SUNU Bank Togo Charts New Course After 2024 Crisis, Says CEO

Public finance

Monday, 21 July 2025 05:24

SUNU Bank Togo Charts New Course After 2024 Crisis, Says CEO

(Togo First) - SUNU Bank Togo's management states the bank has entered a new phase of stabilization and strategic refocusing after a 2024 marked by social tensions. The banking subsidiary of the SUNU Group, which has historical roots in insurance, is now working to move past a crisis inherited from its takeover of BPEC.

In February 2025, the bank began a restructuring effort. This involved closing seven branches, reorganizing staff, and streamlining operations. The bank officially justified these actions by citing an operating ratio of 110% in 2023 and costs deemed "incompatible with prudential balance."

Bénito Fado said, "We have to be honest: the crisis we went through left its mark on the relationship between general management and parts of the staff, but also on public trust. Yet this phase was essential to rebuild stronger and more sustainable foundations."

Since then, the bank claims to have strengthened its fundamentals, including governance, risk control, compliance with KYC and AML/CFT regulations, modernization of tools, and recapitalization in line with BCEAO requirements. The goal is to restore confidence among clients, regulators, and investors in a sub-regional context characterized by the rise of fintech companies and intense competition from pan-African banking groups.

Support from the SUNU Group, the majority shareholder and a key player in insurance, remains a strategic lever. This support is evident in recent capital injections mobilized to support the recovery. Top management emphasizes regained financial discipline while avoiding any sense of complacency.

The rebuilding efforts also extend to commercial operations. SUNU Bank Togo is focusing on "pragmatic" innovation, including WhatsApp banking, the MySUNU Bank platform, and 100% online account opening. It is also prioritizing stronger customer proximity. Bénito Fado stated, "Innovation is not a passing trend, but a coherent response to the needs for accessibility, speed, and simplicity, including in rural areas."

According to top management, a significant internal effort is also underway to restore social dialogue, revalue teams, and stabilize critical functions.

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.