Senegalese companies paying foreign suppliers under BCEAO rules

A Dakar building materials importer buys tiles from Valencia in euros, fittings from Foshan in dollars and steel from İzmir in dollars. Each payment needs a domiciliation, an invoice and a contract before its bank sends it. The Spanish payment goes in three days. The Turkish one waits a week while the bank asks for a missing document.

How payments abroad work

Under the WAEMU exchange regulation, imports above set thresholds are domiciled with a bank. The bank follows the transaction, checks documents and executes the payment. Payments abroad must be justified.

Documents

1. Pro forma or commercial invoice.
2. Contract or order.
3. Customs documents, once goods arrive.
4. Licences where required.

The Orbus single window handles many trade formalities online.

Currency

Euro suppliers carry no exchange rate risk because the XOF is pegged to the euro. Chinese and Turkish suppliers often invoice in dollars, which move against the franc. Ask for euro prices where suppliers offer them.

Plan ahead

Suppliers often want payment before shipping. Allow time for bank processing, especially for new suppliers and large amounts.

Fraud

Supplier payment fraud usually arrives as an email announcing new bank details. Confirm by phone with a known contact, and check the account name matches the supplier.

Where Rivet fits

Rivet opens business accounts for registered companies after verification. Senegal-registered companies should follow WAEMU rules and their bank's procedures for import payments and accounts abroad. Rivet is not a bank; regulated partner institutions hold the funds.