Banks and Financial Services

Leading Banks in Cotonou

BICIB (Benin International Commercial & Industrial Bank)

Head Office

• Address: Boulevard Steinmetz, Ganhi
• Phone: +229 21 30 60 60
• Hours: 8am–5pm (Mon–Fri), closed Saturday and Sunday

Main branches:

• Haie Vive Branch: +229 21 31 20 20
• Port Branch: +229 21 30 44 44

Services: Checking accounts, savings, debit cards, transfers, loans

Ecobank Benin

Head office address: Rue de l'Escadron, Ganhi Phone: +229 21 30 72 00 Hours: 8am–5pm (Mon–Fri)

Services: Full-service accounts, mobile banking (Ecobank Mobile), Western Union

Bank of Africa

Address: Avenue Clozel, Ganhi Phone: +229 21 30 18 18 Hours: 8am–5pm (Mon–Fri)

Services: Bank accounts, loans, savings, currency exchange

Other Banks

• Bénin Coopératif: +229 21 30 31 31
• BCEAO: Central bank — currency exchange, international transfers
• Diamond Bank Benin: +229 21 31 88 88

Opening a Bank Account as an Expat

Documents required

• ✅ Valid passport
• ✅ Proof of address (electricity bill, lease agreement)
• ✅ Employment letter or proof of income
• ✅ FICOBA non-registration certificate (if arriving from France)
• ✅ 2 passport photos

Process

1. Branch visit: Book an appointment and bring your documents
2. Fill out the form: Personal details, source of funds
3. Verification: Identity and document checks (1–2 days)
4. Passbook/Card: Handed over in person (3–5 days)

Fees

Services for Expats

International transfers

Options:

1. Standard bank transfer: 3–5 days, fees of 50–100K FCFA
2. Western Union: 15 minutes, 5–10% fee, available at Ecobank
3. MoneyGram: 30 minutes, 5–8% fee, smaller network
4. Wise (formerly TransferWise) (online): best exchange rate, 1–2 days

Currency exchange (EUR/USD to FCFA)

Average rate: €1 = 655 FCFA | $1 = 600 FCFA (2026)

Exchange points:

• Banks (official rate)
• Ganhi exchange bureaus (slightly better rate, -1 to -2% margin)
• Akpakpa market street vendors (risky — counterfeit bills possible)

Debit cards

Advantages:

• ATM withdrawals 24/7
• Accepted at restaurants and hotels
• Withdrawal limit: 500K–1M FCFA/day

Watch out for:

• Few merchants accept card payments
• Online fraud is possible
• Keep your receipt in case you need to dispute a charge

Financial Insurance

Deposit insurance

Guarantee: Up to 1M FCFA if a bank fails (rare in Benin)

Loan/credit insurance

If you're borrowing for property or a vehicle:

• Cost: 1–2% of the loan amount per year
• Covers disability and death

Check with individual bank branches for specific offers.

Hours and Closures

Standard hours: 8am–5pm, Monday to Friday Closed: Saturdays, Sundays, national public holidays

2026 public holidays (banks closed):

• January 1, May 1, August 15, November 1, December 25

Practical Tips

✅ Open an account soon after arrival to handle payments and transfers ✅ Stick to established banks (avoid small, unfamiliar ones) ✅ Check fees carefully before opening an account ✅ Ask for the expat services brochure ✅ Keep proof of every transfer (receipts)

⚠️ Credit cards are rarely accepted — carry cash as backup ⚠️ Daily ATM withdrawal limits apply ⚠️ International transfers are slow and expensive

Emergency Contacts

Lost/stolen card: Call your branch immediately to block it. Urgent transfer: Contact your branch directly (phone banking). Complaints: Submit in writing to the branch manager.

Browse our full directory for verified financial services and insurance, and reach out for personalized recommendations.