Notice No. 002-06-2015 on the Procedures for Processing Advance Financing of Merchandise Exports

Notice No. 002-06-2015 on the Procedures for Processing Advance Financing of Merchandise Exports Pursuant to Article 2 of Annex I of Regulation No. 09/2010/CM/UEMOA on the external financial relations of UEMOA member States, the Central Bank of West African States (BCEAO) clarifies that any advance receipt of funds from a non-resident in exchange for the future delivery of goods is considered as advance financing of external sales. In this regard, the following processing procedures apply.

1. The economic operator must declare to an approved intermediary, within one (1) month from its signature date, any sales contract in which partial or full payment occurs before the delivery of goods.
2. The approved intermediary is required to open an export domiciliation file for the economic operator. All payments received under this framework must be recorded in the domiciliation file opened for this purpose.
3. The file clearance is processed upon shipment of the goods, based on the export certificate issued by Customs. Before closing the domiciliation file, the approved intermediary must ensure that the total of payments corresponds to the amount stated on the export certificate.
4. When the collected amounts are lower than the revenues indicated on the export certificate, the economic operator is required, pursuant to Article 11 of Annex II of the aforementioned Regulation, to transfer the remaining due amounts within one (1) month from the payment due date.
5. The approved intermediary must effect the repatriation of export revenue proceeds through the BCEAO channel. The transfer of foreign exchange to the Central Bank is carried out in accordance with applicable regulatory requirements.
   Done at Dakar, on June 01, 2015
   Tiémoko Meyliet KONE