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

Support by the
Crédit Agricole group

Last updated: September 2021

The International Desk for Africa, the Maghreb, and the Middle-East provides support to the Crédit Agricole Group’s business clients in the Congo for the implementation their operations on location with a frontline local partner bank, particularly financial advice, opening accounts, and providing local financing in CFA Francs.

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Means of payment

With Congo

Company cheque

Bank cheque

SWIFT transfer

Promissory note

Documentary remittance

Documentary credit

Usage

Weak / None

Weak / None

Common

Weak / None

Weak / None

Weak / None

Common

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Advice from the
international desk

General Information

The Congolese economy remains dominated by petroleum, which represents around 55% of the GNP, 70% of budgetary revenues and 85% of exportations. The decline in the price of oil weighs heavily on the economy. The situation should improve with a more significant production (two new fields) and if there is a recovery in the existing prices.

France is number one supplier and 9th client of the Congo, with China being its number one client. Around 70 French branches are listed in the Congo, to which an equivalent number of Congolese businesses with French interests can be added. French presence is particularly strong in the petroleum and para-petroleum sector, but also in logistics and transport, the agrifood sector, construction and public works, the bank, distribution, etc.

 

Means of Payment & Banking Specificities

The brutal fall in the price of petroleum has the effect of slowing the pace of commercial imports due to the lack of resources in foreign currencies to pay for them. We recommend using confirmed documentary credit, by payment upon receipt or in a maximum of 30 days.

Delays are very frequent if transactions have not been secured by a banking guarantee. These delays are most frequently caused by cashflow problems suffered by Congolese businesses due to a lack of bank support and currency issues (no availability at the time of transfer). Since a recent decree, all foreign transfers to the CEMAC zone must include the economic reason for the transfer.

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