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

Support by the
Crédit Agricole group

Last updated: August 2021

The International Desk for Africa, the Maghreb, and the Middle-East provides support to the Crédit Agricole Group’s business clients in Togo, particularly with opening accounts and providing local financing in CFA. It makes use of a local frontline partner bank with a significant network of offices in Togo.

For non-banking services the Desk offers the support of legal offices.

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Means of payment

With Togo

Company cheque

Bank cheque

SWIFT transfer

Promissory note

Documentary remittance

Documentary credit

Usage

Weak / None

Weak / None

Common

Weak / Not recommended

Weak / Not recommended

Weak / Not recommended

Common

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Advice from the
international desk

General Information

Togo is a member of the West African Economic and Monetary Union (UEMOA) and the Franc Zone. Senegal 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 at a fixed 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.
Growth in Togo depends on the agricultural sector, the Independent Port of Lomé and public investment.


Means of Payment & Banking Specificities

To secure your payment we recommend that the exporter use a documentary credit confirmed.
Delays in payment remain frequent if the transactions are not secured, this most often being due to currency supply issues during a transfer.
The best billing currency for trade remains the Euro.

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