Togo: Mobile money users grew by about 7% in 2021

Tuesday, 26 July 2022 17:34
Togo: Mobile money users grew by about 7% in 2021

(Togo First) - In Togo, the number of Mobile Money users grew by about 7% in 2021, to stand at 4,588,386. This figure was disclosed by the country’s telecom regulator, the ARCEP. According to the source, the increase was driven by the resumption of economic activity, and digitalization. 

The performance recorded last year was lower than that recorded in 2020: 24%. That year, freshly-introduced anti-Covid measures had propelled distance payment.  

Mobile money was launched in Togo in 2013. The following year, it recorded a growth of 291%, then 75% in 2017, 3% in 2019, and 24% in 2020. 

Mobile money in Togo is dominated by Togocel, the incumbent mobile operator, and Moov Africa, a subsidiary of Maroc Telecom. In 2021, Togocel's momo service, Tmoney, had thrice the number of subscribers of its only rival Moov Africa. 

Recently, the two rivals reduced their rates, after it was announced that a third player, Wave would join the market. The price adjustment hurts sales points across the country. Now, these sales points, whose number grew by 25% in Q3 2021, try to draw in new users. 

It should be emphasized that Togo is a country where most people still prefer hand-to-hand cash transactions to mobile transactions. 

Fiacre E. Kakpo

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