WAEMU : Togo had the second highest rate of bancarization in 2017 (BCEAO)

Finance
Friday, 22 March 2019 15:00
WAEMU : Togo had the second highest rate of bancarization in 2017 (BCEAO)

(Togo First) - In the West African Economic and Monetary Union (WAEMU), Togo had the second highest rate of bancarization, 27%, in 2017. The information is disclosed in the BCEAO’s latest financial inclusion report.

According to the document, Benin was the union’s most bancarized nation over the period reviewed, ahead of Togo, Burkina Faso (22.2), Senegal (19.6%) and Côte d’Ivoire (16.6%).

On a year-to-year basis, Togo recorded the fastest growth of bancarization rate in 2017 (+2.9%), thus coming ahead of Mali and Senegal (+2.2% and +1.9% respectively).

This is in a context where this figure increased slightly across the whole region, from 16.6% in 2016 to 17% in 2017.

According to the BCEAO, the rise was driven mainly by a greater number of bank account holders. From 9,025,385 in 2016 it grew to 9,430,625 in 2017, up 4.5%.

Ayi Renaud Dossavi

 
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