START-UEMOA: Côte d’Ivoire-Togo corridor among the region’s most dynamic in 2016

Finance

Friday, 09 February 2018 15:46

START-UEMOA: Côte d’Ivoire-Togo corridor among the region’s most dynamic in 2016

(Togo First) - At the end 2016, WAEMU’s automated processing and settlement system (STAR-UEMOA) had 118 participants, with four new comers, two from Togo. The latter are Coris Bank and Société Générale Togo. This was revealed in the latest annual report of the Central Bank of West African States, obtained by Togo First.

According to the document, intra-WAEMU transactions stood at CFA26,272 billion at the end of 2016, thus 5.74% of global bank transactions. This amount is up 14.53% compared to that recorded in 2015.

Within WAEMU, Togo is one of the active actors in terms of transactions recorded in the region. Actually, the Côte d’Ivoire-Togo corridor is one of the most dynamic in the union. Looking at location-based distribution of cross-border transactions reported in STAR-UEMOA, Togo comes fourth with a total amount of CFA3,463 billion, behind Côte d’Ivoire, Senegal and Burkina Faso follow. “In terms of value, most dynamic corridors are Côte d’Ivoire-Senegal, Côte d’Ivoire-Burkina, Côte d’Ivoire-Togo”, the report states.

“Along each of these axes, cross-transactions’ value ranged between CFA1,000 and CFA2,000 billion in 2016”, it continues.

Overall, payments made in 2016 via the STAR-UEMOA system was CFA457,831 billion, up 49.25% compared to 2015. Over the period reviewed, 758,995 transactions were conducted via the system, against 682,895 a year before (+11%).

STAR-UEMOA is the regional system for real-time settlement of transactions of systemic importance (big amounts). Its mission is to accelerate payments, reduce costs associated to bank transactions and foster the development and integration of regional capital markets.

Fiacre E. Kakpo

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