Togolese PM tells UN top official about Togo’s progress in financial inclusion

Monday, 26 April 2021 05:18
Togolese PM tells UN top official about Togo’s progress in financial inclusion

(Togo First) - Last Thursday, Togo’s Prime Minister, Victoire Tomegah-Dogbe, and the Netherlands’ Queen, Her Majesty Maxima Zorreguieta who also happens to the UN’s Secretary-General for inclusive finance, held a virtual meeting. 

During the webinar, the Togolese PM talked about Togo’s achievements in terms of financial inclusion. In detail, she presented actions and mechanisms initiated by Lomé in this regard. 

According to a source at the PM’s office, some of the main points highlighted by Tomegah-Dogbe during the meeting included cash transfers to advance inclusion in the country and the creation of the National Fund for Inclusive Finance (FNFI). The latter, it should be indicated, distributed over CFA98 billion to more than 1.7 people since it was established.

Emphasis was also put on recent innovations launched amidst the Covid-19 health crisis. Amongst others, the Novissi cash transfer scheme was mentioned. This is a mobile money-based initiative to help those who were most affected by measures taken by Togolese authorities to curb the crisis. 

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As part of efforts to restart the economy post-Covid, a credit facility was launched for very small enterprises, medium enterprises, and revenue-generating activities. Its beneficiaries can receive up to CFA10 million to support their business, reported our source. 

Looking at data from the BCEAO, in 2019, Togo was the third-best performer relating to financial inclusion in the WAEMU. It came ahead of Burkina Faso and Senegal, and behind Ivory Coast and Benin.

Séna Akoda

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