Money in Mali: CFA franc, euro peg, banknotes and PI-SPI instant payments
Mali uses the CFA franc of the West African Monetary Union, issued by the Central Bank of West African States (BCEAO). Mali's withdrawal from ECOWAS in 2025 did not change its currency: in September 2026, the BCEAO still lists Mali among its eight member states, with Benin, Burkina, Côte d'Ivoire, Guinea-Bissau, Niger, Senegal and Togo. Here is what you need to pay, exchange and send money in Bamako.
Key points (checked on 18 October 2026)
- Fixed peg: 1 euro = 655.957 FCFA (French Treasury).
- Banknotes: 500, 1,000, 2,000, 5,000 and 10,000 FCFA (BCEAO 2003 series).
- PI-SPI: the BCEAO's instant payment platform; person-to-person transfers are free, whatever the provider.
- The WAEMU CFA franc (code XOF) is used in all eight member countries.
A fixed peg to the euro
The euro–CFA franc exchange rate is fixed: 1 euro = 655.957 FCFA. According to the French Treasury, the monetary cooperation reform under the agreement of 21 December 2019, which replaced the 1973 agreement, kept this peg and France's unlimited convertibility guarantee. It ended the BCEAO's obligation to deposit 50% of its foreign reserves with the French Treasury; France's role is now limited to that of financial guarantor.
Conversion guide at this rate:
| Euros | FCFA |
|---|---|
| €1 | 655.957 FCFA |
| €10 | 6,560 FCFA (rounded) |
| €100 | 65,596 FCFA (rounded) |
| €1,000 | 655,957 FCFA |
Exchange offices and banks apply their own margin around this rate. For other currencies (dollar, pound), the rate moves with the euro.
Banknotes and coins
| Denomination | Issued (BCEAO) |
|---|---|
| 10,000 FCFA note | 2003 series |
| 5,000 FCFA note | 15 December 2003 |
| 2,000 FCFA note | 20 October 2003 |
| 1,000 FCFA note | 15 December 2003 |
| 500 FCFA note | completes the 2003 series |
| Bimetallic 500 and 200 FCFA coins | 24 December 2003 |
The 500 FCFA coin has a yellow ring and white centre, the 200 FCFA coin the reverse. The 500 FCFA coin shows the WAEMU's main export crops (groundnuts, cocoa, coffee, cotton), the 200 FCFA coin its food crops (millet, maize, banana, rice). The BCEAO also publishes a list of withdrawn banknotes that are no longer legal tender.
Instant payments: PI-SPI
The Interoperable Instant Payment System Platform (PI-SPI) is a regional infrastructure designed and run by the BCEAO. It lets you send and receive money in seconds, around the clock, between banks, electronic money issuers (mobile money), microfinance institutions and payment institutions, even different ones.
According to the BCEAO:
- person-to-person transfers are free, whatever the provider;
- you can receive a payment through an alias (phone number, payment address) without sharing your bank details;
- you can pay by QR code, schedule a payment or request one;
- all you need is an account with a bank, microfinance institution or e-money issuer connected to the platform.
Check with your bank or mobile money provider that it is connected to PI-SPI.
Sending money to Mali
Within the WAEMU and the franc zone, transfers for current transactions or capital movements are in principle free, according to the French Treasury. From another Union country, PI-SPI allows an instant transfer to an account or mobile wallet in Mali. From Europe or North America, money goes through a bank or transfer service, which converts at the fixed rate plus its margin and fees: compare the final amount received in FCFA.
To pay for electricity and water, see our EDM and SOMAGEP meters page; for local taxes, our page on local taxes in Bamako.
Frequently asked questions
How much is 1 euro in CFA francs in Mali?
655.957 FCFA: the peg is fixed and was kept by the 2019 reform.
Did Mali leave the CFA franc when it left ECOWAS?
No. ECOWAS and the WAEMU are two different organisations; in September 2026, the BCEAO still lists Mali among the member states of the Monetary Union.
Which banknotes are used in Mali?
The BCEAO 2003 series of 500, 1,000, 2,000, 5,000 and 10,000 FCFA notes, and coins including the bimetallic 200 and 500 FCFA.
Do PI-SPI transfers cost anything?
Not for individuals: the BCEAO states that person-to-person transfers are free, whatever the provider.
Official sources (checked on 18 October 2026)
- Central Bank of West African States, Banknotes and coins (French), Coins in circulation (French) and member states list.
- BCEAO, PI-SPI, Interoperable Instant Payment System Platform (French).
- French Treasury (Direction générale du Trésor), Principles and operation of monetary cooperation (French).