The official currency of Mali is the West African CFA Franc. Mali shares this currency with many of its neighbors: Guinea Bissau, Ivory Coast, Senegal, Togo, Benin, Niger, and Burkina Faso. The CFA Franc began in 1945 when much of West Africa was under French colonization, and most countries kept the currency, even after independence. The abbreviation of CFA stands for Communauté Financière Africaine. Colloquially, it is just called the “franc”.
Interestingly, Mali was one of the few nations that sought to create its own currency and it introduced the Malian Franc in 1962. Modebo Keiba, the president of Mali at the time, had deep goals of Mali’s complete sovereignty, and in a speech, he declared that having one’s own national currency is a “guarantee of freedom” and “an instrument of power”. While true in theory, the economics of his plan were shaky. The Malian Franc started with an equal value to the CFA Franc, but was heavily devalued by 1967. Foreign investors were reluctant to do business in the country, and Malian economists were against the formation of a national currency from the start. Finally, in 1984, Mali went back to the West African CFA Franc after much negotiation. For France, this was a win, as it demonstrated to Mali’s neighbours that attempts of monetary sovereignty would likely fail.
How to get CFA Francs in Mali
Cash is king in Mali, so you will want to be sure to have the local currency on hand, as few businesses will accept cards. There are ATMs that will accept foreign cards in Bamako, but ATMs are limited outside of the capital (even in Timbuktu). You can also exchange USD and Euros at banks and money exchange locations in Bamako.
Denominations
West African CFA Francs come in banknotes of 500, 1,000, 2,000, 5,000, and 10,000, and coin denominations of 1, 5, 10, 25, 50, 100, 200, 250, and 500. The 250 coins are no longer in circulation, though they are still technically considered legal tender. If you are lucky enough to get one as change, you might want to keep it as a souvenir, as they are quite rare.
Current Value
As of October 2025, the value of the West African CFA Franc (XOF) is the following:
1 USD = 563 XOF
1 EUR = 656 XOF
1 GBP = 751 XOF
1 AUS = 367 XOF
