IFC inks partnership agreement with AMIFA to develop microfinance sector in Subsaharan Africa

Finance

Friday, 26 October 2018 10:04

IFC inks partnership agreement with AMIFA to develop microfinance sector in Subsaharan Africa

(Togo First) - Last October 24, the International Finance Corporation (IFC), signed a partnership agreement with Atlantic Microfinance For Africa (AMIFA) for the development of AMIFA’s products and services and the promotion of microfinance in Subsaharan Africa.

The agreement signed in Rabat should help AMIFA, a subsidiary of Groupe Banque Centrale Populaire (BCP) since 2014, develop its microfinance programme aimed at micro companies and small projects carriers in Subsaharan Africa.

Despite the development of financial inclusion in the region, in the recent years (from 23% of the population in 2011 to 43% in 2017) majority of the adult population have no access to sustainable and regulated financial services.

According to BCP managers, "the partnership will enable us benefit from IFC's expertise and support in optimising our model and delivering a microfinance programme that contributes more efficiently to the financial inclusion of a significant part of the low-income population”. BCP which owns a microfinance institution in Côte d’Ivoire aims to establish similar institutions within the WAEMU community.

In 2018, IFC consecrated about $23 billion in long-term investments aimed at ending extreme poverty and promoting shared prosperity.

Octave A. Bruce

REFORMS OVERVIEW

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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)

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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.