For Cameroon, when an exporter has concluded a commercial export contract with a Cameroonian 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 Cameroonian importer will ask the Cameroonian 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 Cameroon, the exporter must choose a confirming bank that has in its network of correspondents the Cameroonian 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 Cameroon is usually confirmed by a big number of banks which are prepared to take the risks of Cameroonian banks and make sure the beneficiary of the LC or exporter obtain his payment.
LIST OF CAMEROONIAN BANKS ISSUING LETTERS OF CREDIT AND WHICH ARE ACCEPTED BY THE BANKS OF EXPORTERSAfriland First Bank Banque Atlantique Citibank Commercial Bank of Cameroon Credit Agricole Crédit Lyonnais Ecobank National Financial Credit Bank Oceanic Bank
Afriland First Bank
Banque Gabonaise pour le Financement International (BGFI BANK) Cameroon
CONFIRMING BANKS FOR LETTER OF CREDIT ISSUED THROUGH CAMEROONIAN BANKS
Banks which are confirm the letters of credit issued in Cameroon by Cameroonian banks are: (please contact us to obtain the list or to be listed as confirming bank).
CAMEROON: CONFIRMATION FEE FOR LETTER OF CREDIT FROM A CAMEROONIAN BANK
Confirmation charges and fees for letters of credit issued through Cameroonian banks can be obtained on demand by emailing: email@example.com.
TRADEFINANCE.AFRICA COUNTRIES OF EXPERTISE