Though it is dealing with multiple issues related to the quality of its services, Togocom’s T-Money mobile money platform recorded an “exceptional growth” last year. At the end of November 2020, transactions via the platform amounted to CFA518 billion, said Cina Lawson, minister of the digital economy and digital transformation, in a recent message to deputy Gerry Taama who heads the NET-PDP, a parliamentary group. 

The sum disclosed is nearly five times that recorded in 2019. For Lawson, the surge was sparked mainly by the Novissi cash transfer scheme launched to help the poorest cope with the Covid-19 crisis. However, the growing digitization resulting from the pandemic also played a major role. Added to these two factors are reforms related to e-payment put in place for some public services such as tax services or social security. 

It should be noted that since the end of November 2020, T-Money registered some saturation, due to an aging infrastructure. The latter even caused recurring failures in service supply - a situation sanctioned by Togo’s telecom regulatory organ, the ARCEP. 

Regarding these recent issues, Cina Lawson said the T-Money platform would be updated in the “coming weeks”, to better handle transactions that keep growing. 

Ayi Renaud Dossavi

In Togo, outstanding loans granted by microfinance institutions in H1 2020 grew by 5.3%. This was revealed in the BCEAO’s latest analysis on the economic situation of the West African Economic and Monetary Union (WAEMU). 

The performance, which is slightly higher than that recorded in H1 2019 (5.1%), makes Togo the fourth economic driver in the WAEMU. It comes behind Ivory Coast (+12.1%), Mali (+9.5%), and Benin (+6.2%). Togo however comes ahead of Senegal (+2.3%), Guinea Bissau (+1.7%), Burkina Faso (+1.5%), and Niger (-27.5%). 

Overall, total outstanding loans for the WAEMU amounted to CFA1,505 billion in the first half of last year.  Nearly half of this amount (48.4%) were short-term loans. 

Regarding deposits, WAEMU’s central bank said CFA1,586.5 billion were recovered, as against CFA1,441.5 billion the year before. This represents an increase of 10.1% year-on-year.  Here, Togo came behind Burkina Faso (+15.4%), Mali (+17.1%), and Benin (+17.2%), and ahead of Ivory Coast (+10%), Senegal (+2.6), Guinea Bissau (-5.3%), and Niger (-0.8%). 

Ayi Renaud Dossavi

An eco-tourism site will soon be built in Akébou, a prefecture located in the Plateaux region. 

Experts from the ministry of tourism met last Tuesday to discuss the project. The related meeting was opened by the minister of tourism, Kossi Gbenyo Lamadokou.

According to Dr. Adata Kossi who is in charge of the economic and financial assessment of the project, the latter “will involve building an eco-tourism site, including a hotel that will require local materials, and get people to reconnect with nature.”

The project leverages the geographical and climate conditions of the site. “Indeed, the Akébou prefecture’s climate has a lot in common with the climate in the west. This zone has many advantages and natural resources which can contribute to the project’s success.” 

Let it be noted that the project falls under the ministerial roadmap assigned to the tourism ministry. After it is validated, the initiative will be among the top investment projects, so that it gets rapidly implemented.

The Togolese economy is expected to expand by 3% in 2021. The forecast was disclosed in the World Bank’s latest Global Economic Outlook report published this month. 

With the projection, the Bretton Woods institution consolidates perspectives for a rebound this year. However, the figure announced by the Bank is lower than the 4.7% growth rate Lomé hopes for, “provided that the pandemic is quickly brought under control.”

The economic dynamism expected for the country should be driven by an increase in national public and private, as well as foreign investment, in line with the national development plan (PND), knowingly in agriculture, energy, ports, airports, and infrastructure. Among other factors that will contribute to the economic revival of Togo is the takeover of the cotton sector by the Singaporean company Olam and the commitment of its subsidiary Arise in the construction of the Adétikopé Industrial Park, a flagship project of the PND.

At the regional level, Sub-Saharan Africa should experience “moderate recovery in 2021, with a growth rate of 2.7%,” the World Bank’s report states. 

Klétus Situ KOMKO (intern)

As of Dec. 31, 2020, the sum of loans granted by the National Fund for Inclusive Finance (FNFI) had exceeded CFA98 billion, according to recently released statistics. 

In the months closing the year 2020, the institution had provided more than CFA11 billion via its partnering microfinance institutions. 

Let’s recall that in 2019, loans provided by the FNFI amounted to CFA87 billion, making it the third-best performer in terms of financial inclusion across the West African Economic and Monetary Union (WAEMU). According to the BCEAO report on financial inclusion in the union for that year, Togo was behind Côte d’Ivoire (77.9%) and Benin (77.8%). 

Since it started operating, the Togolese Fund has provided 1,766,001 loans. 

Séna Akoda

The government will carry out a mixed control and audit of school fees management in all junior and senior high schools in Togo. The news was disclosed by the ministry of education, Dodzi Kokoroko. 

The mission will be conducted by external experts and agents of the ministry of education. Also involved in the operation are the regional directorates for education and education inspections, states the official portal of the Togolese Republic. 

The project aligns with the public authorities’ decision to improve the quality of services and education. It will enable the government to have a clearer idea of how school fees are collected, the performances of schools, and related demographics.