For Ivory Coast, when an exporter has concluded a commercial export contract with a Ivorian 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 Ivorian importer will ask the Ivorian 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 Ivory Coast, the exporter must choose a confirming bank that has in its network of correspondents the Ivorian 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 Ivory Coast is usually confirmed by a big number of banks which are prepared to take the risks of Ivorian banks and make sure the beneficiary of the LC or exporter obtain his payment.
LIST OF IVORIAN BANKS ISSUING LETTERS OF CREDIT AND WHICH ARE ACCEPTED BY THE BANKS OF EXPORTERS
Ecobank Côte d’Ivoire
CORIS BANK ABIDJAN
Banque Sahélo-Saharienne pour l'Investissement et le Commerce CI (BSIC)
VERSUS BANK SA
Banque Atlantique Côte d’Ivoire (BACI)
CONFIRMING BANKS FOR LETTER OF CREDIT ISSUED THROUGH IVORIAN BANKS
Banks which are confirm the letters of credit issued in Ivory Coast by Ivorian banks are: (please contact us to obtain the list or to be listed as confirming bank).
IVORY COAST: CONFIRMATION FEE FOR LETTER OF CREDIT FROM A IVORIAN BANK
Confirmation charges and fees for letters of credit issued through Ivorian banks can be obtained on demand by emailing: email@example.com.
TRADEFINANCE.AFRICA COUNTRIES OF EXPERTISE