Standardized Bills of Exchange Convention (SBC)

Conakry, April 30, 2020

Between

1. The Central Bank of the Republic of Guinea as system administrator, hereinafter referred to as "the BCRG", located at Conakry, 6th Commerce Boulevard, P.O. Box: 692 – Conakry, represented for the purposes hereof by Dr. Louncény NABE, Governor,

On the one hand

And

2. The participants in the national telecompensation system, whose list is attached to Annex 3,

On the other hand

The following has been agreed:

Article 1: This convention aims to define and establish the principles governing the electronic exchange of data and images of standardized bills of exchange, as well as the obligations of institutions affiliated with the national telecompensation system managed by the BCRG regarding the presentation and payment of standardized bills of exchange and the retention of their physical supports.

Article 2: Electronic telecompensation of standardized bills of exchange consists of the exchange of related data and scanned images. The exchange of data and scanned images relating to standardized bills of exchange is carried out in accordance with the procedures defined in the technical specifications of the national telecompensation system notified by the Central Bank to participants.

Article 3: This convention establishes the following obligations between institutions:

For the presenting institution: It is obligated

• to carry out the apparent material verification of standardized bills of exchange deposited by clients. The presenting institution must refuse to present for payment any standardized bill of exchange that: i. is not signed by the drawer, ii. does not bear the creation date, iii. has an undetermined amount, iv. is not endorsed, v. does not bear the name of the drawee, vi. has incorrect drawee bank account details (RIB), vii. shows clear signs of alteration or forgery; viii. the maturity date; ix. and possibly the extension date.

Furthermore, the presenting institution must:

• ensure the conformity of information on the standardized bill of exchange with that in the computer record,
• ensure the compatibility of information on the standardized bill of exchange with that in the payment order,
• retain the standardized bill of exchange forms paid during the legal period,
• scan all standardized bills of exchange, regardless of amount. In this case, the scanner imprint on the reverse side of the standardized bill of exchange must include the presenting institution's code and possibly the agency code, in accordance with the Central Bank's coding system.

Archiving of already paid standardized bills of exchange is carried out after affixing the notation "paid by bearer" and the payment date to each form.

In case of technical impossibility, a wet stamp bearing the same information should be affixed to the reverse side of the standardized bill of exchange.

For the drawee institution: It is obligated:

• to verify the conformity of the amount on the image of the standardized bill of exchange with that in the computer record,
• to verify the conformity of the signatures on the payment order,
• to respect rejection deadlines.

Article 4: Any rejected bill of exchange for which the computer record was not submitted within the regulatory deadlines set by the telecompensation guide is considered paid.

Article 5: The presenting institution is obligated to reimburse the drawee institution the amount of any standardized bill of exchange paid to the beneficiary and subject to:

• a double payment,
• a dispute by the drawee justified by one or more of the following reasons:
  • standardized bill of exchange showing clear signs of alteration or forgery,
  • non-conformity between the computer record and the scanned image of the standardized bill of exchange, particularly where the amount in the computer record exceeds the amount on the original standardized bill of exchange.

Reimbursement must be completed within five banking business days from the receipt of the written claim submitted by the drawee institution.

Article 6: In case of rejection, the presenting institution is obligated:

• to note on the reverse side of the standardized bill of exchange the reason and date of rejection,
• to issue a notice attesting to the presentation for payment and rejection of the standardized bill of exchange. This notice, prepared in accordance with the model in Annex 1, must be communicated to the bearer (assignor) along with the rejected bill of exchange.

Article 7: In the event of a technical failure making electronic transmission of a bill of exchange rejection impossible, the drawee institution must use the BCRG backup station to process the rejection file.

If processing via this backup means is impossible, the drawee institution must notify the presenting institution by fax, telex, or any other means of proof, to suspend payment of the relevant bill of exchange.

The notification must be made within the electronic rejection deadline and no later than the first banking business day following the date of receipt of the computer record related to the bill of exchange (Day or Day + 1) before counter opening.

Concurrently, the drawee institution must provide the identifier of the bill in question to enable the presenting institution to send a photocopy for rejection at the manual clearing chamber on (Day + 1) or according to the procedure set by the BCRG in case of that chamber's abolition.

Article 8: If the drawee requires, upon payment of the bill of exchange, that it be handed over to them, the drawee institution is obligated to deliver:

• either the image of the already paid bill of exchange bearing the drawee institution's stamp and the notation "paid by bearer",
• or a payment notice prepared in accordance with the model in Annex 2.

Article 9: The presenting institution is obligated to hand over the original bills of exchange to the drawee institution only upon the latter's claim for legal action or to exercise a bill recourse, in accordance with the following procedure:

• the handover of originals is carried out based on a letter from the drawee institution sent via official mail. The duly signed letter by an authorized person must notably include the following details:
  • the bill of exchange number,
  • the amount,
  • the maturity date,
  • the telecompensation date, and
  • the drawee's bank account details (RIB).
• the delivery of originals to the drawee institution is made against a receipt affixed to each copy of the bill of exchange, within a period not exceeding ten banking business days following the receipt date of the aforementioned letter.

Article 10: All disputes arising from this convention, particularly regarding its interpretation and execution, shall be resolved amicably.

Failing consensus, the parties agree to resort to arbitration proceedings in accordance with the OHADA Joint Court of Justice and Arbitration's arbitration rules. This commission responsible for arbitration must consist of an odd number of arbitrators. The arbitral chamber ensures its own competence and independence of the arbitrators.

If for any reason an arbitrator is unable to perform their duties, a substitute will be appointed in the same manner as the original arbitrator in accordance with these rules.

Appointed and substitute arbitrators must be recognized legal or technical experts at the national and/or international level, with a minimum of 10 years' experience in the subject matter of the dispute.

French will be used as the arbitration language and the arbitral award shall be final, enforceable, without appeal, and binding on the parties.

Nevertheless, this decision acquires the authority of res judicata only after an exequatur is issued by the competent Judge of the Guinean Tribunal.

Article 11: This Convention enters into force between the participants who have signed it.

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ANNEX 1

NOTICE OF REJECTION OF STANDARDIZED BILL OF EXCHANGE

Addressee: ...............................................................

Account holder (Bank Account Details):

Institution Code	Agency Code	Internal Reference	Key

We regret to inform you that the bill of exchange, whose characteristics are detailed below, has been rejected for (reasons): ...............................................................

Number: _______________________________________________________

Name of Drawee: .........................................................................

Amount: ...................................................................................

Maturity: ____________ / ____________ / ____________

Presented for payment on: ____________ / ____________ / ____________

Made at ...........................................on.......................................

Signature and stamp

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ANNEX 2

PAYMENT NOTICE OF STANDARDIZED BILL OF EXCHANGE

Addressee: ...............................................................

Account holder (Bank Account Details):

Institution Code	Agency Code	Internal Reference	Key

We have the honor to inform you that the bill of exchange, whose characteristics are detailed below, has been paid.

Number: _______________________________________________________

Name of Drawee: .........................................................................

Amount: ...................................................................................

Maturity: ____________ / ____________ / ____________

Presented for payment on: ____________ / ____________ / ____________

Made at ...........................................on.......................................

Signature and stamp

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Annex 3: List of Participants

N°	Participant	Nom et Prénom	Signature	Date
1	BCRG
2	BICIGUI	Dono RUBBECO		03/04/21
3	SGG	Cherif DRAMÉ		07/04/21
4	BIG	Sidy Diop		23/03/21
5	ORABANK	GEEK-ACUE Kpalpoi		8/04/21
6	BPMG	Kouremama Tandima		07/04/21
7	FBNBANK	Olayide Ayerouni		08/04/21
8	ECOBANK	BAH Diawadou		08/04/21
9	VISTABANK	Yassin Bayo		07/04/21
10	SKYE BANK	Gbétagnade Fili		7/4/21
11	BSIC	DIALLO Mamadou Pehi		07/04/21
12	UBA	Okeigeh Yony		8/4/21
13	NSIA	Dieng Christelle Zongo-Dantuf		7/4/21
14	BCI	Lidy Mohamed CHERZEF		28/03/21
15	AFRILAND	FOLIJO GUY LAURENT		13/04/21
16	BNG	Mohamed Lamine Thieno Camara		07/04/21
17	BDG	Moussa Tourad		7/4/21
18	BNIG	Alpha M. Kallio		>14/21