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

Support by the
Crédit Agricole group

Last updated: August 2020

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.

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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 agreement signed to launch the Benin works on the 3000 km rail loop between Abidjan and Cotonou via Niamey should enable it to reinforce its role in the future.

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


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.

Delays in payment remain frequent if the transactions are not secured, this most often being due to currency supply issues during a transfer.

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