Togo posts 76.9% surge in active mobile money accounts in 2023-2024, among fastest in WAEMU

Finance

Wednesday, 18 March 2026 14:14

Togo posts 76.9% surge in active mobile money accounts in 2023-2024, among fastest in WAEMU

(Togo First) - Togo posted one of the fastest growth rates in active mobile money accounts in the West African Economic and Monetary Union (WAEMU) between 2023 and 2024, according to a recent BCEAO report on digital financial services.

The number of active accounts rose 76.87%, placing Togo ahead of Niger and Guinea-Bissau. Across WAEMU, active accounts reached 76.8 million in 2024, up 11.6% year on year.

Mobile money accounts are digital wallets, often linked to phone numbers, that allow users to store funds and make payments or transfers. In Togo, services include Mixx and Flooz, as well as ATM withdrawals.

By the end of 2024, Togo had 12.55 million mobile money accounts, of which 6.07 million were active, with an activity rate of 48.35%. The distribution network included more than 81,000 service points and nearly 5,800 merchants accepting electronic payments.

Across WAEMU, total accounts reached 248 million in 2024, up nearly 19% year on year. Transaction activity also increased, rising 27% in volume and more than 20% in value to 160.4 trillion CFA francs.

Despite this growth, usage remains dominated by deposits and withdrawals. Greater use of digital payments and transfers is expected to boost everyday adoption.

In Togo, this growth is driven by regulatory and innovation-led initiatives. The BCEAO has expanded market access by licensing new fintech players. The country is also participating in the rollout of the PI-SPI interoperable instant payment platform, which enables real-time transactions between banks, mobile money operators and other financial institutions, though uptake remains gradual.

Ayi Renaud Dossavi

REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

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GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.