Togo: Government announces a new strategy to make local microfinance sector more performant

Banking
Monday, 25 April 2022 18:24
Togo: Government announces a new strategy to make local microfinance sector more performant

(Togo First) - Last Thursday, during the council of ministers held in the Savanes region, the ministry of finance presented a “new strategy” that is aimed at making the country’s microfinance sector “more performant”, “while at the same time protecting populations.”

“The strategy will help protect people’s savings and clean up the industry,” the statement from the council reads.

Among others, it will help decentralized finance systems which are struggling, and “eradicate the proliferation of illegal companies as they harm the vulnerable population,” the statement adds.

In the West African Economic and Monetary Union (WAEMU), Togo was the country where the share of microfinance institutions in GDP is the highest in 2020 - nearly 260 billion or 6%. 

Ayi Renaud Dossavi

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