After Uganda, African Lease and Trade expands its activities to Togo

Finance
Saturday, 05 October 2019 17:53
After Uganda, African Lease and Trade expands its activities to Togo

(Togo First) - Danish lease firm, African Lease and Trade, obtained last August 16th the approval to operate in Togo. 

Last Thursday, during the third national council on credit, Togo's minister of development planning and cooperation indicated that the firm is "allowed to carry out leasing, payment and factoring transactions." 

Situated in Lomé, African Lease Togo is tasked with increasing Togo's leasing and factoring portfolio.

"The snowball effect of leasing on other financial products like venture-capital, factoring, and bank loans, has been acknowledged and it is thus a financial tool of choice for SMEs," the minister declared last June as the law on leasing was adopted by the parliament.  

In Togo, as well as in all WAEMU countries, leasing remains weak compared to overall lending to the economy. According to data from the BCEAO, the corresponding figure was almost null in 2017. As for factoring, it is still embryonic in the country, even if some financial institutions such as Sogemef have adopted it this year. 

African Lease and Trade is also active in Uganda. 

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