Abidjan is the main financial centre of French West Africa and hosts the West African Stock Exchange (BRVM).

BRVM

Website: www.brvm.org/en

Abidjan is also the headquarters of the African Development Bank and West African regional operations. Most international financial institutions have their regional offices in Abidjan such as the World Bank, the International Monetary Fund, as well as bilateral agencies such as the Agence France de Développement and some United Nations agencies.

The local currency is the West African CFA franc. It is linked to the parity of the Euro where 1€ = 655,957 CFA francs. The acronym CFA stands for Communauté Financière Africaine. The international ISO code of the currency is XOF.

The CFA is also used in the following countries: Bénin, Burkina Faso, Guinea-Bissau, Mali, Niger, Sénégal, and Togo.

There are 24-hour ATMs everywhere in Abidjan but they only distribute CFAs. You can withdraw using your local card or an international credit card. Credit cards are accepted in hotels, restaurants and some grocery shops, however, cash is still the usual method of payment in the country. It is advisable to always carry enough cash with you as the cash machines are unreliable and may be out of order. For security reasons, you should avoid going to an ATM alone, at night and unprotected by a member of the security staff. Holiday vouchers are only accepted in major banks. Payment by phone is the new trend where you can top up your account in cash and then it debits your account electronically. Orange Money, MTN Mobile Money, Celpaid, Flooz and Mobile Banking from Qash services are providers of this service.

Banking hours vary, however the basic hours are Monday to Friday: 7.45 – 15.30 and Saturday: 7.45 – 12.00. They can also be closed at the meridian break between 12.30 and 13.30. Please check your local bank’s website, as times may vary.

You can open accounts in CFA francs but also in foreign currency. However, there are still fees associated with exchange rates and fast transfers between banks. To find out more about opening bank accounts and banks in Côte d’Ivoire, click on the ‘Commercial banking’ link.

Currently, most banks charge account fees ranging from 15,000 CFA to 100,000 CFA per month depending on the type of account. However, due to increased competition and the ease of opening an account, it is advisable to look at these fees or negotiate them.