For the second consecutive year, Togo recorded WAEMU’s best formal banking penetration rate

Finance
Friday, 06 November 2020 15:41
For the second consecutive year, Togo recorded WAEMU’s best formal banking penetration rate

(Togo First) - In 2019, Togo’s formal banking penetration rate stood at 25.1%, against 26.6% the year before. This means the country was, for the second consecutive year, WAEMU’s best performer in terms of adults with an account in banks, post offices, national saving funds, or the treasury. 

Last year, right after Togo were Benin (24.8%), Burkina Faso (23.2%), and Guinea Bissau (20.3%). At the far end of the ranking was Niger with a strict bancarisation rate of 6.8%. 

Regarding the enlarged bancarisation rate (which integrates the proportion of the population having an account in microfinance institutions with the formal banking penetration rate), Togo also had the highest in the WAEMU, knowingly 78.5% (far beyond the average in the region - 39.7%). It was therefore ahead of countries like Benin (72.2%), Senegal (52%), and Burkina Faso (43.4%). 

Year-to-year, the regional average for this indicator grew by 1.4 percentage points (from 38.3% in 2018 to 39.7% in 2019).

Relative to financial inclusion, Togo with a rate of 72.3% was behind Ivory Coast and Benin (respectively first and second on this indicator with 77.9% and 77.8%). However, it did better than Burkina Faso (70.9%) and Senegal (70%). 

Séna Akoda

 
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