Togo : Mobile transactions doubled in value to stand at CFA263bn, in 2016 (BCEAO)

Finance
Tuesday, 06 March 2018 02:30
Togo : Mobile transactions doubled in value to stand at CFA263bn, in 2016 (BCEAO)

(Togo First) - In Togo, value of mobile transactions more than doubled in 2016, from CFA101 billion in 2015 to CFA263 billion, report from BCEAO shows. Recalling that this figure stood at only CFA5.4 billion in 2014, this is a significant improvement mostly driven by the introduction of many innovative services in the country.

Not only did the value of these transactions soar but their volume did as well. Indeed, over the year reviewed, it doubled standing at 20.3 million operations. Also, the number of people registered to mobile payment services rose to 1.44 million. This is somewhat below 4% of the number of accounts created across the sub-region in 2016.

Though Togo, in terms of subscribers, has not yet reached the average of the region, the country is however the best in regards to active accounts. Indeed, about half (49.88%) of accounts opened in 2016 were active within the 90 days before the end of the year (December 31). All over the union, average for this figure was 34.6% at end-December 2016.

According to the sub-region’s central bank, Banque Atlantique Togo and Moov Togo, through a partnership, were the main drivers of the surge in mobile transactions within WAEMU.

The apex bank adds that most transactions included topping mobile wallets, withdrawals, transfers and purchase of credit. These in regards to volume and value, contributed respectively 90.46% and 94.55% of all transactions.

As for direct payments, in terms of volume, they stood at 24 million thus 3.29% of all transactions and amounted to CFA530 billion overall, thus 4.61% of total.

Fiacre E. Kakpo

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