Financial Inclusion: Togo leads the race in the WAEMU

Monday, 23 January 2023 18:30
Financial Inclusion: Togo leads the race in the WAEMU

(Togo First) - Togo currently leads the financial inclusion race in the West African Economic and Monetary Union (WAEMU). In 2021, the country recorded a financial inclusion rate of 85.72%, 3 percentage points more than in 2020. This put Togo ahead of Benin (85.52%, 2nd) and even Ivory Coast (82.2%, 3rd) which is the WAEMU’s biggest economy. 

The figures were disclosed last Wednesday, during the Togolese council of ministers, by Mazamesso Assih, minister for financial inclusion. 

According to the Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO), Togo also had the best extended banking rate (which integrates banking and microfinance activities) in the subregion–84.18%. This is against 80% in 2020. 

The strict bancarization rate was also up, from 26.95% in 2020 to 30.09% in 2021. However, Togo came second in this area, behind Benin (34.73%), and before Ivory Coast (26.11%). 

Togo’s improvements regarding financial inclusion are attributable to its “national financial inclusion strategy”, adopted in 2021. This plan aligns with efforts initiated in 2014 and led to the creation of the National Fund for Inclusive Finance (FNFI).

Since its creation, the Fund has loaned CFA106 billion in microcredits, with an overall repayment rate of nearly 94.45%, according to the minister for financial inclusion. 

Ayi Renaud Dossavi

To contact us: c o n t a c t [@] t o g o f i r s t . c o m

Please publish modules in offcanvas position.