Togolese Minister of finance urges banks to improve their lending terms

Finance
Friday, 16 July 2021 17:29
Togolese Minister of finance urges banks to improve their lending terms

(Togo First) - Sani Yaya, Togo’s minister of finance and economy, recently urged the country’s banks to double down on efforts to innovate their services and financial products. This was during the National Credit Council (CNC), which he chaired. 

The official believes banks need to develop new, enhanced services and products considering businesses’ current investment and operational needs. 

Also, to relieve debtors, Yaya suggested that banks should extend their reimbursement periods and reduce the cost of borrowing. This, he said, should help “meet the financing needs of all components of value chains”; in a country where young entrepreneurs and agricultural actors struggle to get bank loans and those who do have to pay back in short periods.

The minister, however, praised how Togolese lenders are digitizing their offers, notably by providing online services. 

Among other improvements recorded in the banking sector, new loans granted in Q1 2021 amounted to CFA195 billion, which is 54% more than in Q1 2020. 

Esaïe Edoh

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