Côte d'Ivoire is located on the west coast of Africa, bordering the Gulf of Guinea to the south, Liberia and Guinea to the west, Mali and Burkina Faso to the north and Ghana to the east. It is one of the member states of the Economic Community of West African States and naturally enjoys the advantages of foreign trade and transportation. As one of the "Four African Tigers" (Ethiopia, Ghana, Djibouti, Côte d'Ivoire), it has great market development potential.
China is the first partner of Côte d'Ivoire in Asia, or the first country to invest in it, and the economic and trade relations between the two countries have developed smoothly and have broad prospects for cooperation. This article will focus on the characteristics of Ivorian customers, payment methods, corporate creditworthiness and tips for preventing Ivorian customers from defaulting on payment.
Characteristics of Ivorian customers
1. The customs and customs of Côte d'Ivoire
(1) Côte d'Ivoire is a multi-ethnic country, and each ethnic group has its own unique customs.
(2) Ivorian society has always had the custom of respecting the elderly and respecting the elderly, and regard respect for the elderly as the basic moral standard for measuring whether a person has self-cultivation and politeness.
(3) In Côte d'Ivoire, when dating a friend, you must contact in advance, determine the time and place, and arrive on time.
2. Precautions for the reception of Ivorian customers
(1) In terms of business practices, the working hours in Côte d'Ivoire are generally 7-14 o'clock; Some are 8-12 p.m. and 15-18 p.m. Note to make an appointment for meetings during business hours.
(2) Côte d'Ivoire is a country that pays great attention to titles, and proper titles can leave an impression of civility and courtesy on Ivorians.
(3) In Côte d'Ivoire, when people talk, they generally pay attention to listening to each other's words, do not intentionally interrupt the topic that the other party is talking about, do not rush to comment on the content of the other party's conversation, and if there is something they do not understand, they should politely put it forward, so as to gain the trust of the other party and win the favor of the other party.
3. What do Ivorian customers eat?
(1) Most of the Ivorians eat rice, corn and sweet potatoes, and the side food is beef and mutton, chicken, duck, eggs, fish, tomatoes, cabbage, potatoes and other vegetables.
(2) In terms of taste, Ivorians generally like greasy and are accustomed to eating large pieces of beef and mutton, and do not like to eat dishes such as sliced meat, shredded meat, and diced meat, and their food intake is generally relatively large.
(3) In the dishes cooked by the Ivorians, coconut oil, palm oil, fragrant leaves, pointed peppers and other spices are used as spices. They generally avoid shrimp, chicken feathers and mushrooms.
4. Precautions for export to Côte d'Ivoire
In accordance with the requirements of the relevant decree of mcappME of the Ministry of Commerce and Trade promotion of Côte d'Ivoire, from 16 July 2018, Côte d'Ivoire (also known as the Ivory Coast "coast") began to implement the Product Conformity Assessment Program VoC. Products in the Ivorian Import Control Catalogue must be accompanied by a Certificate of Conformity CoC (Certificate of Conformity) at customs clearance to prove that the imported products comply with the relevant technical regulations and standards of Côte d'Ivoire. This certificate is a required document for the customs clearance of goods in Côte d'Ivoire and is issued at the place of shipment.
Payment methods for Ivorian customers
1. Letter of Credit (L/C) refers to a written document in which the bank (issuing bank) makes payment to a third party (beneficiary) or its designated party on the basis of the prescribed documents in accordance with the requirements and instructions (of the applicant) or on its own initiative, provided that the terms of the letter of credit are met. That is, a letter of credit is a written document issued by a bank with a conditional commitment to make payments. For Ivorian letters of credit, it is still necessary to pay attention to the soft terms in them to avoid the risk of collection.
2, wire transfer T/T, T/T payment method is your customer to remit the money to your company's designated foreign exchange bank account, is a more traditional transaction mode, divided into pre-TT and post-TT, the former is all the money directly remitted to the bank account before delivery; The latter is loaded first, and the bill of lading is faxed and then remitted in full, which is suitable for large payments.
How to prevent Ivorian customers from defaulting on payment
Through the retrieval of Ivorian enterprise credit reports, foreign trade enterprises can understand the operation and financial status of customers, assist transaction decision-making, and effectively prevent, identify and respond to transaction risks.
Credit and creditworthiness of Ivorian clients
Based on the history of more than 50 cases of Ivorian arrears collection and related consultation, coupled with more than 300 Ivorian corporate credit reports provided by the parent company Grand Credit, the global reminder has a better understanding of the credit status of Ivorian customers. Overall, the credibility of Ivorian clients is at an average level. When dealing with Ivorian customers, we should take it seriously, grasp the details of all aspects, enhance the awareness of risk control, and pay more attention when making trading decisions and choosing trading methods.
Before cooperation, by retrieving the credit report of the enterprise of the counterparty, we investigate whether the other party really exists, whether the business situation is normal, whether there have been trade disputes, etc., so as to avoid being deceived and effectively prevent transaction risks. But this is not absolute, once the customer drags the payment, you need to understand the real reason for the other party's arrears of payment, it is recommended that you retrieve the other party's credit report at the first time, so as to decide which means of recovery to use, especially when the collection of their own more than 3 months and no progress, as soon as possible to entrust a professional collection company to intervene.
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