Mali - Methods of PaymentMali - Methods of Payment
There are different methods of payment in use in Mali, including cash, check, bank cards, banking transfers, mobile banking, Western Union, and MoneyGram. Cash payment is common, including for large amounts. There are risks related to cash transactions, particularly the use of counterfeit notes.
Foreigners and Malian nationals follow the same process for opening a bank account. Generally, opening an account requires providing proof of residence, photos, passport or ID card, payroll, proof of business registration, and an initial deposit typically ranging from CFA 25,000 to 100,000 (around $45 to $175).
The West African Economic and Monetary Union (WAEMU) authorized the establishment of the Credit Information Office (le Bureau d’Information sur le Credit) which collects information from banks and sells it to financial institutions. The credit information office collects financial data and identity information of borrowers and processes them as credit reports and credit scores. Any borrower who agrees to provide this information receives a report of solvency once a year.
For more information on the Bureau d’Information sur le Crédit, please visit the website of the Central Bank of West African States (BCEAO).