Published on and written by Cyril Jarnias
Moving to Burundi inevitably means coming to grips with a very different financial system from that of the major international banking hubs. Limited convertibility of the local currency, a strong reliance on cash, digitalization that is booming but still incomplete, and strict foreign exchange regulations: for an expatriate, failing to understand these elements can quickly complicate daily life… and lead to financial losses.
A comprehensive overview of financial services for expatriates, including recent data on the local banking sector, current regulations, available payment methods, and alternatives such as regional banks and multi-currency fintechs.
A changing banking landscape, still heavily cash-driven
The first reality to take in upon arriving in Burundi is that the economy remains largely agriculture-based and the country is landlocked. This is reflected very directly in how the financial system operates.
The official currency is the Burundian franc (BIF), which operates under a managed float regime by the Bank of the Republic of Burundi (BRB). This framework limits its international convertibility; the BIF is not a reserve currency and remains difficult to exchange on foreign markets.
The banking sector is dominated by traditional banks, even though digital services are developing rapidly. There are 15 commercial banks, plus the central bank. A few major local and regional names structure the market: Banque de Crédit de Bujumbura (BCB), Banque Commerciale du Burundi (BANCOBU), Ecobank Burundi, Bank of Africa Burundi, CRDB Bank Burundi, KCB Bank Burundi, Diamond Trust Bank (DTB), Interbank Burundi, BBCI, Finbank (under the Access Bank brand), United Bank for Africa (UBA) Burundi, among others.
Cash in Burundian francs (BIF) is the most common means of payment, especially outside major cities. Electronic payments and online banking are developing, but their use is still limited compared to international standards.
For an expatriate, this configuration has several concrete consequences:
– need to hold BIF for everyday expenses,
– limited acceptance of international cards outside hotels, restaurants, and upscale businesses,
– reliance on an ATM network that is still sparse nationwide,
– potential delays on certain international transactions due to complex procedures and incomplete payment infrastructure.
The Central Bank and a heavily present regulatory framework
The BRB occupies a central role in the country’s financial life. It regulates the currency, supervises banks, ensures financial stability, and oversees payment systems. All payment systems must obtain a license from it, and Law 1/07 governs the national payment system.
For expatriates, two dimensions are particularly important:
1. Exchange control and foreign currencies
All transactions within the national territory must be denominated in Burundian francs (BIF). Although banks can buy and sell foreign currencies like the US dollar and the euro under a managed exchange rate regime, these conversions are strictly regulated and often costly. Limited access to foreign currencies is a major barrier to private investment. Furthermore, the Bank of the Republic of Burundi (BRB) exercises strict control over capital transfers and requires prior authorization for certain capital movements abroad.
2. Regulation of international transfers and operators
Money transfer services (banks and non-bank operators) are subject to licensing and a high minimum capital requirement for non-bank providers. After a period of strong restrictions in 2020, the BRB eased its position in 2022 regarding the possibility of paying remittances in foreign currency and reauthorizing exchange bureaus, while imposing margin caps and strict obligations.
This context explains why foreign currency operations and international transfers can be more complex, more expensive, and sometimes slower than elsewhere.
Opening a bank account in Burundi: process and constraints for an expatriate
Opening a local account is almost essential for a long stay in Burundi, if only to receive local salary, pay rent, or limit fees on withdrawals using a foreign card. But the procedure is stricter than in many neighboring countries.
Eligibility conditions and type of visa
A key point: holding a simple visitor visa is not enough to open a bank account. Banks generally require an intent for a stable stay (more than three months) for work or study purposes.
For an expatriate, obtaining a residence permit is a fundamental step. The procedure requires validation by local authorities (such as the neighborhood or zone chief), who examine the purpose of the stay. This process relies on supporting documents, such as an invitation letter from an employer or organization.
Once the permit is obtained, it is possible to go to a branch with:
– a valid passport,
– the residence permit,
– proof of local address,
– and, if applicable, the employment or assignment letter.
Banks often mention, in a standardized way, the combination of passport + proof of residence + work or student visa as the minimum requirement.
Processing times, initial deposit, and ongoing fees
Opening times are reasonable, but far from instantaneous: expect between three and five business days for the account to be fully operational.
Minimum deposits for a standard account in Burundi range from 5,000 to 20,000 BIF, equivalent to a few to a few dozen dollars.
Account maintenance fees are almost systematic and average between 2,000 and 4,000 BIF per month.
The main parameters can be summarized in the table below:
| Parameter | Typical values observed |
|---|---|
| Opening time | 3 to 5 business days |
| Initial deposit (standard account) | 5,000 to 20,000 BIF |
| Monthly account maintenance fees | 2,000 to 4,000 BIF |
| Main documents | Passport, residence permit, work/study visa, proof of address |
Most banks then offer a minimum of online services for balance inquiries, some basic operations, and sometimes internal transfers.
What banking services are available for an expatriate on a daily basis?
Once the account is open, the expatriate finds a fairly standard range of services, even though their level of sophistication varies.
Banks offer in particular:
Banking institutions generally offer a range of basic financial services, including opening checking and savings accounts in Burundian francs (BIF). They also offer consumer or real estate loans, although these are often more accessible to permanent residents or nationals. For professionals, business services are available, such as corporate accounts, working capital loans, and foreign trade facilities. Foreign exchange operations, primarily in US dollars (USD) and euros (EUR), are part of the services. Customers have access to payment methods such as debit cards, sometimes credit cards, and can withdraw cash from ATMs on the BIF network. Finally, online and mobile banking services are offered, but their development is still ongoing.
For payments and withdrawals, another table helps visualize the landscape:
| Aspect | Situation in Burundi |
|---|---|
| ATM withdrawal currency | BIF only |
| Visa/Mastercard acceptance | Good in hotels, restaurants, upscale shops; limited elsewhere |
| ATM network | Concentrated in Bujumbura, Gitega, Ngozi; low rural coverage |
| Card payment | Possible in urban areas, often with a minimum threshold |
| Cash usage | Very dominant, essential outside major cities |
An expatriate must therefore maintain a combination of methods: international card, local account, cash in BIF, and even an external multi-currency account to optimize costs.
Foreign currencies and foreign currency accounts: possibilities and limits
Foreign currency management is a sensitive point for any expatriate paid in a strong currency or who regularly needs to transfer funds abroad.
Bank exchange and restrictions
Burundian banks offer exchange services in dollars and euros. However, the rates applied can be significantly less favorable than those observed on parallel markets, whose use remains illegal and risky.
Authorities long heavily restricted certain operations, particularly outflows of foreign currency and the ability of exchange bureaus to operate freely. Since October 2022, several measures have been relaxed:
– regulated reopening of exchange bureaus, subject to margin conditions,
– reauthorization of payment of certain international remittances in foreign currency rather than mandatorily in BIF,
– possibility for beneficiaries of instant transfers from abroad to receive amounts directly into foreign currency accounts, where such accounts exist.
Foreign currency accounts for residents and non-residents
Exchange regulations provide that residents and non-residents can, in theory, open foreign currency accounts. In practice, however, the offer remains limited for ordinary retail clients, apart from a few regional banks (CRDB, KCB) or products specifically targeting the Burundian diaspora.
The following points summarize the situation:
– multi-currency accounts for individuals are rare and often reserved for specific profiles (entrepreneurs, high-income earners, diaspora);
– banks apply sometimes high conversion and currency management fees;
– procedures for certain foreign currency operations are cumbersome (documentation, authorizations, delays).
For those who need to juggle salary in foreign currency, local expenses in BIF, and financial commitments in a third country, this creates real complexity, which some alternative solutions seek to reduce (we will come back to this).
Specific offers for the diaspora: an interesting model for Burundian expatriates
Even though a foreign expatriate cannot directly benefit from them, the “diaspora” accounts offered by some Burundian banks are revealing of how local institutions structure international offers.
BANCOBU, for example, has developed a product for Burundians living abroad, with the following features:
Discover the advantages and opening conditions of an account designed to offer you flexibility and profitability.
Account available in BIF, USD, or EUR. Remote opening possible, no need to travel.
Minimum opening: 20,000 BIF for a BIF account, 50 USD or 50 EUR for a foreign currency account.
No account maintenance fees. Free online access. Reduced transfer fees (e.g., 0.5% instead of 1%).
Interest paid on savings: rates up to 6% per year in BIF and 2% in USD.
Ability to transfer funds to mobile wallets such as EcoCash and Lumicash.
Holders of these accounts can also access targeted credit products, such as a specific real estate loan (“Ku Gatumba Loan”), under conditions:
– Burundian nationality,
– age 55 or younger,
– stable employment abroad,
– regular income for at least six months,
– personal contribution of at least 35%,
– no listing in the BRB’s blacklist of defaulting borrowers.
Even though these benefits are reserved for nationals, they show that local banks know how to structure international offers including multi-currency, online banking, and links to mobile money. This gives a taste of what could be offered tomorrow to other expatriate profiles, as the market matures.
International transfers to and from Burundi
Managing your finances as an expatriate often involves the ability to receive or send funds to your home country. In Burundi, this dimension is regulated by the BRB and relies on several channels.
Banks, correspondents, and regional agreements
Burundian banks rely heavily on correspondent banks and bilateral agreements to execute cross-border payments. This results in:
– dependence on banking intermediaries to access the SWIFT system or certain payment corridors,
– higher costs and potentially longer delays, especially in the event of additional checks.
Initiatives like the East African Payment System (EAPS), of which Burundi is a member, aim to reduce the cost of intra-regional transactions. However, technical integration, particularly via a fully interconnected real-time gross settlement system, is not yet complete.
Money transfer operators and online platforms
Alongside the traditional banking network, a multitude of operators allow sending money to or receiving money from Burundi:
– Western Union,
– MoneyGram,
– Xoom (PayPal),
– WorldRemit,
– Remitly,
– Mukuru,
– Afriex,
– Paysend, etc.
Most offer various reception methods:
– cash withdrawal at a partner agency (many local banks act as payers),
– direct deposit into a bank account,
– credit to a mobile wallet (EcoCash, Lumicash, sometimes Smart Pesa).
Transfers are often fast (sometimes within minutes), but fees and exchange rates vary significantly from one operator to another. Some promote first transfers at a reduced rate or preferential rate, or capped rates for certain corridors.
For an expatriate, the trade-off is generally between:
– total cost (fees + margin on the exchange rate),
– speed,
– reliability,
– ease of access for the recipient (city, access to agencies, ownership of an account or mobile wallet).
Recent restrictions and relaxations
In 2020, the BRB banned the payment of remittances in foreign currency, forcing recipients to receive everything in BIF. This measure:
– led to the closure or difficulties of several exchange and remittance operators,
– encouraged increased use of informal channels (cash carried by third parties, hawala system, etc.).
Since 2022, this restriction has been lifted for some players, once again allowing certain remittances in foreign currency or into foreign currency accounts. However, the environment remains changeable, hence the importance of checking the conditions in effect at the time of the transaction.
Mobile money and mobile banking: a shortcut to financial inclusion
While banks still reach only a limited fraction of the adult Burundian population (banking rate around 17% and formal financial inclusion rate around 21%), mobile money has reshuffled the deck.
Rapid adoption, especially in urban areas
Since 2016, mobile money (MFS) and mobile banking services have grown significantly in Burundi, against the backdrop of 3G and 4G network deployment. Operators like Econet Leo (EcoCash), Lumitel (Lumicash), or Lacell (Smart Pesa) offer:
Discover our comprehensive range of digital financial services designed to simplify your everyday transactions.
Create your e-wallet in minutes to access all our services.
Make your deposits and withdrawals easily through our vast network of partner agents.
Send money instantly to your loved ones with person-to-person transfers.
Pay your electricity, water, television bills, and local taxes securely.
Quickly recharge your mobile phone credit or that of your loved ones.
Figures show a spectacular increase in transactions: from 21.3 million operations in 2012 to over 170 million in 2019. The mobile money penetration rate went from about 2.7% to nearly 17% in a few years, although it remains lower than that of regional neighbors.
This expansion is supported by a very dense network of agents: over 146,000 mobile money agents registered, compared to just over 10,000 banking agents.
What this means for an expatriate
For an expatriate, a mobile money account can become a useful complement to a bank account, provided you have a local phone number. It allows:
Using online or mobile banking services allows you to pay certain bills (energy, subscriptions) without traveling, receive or send small amounts to colleagues, landlords, or domestic staff, and limit the handling of cash.
Several banks have interconnected their systems with mobile operators, making bank-to-wallet transfers possible in both directions. The solution is particularly valued for its speed and ease of use.
Mobile banking (banks’ own applications) is also gaining momentum, but from a lower starting point. Access is sometimes limited by internet connection quality, device compatibility, and the maturity of the institutions’ internal systems.
Payment infrastructure, cards, and security
Another pillar of financial management in expatriation concerns payment infrastructure and precautions to take.
ATMs and international cards
The Burundian ATM network has just over a hundred machines nationwide, with a heavy concentration in major cities. Most ATMs at major banks accept foreign Visa and Mastercard cards. However, acceptance of American Express cards is more uncertain and generally limited.
Withdrawals are made in BIF, with:
– a limit per transaction and sometimes per day,
– fees charged by the local bank,
– and often, fees added by the card-issuing bank abroad.
An expatriate using only their foreign card for withdrawals accumulates several layers of fees (from the issuing bank, the international network, and the local bank). It is therefore advisable to open a local account and better plan withdrawals to avoid them.
Card payments and cash usage
In hotels, upscale restaurants, and a few major retail chains, cards (Visa/Mastercard) are accepted, sometimes with a minimum amount per transaction. However, in neighborhood shops, markets, and rural areas, cash in BIF is almost indispensable.
Standard precautions remain valid:
To protect your funds, use ATMs located inside bank branches or in monitored locations. Avoid withdrawing large amounts of cash at night. Do not carry too much cash on you. Regularly check your bank statements and activate SMS alerts or your bank’s mobile app when this feature is available.
Changes and nascent Open Banking
The payment infrastructure is gradually being structured around a national interoperability platform (Bi-Switch), intended to connect ATMs, point-of-sale (POS) terminals, and, eventually, certain mobile services. Banks and non-bank operators still need to adapt their internal systems to interface with it via APIs, which explains why progress is sometimes slower than expected.
At the same time, the concept of Open Banking is beginning to emerge, notably through API providers. But the framework is still nascent, and integration in Burundi is far from what is seen in Europe or certain Asian economies.
International fintechs and multi-currency accounts: a key complement
Faced with the structural limitations of the local banking system, a growing number of expatriates choose to use, alongside their Burundian account, a multi-currency solution managed abroad.
Players like Starryblu illustrate this trend. Without being a Burundian bank, this platform offers:
– instant management of about a dozen major currencies,
– international transfers under competitive conditions,
– a payment card with a cashback program,
– solid regulatory oversight (major payment institution license in Singapore, supervision by the Monetary Authority of Singapore, client funds segregated in accounts with OCBC Bank).
This type of solution can help an expatriate in Burundi to:
– receive a salary in foreign currency into a stable multi-currency account,
– convert at the best time and best possible rate into other currencies or BIF,
– reduce multiple conversions and associated fees,
– benefit from protections inherent to a robust financial jurisdiction.
The idea is not to replace a local account – essential for daily life and certain administrative procedures – but to complement it with a more international solution, better suited to the realities of cross-border professional projects, long-term savings, or managing income in multiple countries.
Taxation, resident status, and implications for expatriates
International financial management is not limited to banks and payment methods: taxation also weighs on decisions, even though Burundi does not have a specific tax regime for expatriates.
When does one become a Burundian tax resident?
A person is considered a tax resident in Burundi if:
– they spend more than approximately 182/183 days in the country during the tax year,
– or if they have their principal residence there,
– or if the bulk of their professional activity takes place there,
– or if they have invested capital there.
The distinction between resident and non-resident is crucial for determining the tax base. A resident is taxed on all their income, regardless of its geographical source. Conversely, a non-resident is only taxed on income they derive specifically from sources within Burundi.
Personal income tax rates
Employment income (salaries, professional profits) is subject to a progressive scale:
– bracket at 0% up to a certain threshold of annual income,
– bracket at 20% for the intermediate bracket,
– bracket at 30% above that threshold.
A 15% withholding tax applies to certain investment income (dividends, interest, royalties, fees, determined capital gains), particularly for non-residents.
Since the precise terms and amounts of the thresholds are subject to change, an expatriate would be well advised to consult a local tax advisor for:
For a regular tax situation in Burundi, it is crucial to: confirm your status (resident or non-resident), understand the treatment of income received from abroad, and ensure the correct declaration of accounts and assets held outside the country.
Lack of extensive double taxation treaties
The room for maneuver to avoid situations of double taxation is limited, as Burundi has signed very few international tax treaties. Taxes paid abroad can sometimes be credited against the tax due in Burundi, but only up to the amount that would have been due locally for the same income.
Here again, the combination of local account + international banking solution must be designed in coherence with the tax rules of all the countries involved (home country, country of residence, possible third countries).
Structural challenges and risks to keep in mind
Despite the resilience of the banking system in the face of several shocks (international sanctions, pandemic, high inflation), several vulnerabilities remain identified by assessment missions from the IMF and the World Bank.
Among the points to remember for an expatriate:
– Credit quality and transparency: after a credit boom, real risk assessment is complicated by incomplete application of IFRS 9 standards and Basel standards on credit risk. Officially reported non-performing loans remain low, but their provisioning is considered insufficient.
A significant portion of banks’ assets consists of national public debt. This exposure creates a very strong link of solvency: the financial health of the state and that of the banking system are mutually dependent.
– Weakness of commercial justice and guarantees: enforcement of guarantees (mortgages, pledges) and debt recovery remain difficult, which can affect banks’ capacity to absorb shocks.
– Incomplete payment system: the lack of a fully operational real-time gross settlement system and a modern electronic clearing infrastructure still complicates certain large-value payments.
These fragilities do not mean the system is unstable on a daily basis, but they invite caution regarding the concentration of significant savings in a single institution, a single currency, or a single country. Diversifying one’s assets (locally and internationally, in BIF and strong currencies) remains a good practice for wealth management in expatriation.
Building a solid financial strategy as an expatriate in Burundi
At the end of this overview, a few structuring axes emerge for an expatriate wishing to optimize the management of their finances in Burundi.
1. Secure a well-chosen local bank account
Opening an account with a solid, well-capitalized bank, with decent digital services and, if possible, connected to a regional group (Ecobank, CRDB, KCB, Bank of Africa, DTB…) allows you to benefit from broader networks and often better international processing capabilities.
2. Combine this account with an external multi-currency solution
A multi-currency account outside the country, such as a regulated fintech solution (like Starryblu or others), can serve as a central tool for receiving income in foreign currencies, transfers to Burundi, paying overseas commitments, and keeping part of your savings away from local shocks.
3. Leverage mobile money in daily life
Once you have a local number, opening a mobile money account allows you to simplify small expenses, bill payments, and informal transfers, while limiting cash handling and trips to the branch.
4. Be vigilant about fees and exchange rates
– Between currency conversions, withdrawal fees, international transfer costs, and exchange rate margins, the bill can quickly add up. Systematically compare:
– rates offered by local banks,
– those of international remittance operators,
– and those of multi-currency platforms, to reduce these costs.
5. Anticipate tax and regulatory issues
Clarifying your tax residence status, checking foreign account reporting obligations, and finding competent local advice are essential. Burundi has no special regime for expatriates; general rules apply, with local specificities such as the lack of extensive double taxation treaties and withholding taxes.
6. Prioritize security
Informing your home bank of your move to Burundi, activating security alerts on cards, using secure internet connections for sensitive operations, avoiding the black market for currency exchange, and keeping a backup payment method are all reflexes to adopt.
In summary, managing your finances in Burundi requires a bit more foresight and flexibility than in more integrated banking environments. The local system, overseen by a highly present central bank, provides the essential services needed for daily life, complemented by a booming ecosystem of mobile money and digital solutions. But it is often the intelligent combination of these local tools with international multi-currency solutions that allows the expatriate to balance ease of use, cost control, and long-term protection of their assets.
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Cyril Jarnias is an independent expert in international wealth management with over 20 years of experience. As an expatriate himself, he is dedicated to helping individuals and business leaders build, protect, and pass on their wealth with complete peace of mind.
On his website, cyriljarnias.com, he shares his expertise on international real estate, offshore company formation, and expatriation.
Thanks to his expertise, he offers sound advice to optimize his clients' wealth management. Cyril Jarnias is also recognized for his appearances in many prestigious media outlets such as BFM Business, les Français de l’étranger, Le Figaro, Les Echos, and Mieux vivre votre argent, where he shares his knowledge and know-how in wealth management.
