Togo’s National Fund for Inclusive Finance aims to cover 255,000 new beneficiaries by 2025

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Tuesday, 26 April 2022 12:13

Togo’s National Fund for Inclusive Finance aims to cover 255,000 new beneficiaries by 2025

(Togo First) - By 2025, 255,000 more people will benefit from the government’s financial inclusion efforts in Togo. During the council of ministers held last Thursday, new measures relative to the access to the National Fund for Inclusive Finance (FNFI) were taken. The measures, specifically, are aimed at accelerating and ensuring the population’s inclusion as many still have no access to microfinance services.

In detail, the authorities took three major measures. The first is a reduction in management fees for financial service providers operating in areas with low access to such services. The second measure is a reduction in interest rates for beneficiaries in the same geographical areas (i.e., a reduction of 2 points on the interest rate of all products put in place by the Fund), and finally, the third is an increase in the rate of compensation for unpaid loans for providers from 5% to 15%.

Though there are still many areas that are not covered by the FNFI, official statistics put at nearly 1.8 million the number of direct loans provided by this Fund over the past seven years. This volume corresponds to more than CFA101 billion.

In line with the new measures, the council of ministers has approved the recovery, by competent authorities, of debts owed to microfinance institutions that have been excluded from the FNFI’s partnership program in 2021.

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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)

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