Togo: Société Générale opens up to MSMEs in a bid to expand its footprint

Banking
Thursday, 02 February 2023 14:37
Togo: Société Générale opens up to MSMEs in a bid to expand its footprint

(Togo First) - In addition to large companies, financial institutions, and NGOs, Société Générale Togo now does business with MSMEs. The lender announced the update on Facebook.

The move should expand SGB’s scope of action in a market currently dominated by Orabank, Ecobank, and Coris Bank, in terms of balance sheet size.   

In 2021, the trio posted assets of CFA735 billion, CFA558 billion, and CFA428 billion, respectively, compared to CFA72 billion for Société Générale Togo.

It is worth noting that 99% of businesses registered in Togo are MSMEs; they contribute about 80% of the economic activity.

Ayi Renaud Dossavi

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