Microfinance: Volumes of deposits in Togo up 16% in Q1 2019, compared to the quarter before

Finance
Tuesday, 13 August 2019 15:58
Microfinance: Volumes of deposits in Togo up 16% in Q1 2019, compared to the quarter before

(Togo First) - In Togo, deposits at microfinance institutions and decentralized financial systems grew by 16% during the first quarter of this year. This was disclosed by the Central Bank of West African States in its latest report on microfinance within the West African Economic and Monetary Union (WAEMU).

This is the second highest growth in the union, after Mali (+20%), and before Côte d’Ivoire (+15.1%), Senegal (+10.3%), Benin (+9.9%), Burkina Faso (+3.7%) and Niger (+0.5%). 

While the progress is to be lauded, Togo, it should be recalled, recorded the highest amount of deposits across the Union in 2018.

On a year-to-year basis, the volume of deposits recorded in the WAEMU was XOF1,390.8 billion in Q1 2019, up 11.4% compared to Q1 2018 (XOF1,248.7 billion). Also, the percentage of people who had access to microfinance institutions soared by 10.4% year-to-year.

Ayi Renaud Dossavi

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