Togo financial inclusion rate rises to 89.04% in 2024, ranks second in WAEMU

Finance

Monday, 23 February 2026 13:14

Togo financial inclusion rate rises to 89.04% in 2024, ranks second in WAEMU

(Togo First) - Togo’s financial inclusion rate rose to 89.04% in 2024 from 87.7%, according to a government statement issued after a Cabinet meeting on Feb. 19, 2026.

The increase reflects progress under the National Financial Inclusion Strategy 2021 to 2025, adopted in December 2021 to expand access to formal financial services, particularly for vulnerable groups.

The latest figure keeps Togo ranked second in the West African Economic and Monetary Union, or WAEMU.

“The results are significant: in 2024, the financial inclusion rate increased from 87.7% to 89.04%, placing Togo second in WAEMU,” the government said.

Financial inclusion refers to individuals’ and businesses’ access to affordable financial products and services, including payments, savings, credit and insurance, delivered responsibly and sustainably.

The government attributed much of the progress to the National Inclusive Finance Fund, known as the FNFI, which plays a central role in the country’s inclusion efforts. As of end-October 2025, the fund had disbursed more than 1.9 million loans totaling 116.59 billion CFA francs, primarily targeting women, youth and informal sector workers.

Over the past five years, inclusion has also been supported by the expansion of microfinance, the growth of mobile money and the digitalization of financial services. The number of accounts at microfinance institutions and payment service providers has increased, extending access to financial services in rural areas.

The government also approved a new 2026 to 2030 strategy, the creation of a fintech innovation bureau and a dedicated project for youth. The objective is to consolidate recent gains and improve service quality.

R.E.D

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.