For Burkina-Faso, when an exporter has concluded a commercial export contract with a Burkinabe importer and the two parties do not know each other, the irrevocable and confirmed letter of credit is the most appropriate instrument to mitigate the risks.
The Burkinabe importer will ask the Burkinabe bank to issue a letter of credit for the benefit of the exporter who will have previously named the name of the notifying and confirming bank to be accepted by the exporter.
For Burkina-Faso, the exporter must choose a confirming bank that has in its network of correspondents the Burkinabe bank that is proposed by the importer but also the one that has an acceptable credit rating so that there is no default of payment from the confirming bank.
A letter of credit issued in Burkina-Faso is usually confirmed by a big number of banks which are prepared to take the risks of Burkinabe banks and make sure the beneficiary of the LC or exporter obtain his payment.
LIST OF BURKINABE BANKS ISSUING LETTERS OF CREDIT AND WHICH ARE ACCEPTED BY THE BANKS OF EXPORTERS
Banque Internationale du Burkina (BIB)
ORABANK Burkina Faso
Banque Commerciale du Burkina
Banque Sahélo-Saharienne pour l'Investissement et le Commerce CI (BSIC) Ouagadougou
Banque Internationale pour le Commerce, l'Industire et l'Agriculture du Burkina
CONFIRMING BANKS FOR LETTER OF CREDIT ISSUED THROUGH BURKINABE BANKS
Banks which are confirm the letters of credit issued in Burkina-Faso by Burkinabe banks are: (please contact us to obtain the list or to be listed as confirming bank).
BURKINA-FASO: CONFIRMATION FEE FOR LETTER OF CREDIT FROM A BURKINABE BANK
Confirmation charges and fees for letters of credit issued through Burkinabe banks can be obtained on demand by emailing: email@example.com.
TRADEFINANCE.AFRICA COUNTRIES OF EXPERTISE