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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 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.

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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