Togolese banking sector to receive one newcomer

Tuesday, 16 June 2020 11:31
Togolese banking sector to receive one newcomer

(Togo First) - Banque de Développement du Mali (BDM) will be entering the Togolese market soon. According to the BCEAO’s latest updates on banks in the WAEMU, the lender obtained approval to set up a subsidiary in the country. 

Among others, the update recalls that African Lease Togo - ALT- has also secured its accreditation to operate as a bank (via a ministerial decree issued on August 16, 2019).  

Then also, the WAEMU apex bank has validated the name change of the Banque Populaire pour l’Epargne et le Crédit to Sunu Bank (via a ministerial decree issued on November 20, 2019). 

Since no delisting took place over the period reviewed, Togo, therefore, hosts 14 operational banks (11 subsidiaries and 3 branch offices), 3 financial institutions with bank attributes (including 2 subsidiaries). 

Ayi Renaud Dossavi

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