Togo: Domestic receivables stood at CFA1,955 billion in 2023, up 6% YoY

Wednesday, 20 March 2024 14:51
Togo: Domestic receivables stood at CFA1,955 billion in 2023, up 6% YoY

(Togo First) - In Togo, domestic receivables stood at CFA1,955 billion in 2023. They were up by 6% year-on-year. The figures were disclosed last week by the Minister of Finance, Sani Yaya, at the latest meeting of the National Credit Council (CNC in French). Domestic receivables are loans that banks and decentralized finance systems give private companies and State institutions.

Sani Yaya noted that the private sector absorbed 89% of the receivables. From this share, MSMEs secured 39% in 2023, against 28% and 38% in 2021 and 2022, respectively. 

According to the Finance Minister, the interest rates on loans to MSMEs fell year-on-year. “Interest rates served on credits granted to Micro, Small, and Medium-sized Enterprises came out at 8.3%, 9.0%, and 8.5%, respectively, in 2023, down 20 basis points for Micro and Small Enterprises and 50 basis points for Medium-sized Enterprises." 

Yaya attributed the “positive change” to banking players and their commitment to bolstering the national economy, by making the private sector a key vector of development.

Meanwhile, the CNC claimed the increase in the number of lending institutions played a significant role as well. Indeed, by the end of 2023, the country had 250 active bank branches, and 372 ATMs (remote and on-site).

Over the same period, the number of microfinance institution service outlets in the country reached 611.

Esaïe Edoh

To contact us: c o n t a c t [@] t o g o f i r s t . c o m

Please publish modules in offcanvas position.