Microfinance: CECAP posts net profit of CFA68.2 million in 2022

Wednesday, 24 May 2023 16:50
Microfinance: CECAP posts net profit of CFA68.2 million in 2022

(Togo First) - The Public Administration Savings and Credit Cooperative (CECAP) in Togo announced positive annual results at its ordinary general assembly, held on May 20 in Lomé, according to the Togolese Press Agency (ATOP). During the meeting, the cooperative's members reviewed and adopted its moral report, credit committee report, financial report, and supervisory board report.

Net Profit surges 11%

The entity posted a net profit of 68.2 million FCFA, up by about 11% compared to the year before.

The microfinance institution, last year, recorded 448 new memberships and closed 36 accounts for various reasons. 

A CFA230 million loan from BOA-Togo

In 2022, the cooperative received a loan of 230 million FCFA from BOA-Togo to support its activities. It also ranked first among public administration cooperatives for the second consecutive year.

Over the period reviewed, deposits slightly exceeded 1.017 billion FCFA, deposit balances reached 1.579 billion FCFA, while credits granted were 1.809 billion FCFA (up by 12.16% compared to 2021).

Besides reviewing the past exercise, the CECAP’s general assembly approved a 3.5% remuneration rate for cooperatives, put reserve allocation at 42.8 million FCFA, and allowed the Board to set the deposit rate for 2023 based on the results obtained.

At the end of the meeting, Nouwossan Komlan, who chairs the Board, lauded the various cooperative bodies and encouraged the cooperators to keep promoting the CECAP.

Established in 1991 by the Togolese public administration, the CECAP aims to help its members secure cheap loans and facilitate their financial transactions.

Ayi Renaud Dossavi

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