Top-Rated Debt Collection Agency in Burkina Faso
Fast and reliable debt collection in Burkina Faso - no upfront costs, only pay for success. Request a FREE Consultation or upload your claim today.
Recovering your debt in Burkina Faso is made easy with this approach.
Debitura has expertise in debt recovery services in Burkina Faso. Our team of experienced professionals offers a wide range of services, including accounts receivables management, debt collection notices, pre-legal and legal debt collection, and enforcement court proceedings. We are well-versed in the debt collection laws and regulations of Burkina Faso, allowing us to provide efficient and effective solutions that help businesses recover outstanding debts.
We provide unwavering support throughout the entire debt collection process.
Tailored debt recovery plan.
We have a team of over 500 experienced professionals able to handle debt collection matters worldwide.
Achieving a success rate of 87% at the most affordable cost.
The ultimate guide about debt collection in Burkina Faso
If you are owed money by a business or customer in Burkina Faso, we can help you. We have helped hundreds of other businesses get their money back from debtors in Burkina Faso.
It can be very difficult to get your money back from someone who lives in another country. There can be language barriers, different laws and customs, and it can be hard to communicate because of the distance.
When you use a collection agency that is familiar with the laws and customs of Burkina Faso, it will be easier to get your money back.
At Debitura, we prioritize people. We do everything we can to get your money back while still maintaining a good relationship with the customer. Our PR efforts are fair and firm- your reputation is our top priority! If you want to learn more about the Burkina Faso debt collection process, keep reading this guide. Or, if you would rather work with a local law firm that specializes in debt recovery in Burkina Faso, let us know and we can help connect you.
At Debitura, we make it easy to collect your debt in Burkina Faso and +192 other countries. All you need to do is upload your claim. We will take a look at it and provide you with 3 free quotes from local debt collection lawyers in Burkina Faso within 24 hours. We use both a people-oriented approach and tech-driven solutions to get results and manage contact information better. This combination of methods gets the results you need while still preserving customer relationships. In addition, we have a network of debt collectors, attorneys, suppliers and vendors that we work with closely. We value all of these relationships equally, no matter how big or small they may be.
Begin the process of debt collection in Burkina Faso today at no cost. In just two minutes, make a free profile and submit your case.
During the first 3 months, we'll use our effective pre-legal recovery process to collect your outstanding debt. And, we guarantee a no-cure-no-pay policy, so you pay nothing if we don't succeed.
If your claim remains unpaid during the pre-legal phase, we offer three quotes from our nearby debt collection lawyers.
You get access to our online portal where you can track your case in real-time
Introduction to collecting debt in Burkina Faso
Do you have a hard time getting people to pay you back in Burkina Faso? We can help you get paid by your Burkinabe customers. When collecting debt in Burkina Faso, the party who owes the debt is called “the debtor”, and the party who has issued the debt or invoice is called “the creditor”. If the original creditor collects the debt himself, this is called “first-party collection”. If the creditor outsources the collection process to a third party, this is called “third-party collections”.
The debt collection process in Burkina Faso
The debt collection process in Burkina Faso usually happens in more than one step.
The image below shows how we collect debt in Burkina Faso:
1 Upload your claim:
Unless you want to get your money back yourself, find someone who can help you. Start by looking for a debt collection partner and sending them your claim. If you use Debitura, we will give you 3 free quotes from local partners in the Africa country where your case happened.
2 Amicable collection:
The collection process begins with sending reminders to the person who owes you money. The reminders are sent through email, SMS, letter, and other ways. The goal is to get the debtor to pay or acknowledge the debt and start a payment plan. Debitura offers a solution where you only have to pay a small success fee if we recover your debt. Amicable collections with Debitura are risk-free!
If you have not received payment from the debtor after trying to work things out, it is time to evaluate the next steps. We will look at how much you are owed, the chance of getting paid and other factors. This will help us decide what to do next. There are three typical next steps:
If your claim is less than 2.000-5000€, it is not worth it to keep taking legal action. In this case, we recommend "debt surveillance". We will keep reaching out to your debtor and try to negotiate an amicable settlement.
B: Legal collections:
It's a good idea to go through a legal process if you have a big claim. The way to do it will depend on what you are claiming and how big it is. Usually, it will take around a year and a half to finish the process.
C: Debt enforcement:
If the person you are claiming money from has agreed that you are owed money, or if there is a court order, you can ask the bailiff to help you get the money.
Amicable collection in Burkina Faso
At Debitura, we offer a 100% risk-free and efficient process for Amicable collections. Just submit your claim, and we'll get started within 24 hours.
We will contact your debtor in <country> using different methods, such as email, text messages, letters, phone calls, and social media.
The purpose of this is to:
A) Get them to pay the full amount all at once.
B) Get them to agree that they owe the money and start paying it back in small amounts over time.
If the person you are trying to get money from does not agree that they owe you money, you cannot try to resolve it without going through the court system.
Get started with
amicable debt collection
Upload your claim and get started with our 100% no-cure-no-pay collection solution.
Legal collection in Burkina Faso
If the person you are asking for money from has not paid you yet, or if they disagree that they owe you money, we will give you 3 free quotes from local debt collection attorneys. In the legal phase, our local attorney will reach out to your debtor and try to negotiate a payment. Our partners can also go to court and get a payment order through the legal system in Burkina Faso. This payment order can then be used to make the person pay you via enforcement court.
Legal fees depend on how big and complicated your case is. To get the best price, ask for quotes from more than one lawyer. You can do this easily by using Debitura.
Get started with
legal debt collection
Upload your claim and get 3 FREE quotes from our local collection partners.
Debt enforcement in Burkina Faso
If the person you owe money to has agreed in writing that they owe you money, or if a judge has said they owe you money, you can go to the bailiff's court in Burkina Faso to make them pay you.
The process and cost depend on your situation. You can upload your case to Debitura. They will give you 3 quotes for your claim within 24 hours.
Get started with
Upload your claim and get 3 FREE quotes from our local collection partners.
Insolvency proceedings in Burkina Faso
If the person you owe money to can't pay you back, there's a final thing you can try. It's called an insolvency procedure. The goal is to take their stuff and sell it so at least some of the people they owe money to get paid back.
Our analysis concludes that the risk of doing business in Burkina Faso is medium. Based on this medium score, we recommend being careful providing credit and considering charging upfront payment or using credit insurance when trading if you don't know the customer in Burkina Faso well. If possible, provide a short credit period or even better upfront payment. The medium risk analysis is based on the going through these risk factors:
The economic risk in Burkina Faso
Economic risk in Burkina Faso is high (5 out of 6). An economic risk of 5 out of 6 is pretty average in Africa.
GDP and economic growth are critical drivers for economic risk.
The GDP of Burkina Faso is 19,74 bn. USD (2021), growing by 6,91% per year.
In terms of the size of its economy, Burkina Faso ranks #110 out of 183 countries and has a medium-sized economy.
In terms of growth rate, it is ranked #50 out of 183 countries and is therefore considered a fast-growing economy.
GDP per capita is 918 USD, ranking Burkina Faso number #156 out of 183 countries. This means the purchasing power of citizens in Burkina Faso is low compared to the rest of the world.
You get a more detailed idea of GDP and economic growth in Burkina Faso in the table below:
Another huge impact for the economic risk score is the inflation rate and the interest rates. You get a more detailed idea of monetary KPIs in Burkina Faso in the table below:
The inflation in Burkina Faso was 3,7% in 2021 which is considered a low inflation rate.
Businesses has an interest rate which is 6,25%.
The business environment risk in Burkina Faso
Our analysis shows that the business environment risk in Burkina Faso is high (5 out of 6), which is a pretty average risk score in Africa.
Economic freedom and rights determine the business environment risk in a country. You can see the critical facts for Burkina Faso in the table below:
As you can see in the table, the property rights index is 45 in Burkina Faso, which is considered quite low in Africa.
The business freedom index is based on 10 indicators, using data from the World Bank’s Doing Business study. The Index is 45 in Burkina Faso, a quite low score for a country in Africa.
Burkina Faso's overall economic freedom index is 57 out of 100 and is based on factors such as the rule of law, regulatory efficiency, and market openness.
The political risk in Burkina Faso
The political risk in Burkina Faso is very high, with a score of 6/6. This is a relatively high political risk score in Africa.
The governance and political stability indicators are critical drivers for political risk. An overview of Burkina Faso can be seen in the table below:
The rule of law index analyses to which extent agents have confidence in and abide by the rules of society, in particular the quality of contract enforcement, property rights, the quality of the courts, and the police's ability to enforce court orders.
When doing business in a country, the rule of law index is critical as it describes your ability to enforce commercial contracts.
In Burkina Faso, the rule of law index is at -0,44 points, with the score going from -2.5 (weak) to 2.5 (strong). Burkina Faso has, therefore, a very low rule of law index, which means it is often close to impossible to enforce your contracts. We, therefore, recommend avoiding credits and recommend charging upfront payment instead.
Other drivers for the very high political risks are the weak control of corruption, the very weak political stability index, and the large shadow economy that is 29,63% of Burkina Faso's GDP.
The commercial risk in Burkina Faso
In Burkina Faso, the commercial risk score is 1/4, which in our model is a very low score. This very low commercial risk score is low compared to the average in Africa.
The financing risk in Burkina Faso
We have calculated the financing risk to be 3/4, which equals a medium risk. A medium financing risk score is pretty average for countries in Africa.
The country's banking system, efficiency, and stability influence the financing risk. Additional facts and info can be found for Burkina Faso in the table below:
In Burkina Faso, the credit information sharing index is 0 on a scale from 0 (low) to 8 (high). This means the accessibility and quality of credit information available in Burkina Faso is very low.
This makes it very difficult for you to understand the credit risk of your counterpart in Burkina Faso. Unless you have a strong relationship with your customers in Burkina Faso, we highly recommend charging payment upfront or using credit insurance.
Your rights as a creditor are 6 out of 12 and, therefore, weak.
The medium financing risk for creditors also impacts the high interest rate in the private sector of 6,25%.
Debt Collection in Burkina Faso - Frequently Asked Questions (FAQs)
When collecting debt in Burkina Faso, the party who owes the debt is called the debtor, and the party who has issued the debt is called the creditor. The debt collection process in Burkina Faso usually happens in more than one step, ranging from amicable collections to legal action or debt enforcement. It's recommended to find a local debt collection partner who can help with the process. Debitura offers a risk-free solution for amicable collections with a small success fee only payable upon recovery of your debt.
The debt collection process in Burkina Faso generally involves three steps: Pre-legal collection, legal debt collection, and debt enforcement. The first step involves sending reminders to the debtor to start a payment plan. If that fails, the next step is to evaluate the case, and take one of three next steps: debt surveillance for small amounts, legal collections for large claims, or debt enforcement with the help of a bailiff if there is a court order or agreement from the debtor. A debt collection partner like Debitura can help with each step of the process.
In Burkina Faso, if the debt is in dispute, a civil lawsuit is required. Debt enforcement and insolvency proceedings are also available options. Please note that legal action requires a local lawyer. We can provide you with three free quotes from local debt collection attorneys who can negotiate a payment or take legal action on your behalf. Legal fees depend on the complexity of the case. If the debtor cannot pay, an insolvency procedure can be pursued to sell their assets and reimburse creditors.
Debitura offers a no-cure-no-pay model for pre-legal debt collection in Burkina Faso with a success fee ranging between 10-20%. The cost for legal actions will vary depending on your specific case and desired actions. Debitura can provide you with 3 quotes from the top debt collection lawyers in Burkina Faso. Get in touch to learn more about our services.
The duration of debt collection in Burkina Faso depends on the debtor and the case. If the matter can be resolved in the pre-legal phase, the collection process usually takes 3-6 months. However, if legal action is necessary, it can take 12-18 months to recover the debt. The timeline may vary based on factors such as the amount owed, complexity of the case, and cooperation from the debtor.