Togo: Digital Banking Usage Reaches 32.2%

Finance

Friday, 19 June 2026 11:07

Togo: Digital Banking Usage Reaches 32.2%

(Togo First) - Digital banking service usage in Togo reached 32.2% at the end of March 2026, continuing a steady upward trend. The figure was presented during the second ordinary session of the National Credit Council (CNC) for 2026, held in Lomé and chaired by Minister of Economy and Strategic Foresight Badanam Patoki.

The increase suggests that more than one-third of bank customers now use at least one digital banking service, such as a mobile application, online banking platform, USSD service or SMS alerts.

The figure was one of the key positive developments highlighted by authorities, alongside a decline in the average interest rate to 7.5% and growth in bank savings and microfinance activity.

The increase is the latest sign of a trend that has been gaining momentum in Togo's financial sector for several years. As early as 2021, 12 of the 13 banks operating in the country were already offering digital financial services to customers, including mobile applications, online banking platforms and mobile banking solutions. Some institutions had also introduced banking services accessible through WhatsApp.

The shift is also aligned with the government's objectives for financial inclusion and payment modernization. The expansion of digital services is expected to reduce transaction costs, improve access to financial services and extend coverage to populations located far from bank branches.

A More Digital Financial Ecosystem

The growth of digital banking comes as the use of digital financial services continues to rise rapidly. According to recent industry data, Togo had more than 3.4 million mobile money accounts in 2023, up from 2.6 million in 2021. Over the same period, the value of mobile money transactions increased from 1,948 billion CFA francs to 3,530 billion CFA francs.

Mobile money plays a central role in this trend. According to research by Afrobarometer, a large majority of Togolese now hold a mobile money account, while bank account ownership remains comparatively limited.

Authorities hope to sustain this momentum. Discussions during the CNC session included the adoption of an action plan aimed at accelerating the digitalization of payments across the country.

For policymakers, the goal goes beyond technological modernization. Digitalization is also seen as a way to strengthen the formalization of the economy, as the informal sector currently accounts for nearly 90% of micro, small and medium-sized economic actors. Authorities also view it as a tool for improving financial inclusion and mobilizing more credit for households, farmers and micro, small and medium-sized enterprises (MSMEs).

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)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

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.