BCEAO

BANQUE CENTRALE DES ETATS DE L'AFRIQUE DE L'OUEST

Notice No. 001-01-2021 on Payment Terms for the Purchase of Goods Destined to a Non-Member Country of UEMOA

This Notice, published in accordance with Article 2 of Annex I to Regulation No. 09/2010/CM/UEMOA of October 1, 2010, concerning the external financial relations of UEMOA member states, aims to specify the payment terms for the purchase of goods abroad destined for countries outside UEMOA.

The execution of the aforementioned operations is subject to strict compliance, by authorized intermediaries, with Article 4 of Regulation No. 09/2010/CM/UEMOA concerning the external financial relations of UEMOA member states, and with Article 3 of Instruction No. 01/07/2011/RFE regarding the execution of payments to or for non-residents. Accordingly, the following procedures must be implemented by authorized intermediaries for settling purchases of goods abroad destined to non-UEMOA countries.

1. Payment for the purchase of goods abroad by a resident, intended for delivery to a non-member State of the Union, without entering the UEMOA economic territory, requires the preparation of a foreign exchange form subject to the visa of an authorized intermediary.

2. The credit institution opens a tracking file containing information on the resident economic operator, as well as copies of purchase contracts and goods delivery documents. Transfers issued and received in relation to this operation, along with documents attesting to the effectiveness of these operations, are recorded in the file opened for this purpose.

3. The authorized intermediary is permitted to make foreign currency payments for the acquisition of goods up to the amount of receipts received in connection with the delivery of goods abroad.

4. As an exception, when the contract provides for it, advance payments to the supplier may precede the collection of all expected payments from the final beneficiary. In this case, the resident operator has a maximum period of thirty (30) days from the payment due date, which cannot exceed one hundred twenty (120) days after settlement to the foreign supplier, to collect foreign currency from the credit institution. Failure to comply with this requirement results in the suspension of future payments related to this contract.

Avenue Abdoulaye FADIGA
BP 3108 – Dakar – Sénégal
Tel. (221) 33 839 05 00 / Fax. (221) 33 823 93 35 courrier.bceao@bceao.int - www.bceao.int

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5. The tracking file is closed upon receipt of the following documents:

   • transfer advices received attesting to the full collection of sales proceeds;
   • copies of transfers made in favor of the foreign seller;
   • proof of the effectiveness of the purchase of goods and their delivery to the final beneficiary, notably the invoice issued by the foreign supplier and the delivery order to the client or any document serving as such.

6. The foreign exchange forms prepared in connection with the settlement of the aforementioned operations, accompanied by individual reports prepared according to the model reproduced in the annex, are sent to the BCEAO and the Directorate responsible for External Finance by the concerned authorized intermediary on the tenth (10) of each month. The credit institution reports, within twenty (20) days following the end of each quarter, the status of non-closed files whose dates have expired for more than three (3) months.

7. Coverage by the BCEAO of transfers executed or to be executed in favor of the foreign supplier is subject to the repatriation, through its channel, of the foreign currency proceeds from the sale of goods to the final buyer. This act is attested notably by the transfer advice received via the Central Bank. The authorized intermediary must also present purchase and delivery contracts for the goods and provide any additional document required by the BCEAO as part of processing its coverage request.

The present Notice is notified to all authorized intermediaries and published wherever necessary.

Done at Dakar, on 28 JAN. 2021

THE CENTRAL BANK OF THE STATES OF WEST AFRICA

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ANNEX

REPORT ON PAYMENT OPERATIONS FOR THE PURCHASE OF GOODS DESTINED TO A NON-MEMBER STATE OF UEMOA

Name of the domiciled bank:

I. Information on the declarant

Name
Address/Telephone
Country of residence

II. Information on the foreign supplier and client

	Supplier	Client
Name
Address
Telephone
Country of residence

III. Payment methods

Payment method to supplier (executed or planned)	Payment method by client (executed or planned)
☐ Documentary credit	☐ Documentary credit
☐ Transfer	☐ Transfer
☐ Others………………	☐ Others………………

IV. Information on the nature of the operation

Nature of goods	Amount invoiced by supplier	Amount invoiced to client	Delivery date to client	Margin
☐ Food products
☐ Petroleum products
☐ Capital goods
☐ Intermediate products
☐ Others……………

Date : ...........................
Stamp and signature of the authorized intermediary