Afrik Créances launches subsidiary in Togo, its first-ever

Finance
Wednesday, 03 May 2023 14:59
Afrik Créances launches subsidiary in Togo, its first-ever

(Togo First) - Financial company Afrik Créances has launched its first subsidiary, "Afrik Créances Togo," in Togo. The launch ceremony was held on May 2, 2023, with several finance actors, from Togo and Africa, as well as Togolese officials present. The official ribbon-cutting ceremony, marking the opening of the Lomé branch, was performed by Blaise Ahouantchede, the head of Afrik Créances, and Akou Mawussé Afidenyigba, the Director of Cabinet for the Ministry of Economy and Finance.

The new subsidiary aims to support African SMEs by facilitating their access to financing in West Africa. After Togo, Afrik Créances plans to first expand to Senegal and Ivory Coast.

"Our wish for banks and decentralized financial systems this year is that they can increase financing to micro, small, and medium enterprises at affordable costs; increase financing to the agriculture and housing sectors, strengthen the digitalization of financial services, and improve their quality. All these challenges can be met with the input and new business model proposed by Afrik Créances," said Akou Mawussé Afidenyigba.

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For his part, Afrik Créances’ CEO, Blaise Ahouantchede detailed the scope of activities of the company. “Afrik Créances’ activities are centered around three main areas: representing financial services, credit brokerage, and debt recovery…We also have two secondary projects: digitizing financial services and providing training for students and professionals in the financial and banking sectors”, he declared.

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To start up in Togo, Afrik Créances received financing of 1.75 billion CFA francs, 14% from equity and 86% from bank loans. The UTB has covered the company for 1.5 billion CFA francs and has been guaranteed up to 80% by the African Solidarity Fund (FSA), providing financial security of 1.2 billion CFA francs. Regarding the FSA, it is considering a partnership with Afrik Créances to support SMEs in the countries where it operates, according to Olivier Amani, Deputy Director of Commitments and representative of the Fund’s boss.

Afrik Créances announced the arrival of its holding in Lomé a year ago during the first International Forum on Digital and Innovation Intermediation (FONI). The Togo subsidiary is expected to have a General Manager within the next three months. The subsidiary will contribute to the Togolese government's goal of making Lomé the "capital of African finance" and a "regional financial and logistics hub," according to Togolese authorities. Afrik Créances plans to cover 10 to 15 countries in the next five years.

Ayi Renaud Dossavi

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