Togo Closer to Having A Financial Inclusion Strategy

Tuesday, 02 July 2024 15:46
Togo Closer to Having A Financial Inclusion Strategy

(Togo First) - Togo is the top WAEMU member in terms of financial inclusion. "In 2023, the rate of use of financial services in Togo reached 87.1%, fruit of the concerted efforts of the government and financial sector players," said Mazamesso ASSIH, Minister of Financial Inclusion, last Thursday, on the sidelines of a regional consultation workshop on the revision of the regional financial inclusion strategy.

Togo started working on its national strategy for financial inclusion in 2021. Since then, the country has been launching affordable financial products for its people,  especially the vulnerable and those living in rural areas.

"Financial inclusion gives every individual, regardless of social status, gender, age or geographical location, the opportunity to access a diversified range of financial services tailored to their specific needs and aspirations," said Minister ASSIH. "By promoting savings, investment, entrepreneurship, and risk management, financial inclusion helps to reduce poverty, strengthen household resilience, and stimulate economic growth in our countries.", she added.

Towards a new sub-regional strategy

At the sub-regional level, the WAEMU launched a regional financial inclusion strategy in 2019. 

According to Mazamesso ASSIH, Togo’s new regional strategy should meet every resident’s needs, improve financial education and consumer protection, foster digital financial inclusion, and leverage technology to make financial services more accessible and affordable.


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