Togo First
Timeless Capital teams up with Xago Technologies, a South African company
Timeless Capital Technology (TCT), the fintech of former Togolese international Donaldson Sackey, has signed a partnership with South African crypto-currency platform Xago.
This new partnership, coupled with the recent commitment of a new investor, is a milestone in the startup's growth. Xago will facilitate and accelerate the spread of the Timeless Capital Coin, offering a solution that allows its users to make fast and secure transnational money transfers, in fiat (conventional currency- dollar, rand) and crypto-currencies.
"Partnering with Xago is one of the best business decisions we've made, as they are a highly credible and trusted organization that brings crypto solutions and financial independence to customers around the world who can't afford the fees of traditional transfers," said Donaldson Sackey, CEO TCT.
"The timing is perfect as we have developed, tested and launched the functionality they need to bring stablecoin to their customers across the continent in less than 4 seconds and at a fraction of traditional banking costs," said Mark Chirnside, CEO and co-founder of Xago.
Founded in 2016, Xago Technologies is backed by Capitec Bank, which in August 2017 became South Africa's second-largest retail bank by number of customers, adding 120,000 new customers per month. The fintech company develops tailored products and services based on blockchain and crypto exchanges.
The new partnership allows Timeless Capital Technology to implement a stablecoin at 1:1 parity with the dollar.
Klétus Situ
Government to involve its officials and eminent figures in expropriation processes
On May 12, 2021, Togolese authorities approved the possibility to set up ad hoc expropriation commissions to support the Expropriation Committee created to manage expropriations for public use.
During the recent council of ministers held Wednesday, the government amended and completed the decree related to the organization and operation of the Expropriation Commission. The latter was adopted in 2019.
In effect, the expropriation commissions will enable the involvement of resource persons such as prefects, mayors, influential figures, government officials, to help free lands for strategic and complex projects. This is reported in minutes of the council of ministers.
In line with its 2020-2025 roadmap, the government of Togo seems to favor a participatory management of the process of compensation and indemnification of people affected by the planned projects. This should minimize the risk of land disputes and prevent social crises.
Séna Akoda
Togo to seek again CFA20 billion on the regional money market
To revive its economy post-Covid, Togo is proceeding again to an issue of fungible treasury bonds that will close on May 21, 2021. The country seeks CFA20 billion via the operation.
In detail, according to the UMOA-securities agency, each of the securities issued has a nominal value of CFA10,000. The proceeds raised from businesses and individuals will help “cover financing needs of the State budget, in the framework of the country’s economic recovery strategy which focuses on curtailing the effects of the Covid-19 pandemic and returning to pre-pandemic performance levels.”
The corresponding interest rate is 6% per year, while maturity period is 87 months (7 years).
Since the year began, Togo has been recording successful bond issues on the regional debt market, thus reflecting investors’ confidence in the economy. Recently, the country became the third in the WAEMU to issue a long-term bond (10 years).
Séna Akoda
UNDP launches call for projects to support environmental projects in Togo
The Global Environment Facility Small Grants Program (SGP) launched a call for projects to boost environmental initiatives in Togo. The call, which will close on June 30, 2021, is focused on innovative projects aiming at, among others, increasing forest coverage, identifying, designing, and disseminating appropriate agricultural production technologies and techniques.
Additionally, the projects should help boost the capacities of youth and women relative to environmental challenges. Particular attention will be given to projects submitted by NGOs, grassroots community organizations, and territorial collectivities.
An initiative of the UNDP, the SGP supports local initiatives that tackle global environmental issues. In Togo, it has invested over CFA 1 billion in more than 100 projects so far.
Daniel Agbenonwossi (intern)
Togolese students to get more scholarships from Morocco
Morocco announced it will increase the number of scholarships it grants to Togolese students. The information was relayed on May 10, by Togo’s minister of foreign affairs, Robert Dussey, following a videoconference with his Moroccan counterpart, Nasser Bourita.
In effect, the northern African country plans to grant over 100 scholarships to Togolese students yearly, up from 70 now. Beneficiaries will mostly be fresh high school graduates and college students with a year into university (and no more than 23 years old).
“I thank the Moroccan Kingdom for its announcement regarding the provision of 100 scholarships to Togolese students,” Dussey said.
Besides the scholarships, Morocco also said it would soon set up a diplomatic mission in Lomé to improve the relationship between Lomé and Rabat.
Daniel Agbenonwossi (intern)
Government sets a cap on the number of active SIM cards per user, per operator
Every mobile user living in Togo is to have no more than 3 active SIM cards per operator henceforth. This was decided in a decree dated 29 April 2021 and signed by the Minister of Digital Economy and Transformation, Cina Lawson.
According to a press release issued by the Autorité de Régulation des Communications Électroniques et des Postes (ARCEP) on 10 May, which was consulted by Togo First, “this provision strengthens the legal framework, particularly concerning the identification of mobile service subscribers, to ensure compliance with regulatory and international obligations.”
According to ARCEP, the move will help tackle criminal activities involving the use of cellular phones and responds to a major complaint of consumer associations.
This new regulation, the regulator emphasized, “applies only to individuals.” Furthermore, the ARCEP warned that “those using more than three SIM cards per operator have six months to comply with the legal provisions or risk the suspension of all their numbers.” It also called on operators to ease the process for users.
As a reminder, before this decree’s issuance, users could have an unlimited number of chips for any given operator.
Before the year ends, Togo will launch two major projects to attract more investments from its diaspora
This year, two major projects will be carried out by the High Council for Togolese Abroad (HCTE). The first is the census of Togolese living abroad and the second is the creation of a registry for Togolese entrepreneurs and investors living outside the country.
This was disclosed on May 10 by the minister of foreign affairs, Robert Dussey, on the sidelines of the launch of the Diaspora Window. The latter aims to provide technical support to the HCTE towards attracting more investment in Togo. On this occasion, Dussey also mentioned steps the government plans to take via the HCTE, to get the Togolese diaspora to contribute to national development.
In effect, the two projects announced will help the government have accurate demographic data on Togolese abroad and identify those of them who can contribute to its 2020-2025 Roadmap, by investing or with their business projects.
Besides these two projects, in 2022 or 2023, the country should establish the Investment Fund for Togolese Abroad (FITEX), create an incubator for the diaspora, as well as launch a platform to integrate Togolese abroad in public and international institutions, as well as in multinational companies also.
Séna Akoda
Cina Lawson sets a new threshold for the quality of services mobile operators are to provide
In a decree issued on April 29, 2021, Togo’s minister of the digital economy and digital transformation, Cina Lawson, revealed new quality indicators for 2G, 3G, and 4G mobile services, and thresholds to be achieved by telecom operators active in the country.
The quality indicators and thresholds concern five segments of mobile services: voice, SMS, USSD, web browsing, and data transmission. In addition, there are network infrastructure and commercial indicators.
Comparing this data to that collected in the field will help determine real quality levels of services provided by mobile network operators in Togo. The data will be obtained through quality of service measurements and experiments conducted annually on the various mobile networks.
Financed by the operators, the assessments will be based on methodologies previously defined by the Telecommunications and Posts Regulatory Authority (ARCEP).
Moreover, the regulator will be able, as part of its control mission and at its own expense, to carry out or have carried out continuous audits of the quality of services throughout the country, throughout the year.
Earlier this year, the ARCEP said it acquired an XCALL PU 12 - a tool used to measure the coverage and quality of services on 2G, 3G, 4G, and 5G networks. This box, which is the size of a central unit, helps measure coverage, voice quality, navigation, SMS messaging, or downloads and uploads.
Klétus Situ
Togo to hold three key events during the upcoming Dubai Expo 2020
Togo will participate in the upcoming Dubai Expo 2020, scheduled to begin in October. The African country will host three events at the international forum.
The first event, the Economic Day, will take place on December 19, 2021. The other two - the National Day of Togo and the Startups Day - will take place respectively on December 21, 2021, and February 8, 2022.
The three events will be an occasion for Togo to showcase its economic potentialities and investment opportunities.
In preparation for the Dubai Expo 2020, a preparatory meeting was held last week. On this occasion, participating nations were briefed on the progress of preparations. African delegations present took this opportunity to express their ambition to bring Africa’s economic identity to light.
According to Levi Uche Madueke, AU’s head of strategic partnerships, the Expo will also be an opportunity to change the world’s perception of Africa and prove that it is ready to do business. “The time has come for us to reach out to the world, and for the world to understand us, and also see how they can collaborate with us,” he declared.
Each African delegation will have a pavilion at the Expo.
A hundred Togolese cooperatives to be registered with the FAO’s support
In the next few days, about a 100 farmers cooperatives will benefit from the support of the UN Food and Agriculture Organization to get officially registered.
This was announced last Thursday by the UN body which stated it would provide €10,000 (about 6.5 million CFA) to these groups. The move, according to the FAO, aims to enable the beneficiaries to establish partnerships with national and international institutions.
“We have identified a hundred cooperatives with which we want to carry out activities in the field, but they are neither registered nor well organized with a lack of real knowledge of their role and responsibility,” said Oyetunde Djiwa, FAO Program Officer in Lomé.
Indeed, in Togo, nearly 25,000 farmers cooperatives are active but only 20% of them are registered according to recent data from the ministry of agriculture.
The situation prevents the remaining 80% from accessing loans and other forms of support that could allow them to become major producers, according to Djiwa.
The projected registration will be co-piloted with the national project for the promotion of rural entrepreneurship (PNPER).