Methods of Payment
Letters of credit, bank drafts, bills of exchange, money wiring, checks, credit cards, and cash are commonly used to make payment for imports. Within the country, credit cards, mobile money, and cash is the most common form of payment for local transactions. Businesses may accept checks from customers with whom they are familiar. U.S. exporters new to the Beninese market should request an irrevocable confirmed letter of credit drawn on one of the major banks.
For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide.
To access Benin’s ICS section on financing, visit the U.S. Department of State Investment Climate Statement website.
Banking Systems
The banking system in Benin is regulated by the regional central bank, Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO) and the Banking Commission of the West African Monetary Union (WAEMU, known in French as La Commission Bancaire de l’Union Economique et Monetaire Ouest Africaine (UEMOA)). All banks in Benin are private sector institutions and belong to either an international or regional banking group. These banks are often reluctant to lend medium- and long-term loans.
Foreign Exchange Controls
The local currency (CFA Franc) is pegged to the Euro at CFA 655.957 for €1.00. Transactions requiring foreign exchange must be duly documented and approved by exchange control authorizations. Exceptions include foreign travel, foreign education, or medical expenses within prescribed limits. Expatriates can remit their salaries outside Benin. Transfers within the UEMOA zone are not subject to foreign exchange controls.
Implications for U.S. business: All investments by a foreign investor in Beninese companies must be declared to the Ministry of Economy and Finance.
All loans given by U.S. individuals or companies to a Beninese borrower must also be declared to the Ministry of Economy and Finance to facilitate the transfer of repayments of principal and interest.
Foreign transfers executed through the BCEAO must include the following information: (i) instructing party, (ii) the amount in CFA Francs, (iii) amount in foreign currency, (iv) name and the address of the beneficiary, (v) account number and banking domicile of the beneficiary, and (vi) the purpose of the transfer and supporting documents.
U.S. Banks and Local Correspondent Banks:
Orabank is the only bank active in Benin with indirect U.S. ownership. Citibank’s correspondent bank in Benin is Ecobank Benin. The French bank Societe Generale operates in both the United States and Benin.
The banking system in Benin is regulated by the regional central bank, Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO) and the Banking Commission of the West African Monetary Union (WAEMU, known in French as La Commission Bancaire de l’Union Economique et Monetaire Ouest Africaine (UEMOA). All banks in Benin are private sector institutions and belong to either an international or regional banking group. These banks are often reluctant to lend medium- and long-term loans.
There are 13 banks operating in Benin: 11 commercial banks and two regional banks.
ECOBANK — Ecobank and U.S. EXIM Bank have signed a Master Guaranty Agreement to encourage medium- and long-term loans for businesses, one of the first agreements of this type within francophone Africa.
Mr. Lazare Noulekou, General Manager
Rue du Gouverneur Bayol
01 BP 1280
Cotonou, Benin
Tel: +229 21313069
Fax: +22921313385
Email: ecobankbj@ecobank.com
Orabank — formerly Financial Bank, a member of Emerging Capital Partners, a Washington D.C.-based private equity firm.
Ms. Josiane Tchoungui, General Manager
01 BP 2700
Cotonou, Benin
Tel: +229 21-31-31 00 / 03 / 04
Fax: +229 21-31-31-02
Email: josiane.tchoungui@orabank.net
Bank of Africa — U.S. Ex-Im Bank has signed a Master Guaranty Agreement with Bank of Africa and ECOBANK to encourage medium- and long-term loans for businesses, the first agreement of this type within francophone Africa.
Mr. Sadio Cisse, General Manager
08BP 0879
Cotonou, Benin
Tel: +229 21-31-32-28
Fax: +229 21-31-31-17
Email: information@boabenin.com
NSIA Banque Benin
Mr. Benedict Ihekire, General Manager
01 BP 955
Cotonou, Benin
Tel: +229 21-31-96-00
WhatsApp: 00229 61 42 56 56
Email: ecoute@nsiabanque.com
Societe Generale du Benin — SGB is a French bank opened in 2002.
Mr. Yery Seck, General Manager
01 BP 585
Avenue Clozel
Cotonou, Benin
Tel: +229 21-31-83-00Fax: +229 21-31-82-95
Email: banque.sgb@socgen.com; serviceclient.sgb@socgen.com
Banque Sahelo-Sahélienne pour le Commerce et l’Investissement, BSIC-Benin— a Libyan sub-regional Islamic bank.
Mr. Mensan Adeboke Affambi, General Manager
08 BP 485
Cotonou, Benin
Tel: +229 21-31-87-07/21-31-87-05
Fax: +229 21-31-87-04E-mail: bsic.benin@bsicbank.com
Banque Atlantique du Benin — BAB opened in 2005.
Mr. Alexis Loueke, General Manager
08 BP 0682
Cotonou, Benin
Tel : +229 21-31-10-19
Fax : +229 21-31-31-21
Email : infobabn@banqueatlantique.net
Banque Internationale pour l’Industrie et le Commerce-BIIC Bank Benin
Mr. Didier Ayibatin, General Manager
03 BP 2098
Cotonou, Benin
Tel. +229-21312200
Fax: +229-21312200
Email: secretariatdg@bibebank.com
United Bank for Africa (UBA).
Mr. Olubenga Martins Makinde, General Manager
Carrefour des Trois Banques
Avenue Pape Jean-Paul II
01BP2020
Cotonou, Benin
Tel: +229-21312424
Fax; +229-21311699
Email: cfcbenin@ubagroup.com
BGFI Bank-Benin — a subsidiary of the French-Gabonese BGFI Bank, with headquarters in Gabon. It was established in 2010 in Benin.
Mr.Pascal Kove„ General Manager
01 BP 4270
Cotonou, Benin
Tel: +229-21313348/21313364
Fax: +229-21-313339
Email: benin@bgfi.com
CCEI Bank Benin – subsidiary of Equatorial Guinea CCEI Bank, opened in 2015.
Mr. Herve Borna, General Manager
RIlot 524-Cue Gouverneur Bayol
Cotonou, Benin
Tel: +22921365910/21311051
Email: contact@cceibankbenin.com
Societe Nigerienne de Banque-SONIBANK
Mr. Salissou Hamza, General Manager
Centre Kodeih Nº9
Rue Gouverneur Bayol
Cotonou,
Tel: +229 21-31-21-89
CBAO (Groupe Attijariwafa Bank)
Mr. Abas Haidara, General Manager
04 BP 6441
Cotonou, Benin
Tel: +22921365902
Coris Bank International
Mr. Jean-Jacques Golou, General Manager
01 BP 5783
Cotonou, Benin
Tel : +2921360054
Africaine des Garanties et du Cautionnement-AFGA
Mr. Todedji Landry Adje
1227 Av. Du Gouverneur Van vollen Hoven
Cotonou, Benin
Tel: +229 21310296
Fax: +229 21310257
Banque Centrale Des Etats De L’Afrique De L’Ouest (BCEAO) —
BCEAO-Benin is the Benin office of the Central Bank of the West African States, with headquarters in Dakar, Senegal.
Mr. Mr. Alain Michel Komaclo, National Director
BP 325
Cotonou, Benin
Tel: +229 21-31-24-66/31-24-67
Fax: +229 21-31-24-65
Email: courier.Bdn@bceao.int
Banque Ouest Africaine de Developement (BOAD) — local office of the West African Development Bank based in Lome, Togo.
Mr. Mahamadou Biga Hassyou, Resident Chief of Mission
01 BP 268
Agence Principale
Av. Jean Paul II
Cotonou, Benin
Tel: +229 21-31-59-35
Fax: +229 21-31-59-38
Email: mbiga@boad.org