Mobile Money: The value of Flooz transfers was thrice the size of T-Money's between 2015 and 2019

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Thursday, 14 January 2021 19:41

Mobile Money: The value of Flooz transfers was thrice the size of T-Money's between 2015 and 2019

(Togo First) - Between 2015 and 2019, nearly CFA2,200 billion were transferred via Flooz and T-Money. The figure was reported by Togo’s minister of the digital economy and digital transformation, Cina Lawson, in a note addressed to the head of the PDP-NET (a parliamentary group) and deputy, Gerry Taama.

In detail, Moov’s mobile money platform, Flooz, is the most used in Togo with transfers exceeding CFA1,700 billion over the period reviewed. This is close to 78% of the total volume of transfers recorded by the two platforms; against 22% for T-Money (owned by Togocom).

According to some experts, the huge gap between the two operators could be due to the late launching of T-Money, and recent failures it experienced.

The country, data from the ARCEP indicates, recorded a substantial increase in the number of mobile money users in 2015-2019. Indeed, from 800,000 in 2015, the number of Flooz users soared to 5 million in 2019. Meanwhile, the number of T-Money users rose from around 500,000 (in 2016 when it was launched) to 4 million in 2019. The regular also noted that overall, 72% of mobile users have a mobile money wallet.

This surge pushed the penetration rate of financial services, from 10% in 2018 to 62% in 2019.

The trend, according to Cina Lawson was consolidated in 2020, by growing digitization in Togo.

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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 .

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