Together, Orabank and Ecobank claim slightly over 42% of the Togolese banking assets. This is according to the latest data published by the Central Bank of West African States, BCEAO (2019). 

This puts the two lenders among WAMU’s banks with systemic importance, which means that if any of them were to go bankrupt, Togo could plunge into a major financial crisis. Besides Orabank and Ecobank, 11 other banks operate in Togo. 

In detail, Orabank’s assets are valued at nearly CFA630 billion or 25% of the total assets (CFA2,534 billion) detained by banks in the country. For its part, Ecobank Togo holds around CFA450 billion, which makes up a little more than 17% of the banking system’s overall weight. 

Right behind the two giants are Banque Atlantique Togo (with CFA263 billion) and Union Togolaise de Banque (CFA262 billion). 

Ecobank Togo, it should be recalled, won the Best bank award at the Banker’s Awards 2020, thus stripping the title away from Orabank Bank Togo which had it the previous year. This reflects the rude battle for market shares between the two lenders. 

Klétus Situ

The Regional Fund for Mortgage Refinancing of the WAEMU (CRRH-UEMOA) increased its capital to CFA9.888 billion, from CFA9.688 billion. 

To this end, the Lomé-based institution-issued 20,000 new shares having a nominal value of CFA10,000 each. 

By increasing its capital, the CRRH-UEMOA hopes to have more leeway to make new investments or develop its mortgage funding segment. Additionally, it should provide the Fund enough financial robustness to avoid borrowing. 

The CRRH-UEMOA is the third-best ranked financial institution by Moody’s in the WAEMU. It comes after the AfDB and the BOAD. 

Indeed, in 2020, Moody’s assigned CRRH-UEMOA the following first-time ratings: Ba2 long-term corporate family rating, Ba2/Not Prime long and short-term local currency issuer, and Ba3/Not  Prime long and short-term foreign currency issuer. 

At the time it issued these ratings, the US agency explained the CRRH-UEMOA ratings by “the strong asset quality underpinned by conservative structuring of its lending.”

Séna Akoda

Quite active in Africa, Aera Group, a French firm that delivers environmental certificates, is looking to reinforce its presence in West Africa, especially in the climate finance sector. In this framework, the president of the company, Fabrice Le Saché, met a few days ago with Togo’s leader, Faure Gnassingbe. He believes Togo is a great starting point in the region. 

“Lomé is a major financial hub which has a major role to play in the development of climate finance in the sub-region,” said Le Saché who is also vice president and spokesman of MEDEF. 

In the meantime, the Paris-based group informed that many contracts are being signed between the two parties, for the acquisition of environmental certificates for clean energy projects, among others. 

As a reminder, Aera Group sold 35% of its shares to Arise IS ten days ago. Aris IS is the firm that operates the Adetikope Industrial Platform. 

Octave Bruce  

Togo and France are working on a legal framework that will enable the former to easily leverage the expertise of its diaspora living in the latter. To this effect, an agreement was signed by President Faure Gnassingbé and the French minister of foreign affairs, Jean Yves le Drian, to initiate the "Talents en commun" (Common Talents) project. This was on the sidelines of the visit of the Togolese President to the Elysée - A visit during which the two nations’ leaders had a tête-à-tête.

During the visit, Gérard Larcher, President of the French Senate, whom Faure Gnassingbé and his delegation also met, pledged to help Togo set up its Senate, after the upcoming regional elections. The polls should mark a new milestone in the decentralization process started by the Togolese government in recent years.

Klétus Situ

Few days after initiating the renewal of its aerodrome certificate, the Gnassingbe Eyadema International Airport (AIGE) was just issued its health accreditation by Airports Council International (ACI). 

“We are proud to have received the Airport Health Accreditation of Airports Council International, ACI. This accreditation validates new travel procedures we put in place, to fight the Covid-19 pandemic,” AIGE tweeted on its official account. 

ACI lauded steps taken by the Airport of Lomé to protect the health of both travelers and its staff. This includes launching Togo Safe, a contact-tracing mobile app that helps locate those who tested positive to Covid-19. 

The ACI Airport Health Accreditation (AHA) “provides airports with an assessment of how aligned their health measures are with the ACI Aviation Business Restart and Recovery guidelines, and the ICAO Council Aviation Restart Taskforce recommendations along with industry best practices.” 

It allows airports to show travelers, staff members, regulators, and governments that they prioritize health. 

Séna Akoda

Togo and the Singapore Cooperation Enterprise (SCE) are to sign today an economic and technical partnership agreement, under which the West African nation will benefit from Singapore’s experience to develop its economy. 

According to the Togolese minister for investment promotion, Kayi Mivedor, the deal aligns with Lomé’s efforts to boost investments and improve business climate. It should also support the government’s five-year development agreement (2020-2025). 

Singapore Cooperation Enterprise (SCE) was established by the Singaporean ministries of trade and foreign affairs. The entity works closely with Singaporean ministries and statutory councils to define and adapt viable solutions that can help foreign government’s meet their needs and achieve their development goals. 

Singapore, according to many experts, is a true miracle in terms of economic development. The Asian country, who became independent in 1965, transformed from a poor country to one of the richest nations in the world, in three decades only. 

Séna Akoda

One of the global leaders of the road infrastructure market, Vinci, is looking to join the project to double the Lomé-Cinkassé road (National Road N°1) in Togo. The French firm will operate through its Togolese subsidiary Sogea-Satom. 

Subsequent to a meeting with President Gnassingbé in France, Jean-Michel Guelaud, chairman of Sogean-Satom declared: “The Head of State asked us about our interest in the upcoming big infrastructure projects, among which is the national road n°1 project and its doubling in the short term. The President told me he wanted to rapidly launch the project, saying the related project company had been established and that tenders would soon be launched. In response, I confirmed to him that Sogea Satom would actively take part in these operations and try to secure the contracts.” 

Guelaud then reminded that Sogea-Satom was in charge of construction works at the Adetikope Industrial Platform (PIA). 

Regarding the PIA, it should be noted that Arise IIP, subsidiary of Olam, is the project’s concessionaire for 25 years. Arise IS, also an arm of the Singaporean company (dedicated to infrastructure), expressed great interest in taking part in the project to double the national road n°1, which is one of the flagship projects of Togo’s 2018-2022 national development plan (PND 2018-2022). 

Séna Akoda

Akin Dada is the new Group Executive, Corporate and Investment Bank of the Ecobank Transnational Incorporated (ETI) Group. Executive Director of Ecobank Nigeria’s Corporate Bank division since 2017, Dada now takes the place of Amin Manekia who has retired. 

A graduate of Warwick Business School, Akin Dada has over 30 years of experience in banking, 26 of which he spent working for Citigroup, the South African holding. This expert notably headed the holding’s Cameroonian subsidiary, boosting the latter’s revenues substantially (+72% between 2011 and 2014). He also briefly worked at Access Bank Nigeria. Dada was in charge of the lender’s oil and gas and helped boost the division’s revenues by 56% in two years only. 

As ETI’s group executive for Corporate and Investment Bank, the Nigerian financier’s main responsibility is to assess and leverage various investment opportunities resulting from the implementation of the African Continental Free Trade Area (AfCFTA). 

Commenting on his fellow countryman’s appointment, Ecobank’s CEO, Ade Ayeyemi, said: “Akin’s valuable and varied experience over many years in corporate banking, as well as his broader knowledge of banking, credit, and risk management, positions him appropriately to lead our Corporate and Investment Bank. There are huge opportunities for the Ecobank Group with the implementation of the AfCFTA, which heralds burgeoning demand for trade finance, advisory services, and cross-border payments.”

Klétus Situ

Togo plans to have a registry dedicated to firms that provide electronic certification services. This aligns with the country's ambition to become a digital hub by 2025.

In this framework, the telecommunication and post regulator (ARCEP) launched a call for expression of interest to select e-administration and trade actors who want to be accredited as Electronic Certification Services' Providers (PSCE). It also includes Quality Services' Providers (PSCQ). 

In detail, the services include the issuance and management of e-certificates, enabling given parties to sign e-documents safely and reliably, as well as electronic archiving services, among others.

The ARCEP's accreditation will add up to the government's efforts to make Togolese trust IT security more. In February 2021, the public authorities launched the Computer Emergency Response Team, to better protect the national cyberspace and enable the Togolese population to safely benefit from the "digitalization of services and administration."

Séna Akoda