer from Paypal, bank transfers, etc
- Pay bills
- Works anywhere Visa is accepted
- Withdraw cash from ATM’s all over the world with the Visa logo
It’s basically all you need to conduct your daily banking needs from POS to cash withdrawal.
The AKSUM card is a great alternative to give to your family members or to anyone you send money to on a regular basis to avoid the high fees from traditional money transfer centers such as Western union and hawala agents.
Foreign Currency Exchange Transactions
Aksum Bank offers direct currency exchange rates.
Foreign Exchange Services
- Help you capture potential profits from Foreign Exchange
Payments and Transfers
- Make online payment easily online
Payroll Solutions /Services
We make payroll easy
We offer tailored made solutions to fulfill your HR/payroll needs such as employee direct deposit via bank transfers or via the AKSUM CARD. Please contact your Aksum Bank business representative to assist in setting up the service.
We also offer audits to make sure your payroll is error free.
Trade Services
Import Trade Services
- Import Letter of Credit
- Types of Letter of Credits: Sight (The issuing bank will honor the payment once documentation received is in order) and Usance (The issuing bank will accept draft once all documentation received is in order and agree to pay at maturity date) Letter of Credits.
- Collateral: cash of the equivalent amount will be used to secure this Letter of Credit
- Document collection
- Save time and take delivery of your goods quickly and efficiently with our Inward Bill Collection services. We act as your agent, handling the processing of documents and payments to your sellers on your behalf. This is a common payment mechanism for buyers that enables you to focus on building your business
- Standby Letter of Credits/Guarantees
- Provide Payment assurance to your beneficiaries
- Reassure your buyer or seller of payment with Aksum Bank’s Guarantee/Standby Letter of Credit. In the event that you fail to fulfil your contractual obligations, we will honor payment to your beneficiaries upon receipt of a claim that complies with the Guarantee terms.
- Shipping Guarantees
- Facilitate your incoming shipments quickly and easily. Our Shipping Guarantee/Air Waybill Endorsement is a letter of indemnity from Aksum Bank that enables the release of your cargo without the need to present the original Bill of Lading/Air Waybills. If your cargo arrives before the shipping documents, we help you take delivery quickly so that you can avoid incurring heavy demurrage charges
- Import Invoice Financing
- Free up your cash flow so you can focus on growing your business with our Import Financing solutions. We offer customized solutions depending on your trade cycle to ensure your needs are met. Our import financing solutions fund the purchase of your goods. We pay your sellers first, which means you can take possession of your goods earlier.
Export Trade Services
- Export Letter of Credit
- Document Collection
- Export letter of Credit advising
- Verify the authenticity of your Letter of Credit
- Enjoy greater security and convenience with Aksum Bank Letter of Credit Advising. We authenticate your inbound Letters of Credit, providing you with assurances that it comes from a genuine source. We also offer greater convenience by notifying you upon its arrival. You can choose to safeguard your original Letter of Credit with Aksum Bank or collect it from one of our ten conveniently located trade counters and Aksum Bank collection branches.
- Export Pre-shipment Financing
- Access working capital financing for the purchase of raw materials and shipping if you receive Export Letter of Credit as part of doing business. Aksum Bank helps facilitate trade by providing pre-shipment financing under our Packing Credit in the form of a bridging finance. The proceeds from the Export Letter of Credit are then used to pay off the financing
- Letter of Credit Bill Negotiation
- Convert receivables to cash immediately
- Improve your cash flow with DBS Letter of Credit Negotiation/Discounting, which allows you immediate credit while you wait for payment from the issuing bank. Our experts check your export documents and if the documents are in order, you can convert receivables into cash quickly and easily.
- Discounting
Company Incorporation and Administration
- Company Formation worldwide
- Corporate packages to help start or grow your business
- Company administration and expert advisory support
- Trademark Registration & Expert Assistance
- Global Trademark search, registration, monitoring and maintenance
- Brand & intellectual property advisory and support