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Financial services provider, FSDH Merchant Bank has announced that it would begin operations as a Customs Duty Collecting Bank in Nigeria. This is according to a statement released by the company.

Other merchant banks across the country can now follow suit as FSDH has paved the way for them.

FSDH had begun talks with the Nigeria Customs Service Board (NCSB) to obtain a license to operate as a customs duty collecting bank in 2018. However, it wasn’t until May 2019 that the approval was granted.

What this means: FSDH can now collect customs duty payments for imports into the country. As stated on the Customs website, importers are to open a form M as the customs duty payment can only be processed at the bank where it is opened.

What you should know: As stated in the statement, the merchant bank is the first in Nigeria to restructure into a holding company. In November 2012, it also became the first discount house to become a merchant bank in Nigeria.

[READ MORE: FSDH Merchant Bank Ltd announces investment by AFIG Funds]

The statement reads, “With services ranging from corporate banking to investment banking, and prestige banking, FSDH Merchant Bank has over the years become a financial supermarket that delivers expert financial services within Nigeria and to select clientele, in order to create long term sustainable wealth.

“Taking into account the bank’s sustained record over the past year; of good capitalisation, good liquidity, good profitability, and an experienced management team, FSDH Merchant Bank has been rated A and A- for the year 2019 by prestigious agencies like Agusto & Co. Limited, and Global Credit Ratings Co. (GCR).

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“FSDH Merchant bank maintains the status quo as being an innovative industry leader. As another decade slowly comes to an end, we celebrate FSDH Merchant Bank for constantly championing and paving the way for innovation in the financial services industry across Nigeria,” the statement added.

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