Togo: Year-on-year, microfinance institutions have collected 14.2% more deposits in Q2 2019

Finance
Thursday, 17 October 2019 15:51
Togo: Year-on-year, microfinance institutions have collected 14.2% more deposits in Q2 2019

(Togo First) - In Q2 2019, microfinance institutions operating in Togo have collected 14.2% more deposits year-on-year, data from West African States' Central Bank (BCEAO) indicates.

While lower than the figure recorded the previous quarter, this is the second-highest growth rate within the West African Economic and Monetary Union (WAEMU), behind Mali (+16.4%) which is the largest contributor on this segment.

Nipping at the heels of Togo was Côte d'Ivoire (+14.1%), followed by Senegal (+10.5%), Benin (+5.4%), Burkina Faso (+3.4%) and Niger (+1.2%). In the Union, only Guinea Bissau recorded a decrease (-33.7%) during the quarter of interest.
Overall, deposits collected across the WAEMU amounted to XOF1,441.5 billion in Q2 2019, up 10.3% compared to Q2 2018 (XOF1,307 billion).
Regarding outstanding loans at Decentralized Financial Systems (SFDs), they upped by 11.6% in Togo over the period reviewed.

These figures were recorded in a context that fosters inclusive finance according to the central bank (with gross portfolio degradation having slightly fallen, from 8.9% at end-June 2018 to 7.4% at end-June this year; against a standard of 3% in the sector).

Let's emphasize that recently, the government, to improve microfinance and subsequently inclusive finance, has withdrawn from multiple microfinance institutions, their operating license.

Ayi Renaud Dossavi

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