CBN unveils new charges for use of e-Form “M” by banks

on   /   in Business 11:20 pm   /   Comments

PETER  EGWUATU

THE Central Bank of Nigeria (CBN) has introduced a new charge for the use of e-Form “M” on the Nigeria Single Window Trade portal by all Authorized Dealer Banks (ADBs).

The e-Form “M” is the electronic transaction and payment system for foreign trade In a circular released by the CBN weekend, it said, “Following the successful deployment of the e-Form “M” on the Nigerian Single Window Trade portal and the commencement of on-line submission of the Form “M” on December 6,2012, all ADBs and the General Public are hereby informed of the introduction of fee to be charged for accessing the e-Form “M”.”

The charge according to the apex bank is as follow: A charge of N1, 500.00 as fee per declaration for e –Forms will be applied with effect from December 6, 2012.

The CBN further noted that it will implement the “Recovery of the cost of e-Form “M” used by processing banks since December 6, 2012 when the e-Form “M” was deployed. The cost recovery is pursuant to all e-Forms M utilized when the pre-paid hard copy Forms M ceased to be used; an Direct debit of the processing bank’s current account for each declaration which should be recovered from the customer by the bank.”

It will be recalled that commercial banks across the country began the implementation of the CBN’s directive on electronic ‘Form M’. The banks had switched over from hard copy to electronic foreign exchange forms (e-form M).

E-form M was introduced by the CBN and the Nigeria Customs Service (NCS) in line with the electronic transaction and payment system already embraced by the two organizations. The pilot phase for the processing of electronic form M commenced on 22nd November 2012 while the full implementation began on Thursday December 6, 2012.

The benefits of the e-form M : include the automation of international trade transactions and reduction of turnaround time from importation to the clearing stage of all international trade transactions.

The new system is also in line with the Single Window clearing system. The requirements for accessing and using the single window platform include: registration of Taxpayer Identification Number (TIN) at the offices of the Federal Inland Revenue Service (FIRS); validation of TIN by Customers with existing TIN at FIRS offices and logging on to FIRS portal to register as ‘importer’.

Opening the e-form M by importers or their agents entails going to the bank and logging on to https://app.trade.gov.ng/formx by the customer to initiate the e-Form ‘M’. The importer or agent is also required to forward all original documents (Proforma Invoice, Insurance etc.) to bank for approval after which the bank sends e-mail notification to the importer/agent once the Form M is approved by the bank and also when the Form M is accepted/ rejected by the scanning company.

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