Togo: Bancarization rate rose 7% between 2019 and 2020

Tuesday, 07 September 2021 03:01
Togo: Bancarization rate rose 7% between 2019 and 2020

(Togo First) - A total of 1,178,587 Togolese citizens were found to hold a bank account in 2020. According to the Banking Commission of the West African Monetary Union (UMOA) which released the information via an annual report, the figure marks a 7% increase in the bancarization rate in Togo, compared to the previous year where it stood at 1,099,990.

The accounts are held in 13 banks and 3 financial institutions. Except for 2017, the number of people with bank accounts grew steadily in the past five years. It fell from 958,321 in 2016 to 745,833 the following year. In 2018 and 2019, it stood at 1,001,270 and 1,099,990, respectively. 

At the regional level, the number of bank account holders increased by 13.2% from 13,613,849 in 2019 to 15,414,253 at the end of 2020. The number of personal accounts grew 12.7% while business accounts rose by 20.9%.

Togo has the highest bancarization rate in the WAEMU, according to the 2018 and 2019 data released by the Central Bank of the Union, BCEAO. 

Esaïe Edoh

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