For Equatorial Guinea, when an exporter has concluded a commercial export contract with a Equatorial Guinean 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 Equatorial Guinean importer will ask the Equatorial Guinean 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 Equatorial Guinea, the exporter must choose a confirming bank that has in its network of correspondents the Equatorial Guinean 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 Equatorial Guinea is usually confirmed by a big number of banks which are prepared to take the risks of Equatorial Guinean banks and make sure the beneficiary of the LC or exporter obtain his payment.
LIST OF EQUATORIAL GUINEAN BANKS ISSUING LETTERS OF CREDIT AND WHICH ARE ACCEPTED BY THE BANKS OF EXPORTERS
Commercial Bank Guinee Equatoriale (CBGE)
BGFIBank Equatorial Guinea
Banco Nacional de Guinea Ecuatorial
Ecobank Equatorial Guinea
CONFIRMING BANKS FOR LETTER OF CREDIT ISSUED THROUGH EQUATORIAL GUINEAN BANKS
Banks which are confirm the letters of credit issued in Equatorial Guinea by Equatorial Guinean banks are: (please contact us to obtain the list or to be listed as confirming bank).
EQUATORIAL GUINEA: CONFIRMATION FEE FOR LETTER OF CREDIT FROM A EQUATORIAL GUINEAN BANK
Confirmation charges and fees for letters of credit issued through Equatorial Guinean banks can be obtained on demand by emailing: email@example.com.
TRADEFINANCE.AFRICA COUNTRIES OF EXPERTISE