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