Last year, Togo recorded the highest level of bancarization within the WAEMU

Economic governance
Wednesday, 23 October 2019 13:37
Last year, Togo recorded the highest level of bancarization within the WAEMU

(Togo First) - In 2018, Togo was the most bancarized country of the West African Economic and Monetary Union (WAEMU), with a rate of 26.8%. This was revealed in a report recently released by the BCEAO.

Just after Togo came Mali (23.3%), Benin (22.5%) and Côte d'Ivoire (21.6%). At the last position in the ranking was Niger with a bancarization rate of 5.8%.

Let's note the number of adults (15 years old and above) with an account at banks, postal services, national saving fund, and the treasury grew by 2.5% over the period under review.

This is the third-largest increase in WAEMU, just behind Côte d'Ivoire and Mali, which respectively recorded a growth of 4.5% and 10.8% last year. In Mali, the performance is mainly attributable to the creation of multiple Xpress accounts at Ecobank Mali.

Overall, bancarization rate grew by 2.9% across the WAEMU, from 16.4% in 2017 to 19.3% in 2018.

Ayi Renaud Dossavi

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