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Jean-Guy LARRIVIÈRE
Head of International Desk Africa, Middle East

Support by the
Crédit Agricole group

Last updated: August 2023

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.

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Means of payment

With Benin

Company cheque

Bank cheque

SWIFT transfer

Promissory note

Documentary remittance

Documentary credit

Usage

Weak / None

Weak / None

Common

Not recommended

Not recommended

Not recommended

Common

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Advice from the
international desk

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 monetary policy with the other member states. The CFA franc is linked to the Euro with a fix parity guaranteed by the French treasury.

Foreign exchange controls: the transfer of funds abroad must be authorised by the BCEAO following the presentation of justifications and must be transferred via an approved intermediary.

Due to its strategic position and the Port of Cotonou, Benin is an important transit centre for products from Niger, Burkina Faso, and, above all, Nigeria.

The country also benefits from significant agricultural capacity and benefits from a liberalizationof its cotton sector. It is seeking to develop the petroleum and mining sector and is to begin granting licences (for gold, iron, and uranium mining, etc.).

The good management of the country has allowed it to finance itself on the international market through bond issues (2 were carried out in 2021 for a total of EUR 1.5 billion), which demonstrates the confidence of long-term investors in the country.


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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