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Jean-Guy LARRIVIÈRE
Head of International Desk Africa, Middle East
Jean-Guy LARRIVIÈRE
Head of International Desk Africa, Middle East
Last updated: August 2024
The International Desk for Africa, the Maghreb, and the Middle-East provides support to the Crédit Agricole Group’s business clients in Benin with a local frontline correspondent bank, particularly with opening accounts and providing local financing in CFA francs.
International banking operations are mainly carried out with 2 local banks.
General Information
Benin is a member of the West African Economic and Monetary Union (UEMOA) and the Franc zone. Benin shares a common currency (the CFA or XOF franc), a central bank (the Central Bank of West African States -BCEAO-) and a common monetary policy with the other member countries. The CFA franc is linked to the Euro with a fixed parity guaranteed by the French Treasury.
Exchange regulations: transfers of funds abroad must be authorized by the BCEAO upon presentation of supporting documents and must go through an approved intermediary.
Through its strategic position, Benin, thanks to the port of Cotonou, is an important transit center for commercial services to Niger, Burkina Faso, and also Nigeria.
The country also benefits from significant agricultural capacity and benefits from liberalization of the cotton sector. It seeks to develop the oil and mining sector and awards exploitation permits (gold, iron, uranium).
The country's good management has allowed it to finance itself on the international market through bond issues (2 were carried out in 2021 for a total of 1.5 billion EUR and 1 in February 2024 for 750 million USD over 14 years). which demonstrates the confidence of long-term investors in the country. Fitch has maintained its long-term rating in foreign currency and local currency at B+ -stable- since October 2021.
Means of Payment & Banking Specificities
To secure your payment, we strongly recommend the use of a documentary credit confirmed with payment upon demand or after a maximum of 30 or 60 days or a documentary remittance with payment on demand. Visibility on local corporate risks remains very limited.
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