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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 Senegal with a local frontline partner bank, particularly with opening accounts and providing local financing in CFA.

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Means of payment

With Senegal

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

Senegal 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.

Political stability is supporting GDP growth momentum. The next presidential elections take place in February 2024 and current President Macky SALL announced in early July 2023 his intention not to run again.

Means of Payment & Banking Specificities

To secure your payment we recommend that the exporter use a documentary credit confirmed.

Foreign exchange controls in the UEMOA zone, and therefore in Senegal, prohibit 100% payment in advance, except for in the case of exceptional circumstances.

Deposit payments can be made up to a maximum of 70% but the percentage is set by the bank depending on the client. It can this be 50%, or even 30%

The best billing currency for trade remains the Euro.

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