Togo: Microfinance institutions loaned 30% more money in 2022 compared to 2021

Finance
Thursday, 25 May 2023 14:58
Togo: Microfinance institutions loaned 30% more money in 2022 compared to 2021

(Togo First) - In Togo, Decentralized Financial Systems (DFS) loaned CFA255 billion in 2022, against CFA196 billion in 2021 (+30%). The figure was disclosed during the latest council of ministers, held on May 24, 2023. 

Regarding outstanding loans, DFS in Togo was owed CFA288 billion last year, up from CFA225 billion (+27%) the year before.

These reflect the dynamism of DFS activities across the country. Indeed, at the end of September 2022, loans granted by microfinance institutions in Togo reached CFA174 billion, up by 25% year-on-year, according to the National Credit Council (NCC).

Togo is WAEMU’s top performer in terms of financial inclusion. Data released at the Ministerial Council on January 18, 2023, put the country’s financial inclusion rate at 85.72% in 2022, compared to  82.72% in 2021. Right after Togo are Benin (85.52%) and Ivory Coast (82.2%).

Esaïe Edoh 

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