Banks in Guinea-Bissau

Banks in Guinea-Bissau operate within the common West African Monetary Union (UMOA) and UEMOA framework of eight states. The West African Central Bank (BCEAO) issues the CFA franc, conducts monetary policy and, together with the UMOA Banking Commission (Commission Bancaire de l’UMOA), supervises banking and financial stability. The Direction Nationale de la BCEAO pour la Guinée-Bissau, the Conseil National du Crédit and the banking association APBEF-GB are the relevant local bodies. Banks require a uniform UMOA authorization; cross-border banking services within UMOA are possible under the applicable rules. As of 31 December 2025, six credit institutions were licensed: Banco da Africa Ocidental (BAO), Banco da União (BDU), Ecobank-Guinée-Bissau, Orabank Côte d’Ivoire as a branch in Guinea-Bissau, Banque Atlantique Côte d’Ivoire as a branch in Guinea-Bissau, and Coris Bank International Sénégal as a branch in Guinea-Bissau. Three institutions are branches or subsidiaries, while the other three operate as branches of foreign banks. In addition, one payment service provider was licensed: INTOUCH Guinée-Bissau. Banks generally offer current or standard payment accounts, passbooks or savings accounts, term-deposit accounts and contractual savings products. Each institution determines the exact product name, required documents and activation process according to its own procedures. To open an account, the bank generally requires identity verification as well as information about the address, the economic purpose and the customer relationship. A fully local online application is not documented; accounts are generally opened at a branch or bank counter. Access is heavily concentrated in Bissau and depends on the individual bank outside the capital. The BCEAO Annuaire 2024 recorded 15 branches and 29 ATMs for BAO, 15 branches and 14 ATMs for BDU, 5 branches and 30 ATMs for Ecobank, 8 branches and 15 ATMs for Orabank, 4 branches and 8 ATMs for Banque Atlantique, and 1 branch and 2 ATMs for Coris. This inventory describes the situation in 2024; each institution should confirm current availability directly. Payments can be made with cash, cheques, transfers, direct debits, cards and electronic money. GIM-UEMOA connects cards, ATMs and payment terminals regionally; SICA-UEMOA processes non-card retail payments. The UEMOA PI-SPI platform, launched on 30 September 2025, generally enables secure, instant and round-the-clock payments between connected providers. Whether a particular provider in Guinea-Bissau is already connected and enabled for end customers must be verified with the provider. Certain basic services must be offered free of charge within the UMOA framework. These include, among others, account opening, account maintenance and account closure, a passbook, one monthly account statement, the annual fee summary, cash deposits and withdrawals at the customer’s own bank, the setup of standing orders and direct debits, use of the bank’s own ATM, balance inquiries and internal transfers between accounts at the same bank. The tariffs of the individual institution apply to other services. Bank and prepaid cards can be used at ATMs and payment terminals. Regional acceptance depends on the issuing bank, the merchant network and the payment system used. The EMV chip is a security standard. Deposits may be held as demand or term deposits, in passbooks or in current accounts. Licensed credit institutions must join the deposit guarantee fund, whose protection is limited to an amount set by the Council of Ministers and does not guarantee unlimited reimbursement. Orange Money from Finances Mobiles Bissau and MTN Mobile Money through the partnership between BAO and MTN facilitate small payments, transfers, deposits and withdrawals. They are functional electronic-money services and are not automatically a full bank account with all the deposit, card and complaint rights of a bank. Ecobank also operates Ecobank Mobile on its country portal; digital offerings nevertheless vary by institution. Banks must maintain an internal complaints system. For a complaint, account statements, receipts, transaction numbers and relevant deadlines should be retained. If internal resolution fails, mediation and subsequently the electronic complaints procedure (E-Reclamations) or the Commission Bancaire de l’UMOA may be considered as further avenues. Login credentials, PINs and cards must remain confidential; unknown links, unofficial fee demands and unconfirmed agents should be avoided. If a card is lost or suspicious transactions occur, the card issuer must be informed immediately and the card blocked.