Togo First
Togo: The National Social Security Fund launches old-age insurance for actors of the informal sector
On November 6, 2019, the National Social Security Fund (CNSS) launched a nationwide campaign to present its latest product, old-age insurance for all.
The insurance targets mainly those operating in the informal sector, but "anyone can benefit from it, sellers, farmers, artisans, artists, anyone who works," said the institution.
It comes in the form of a pension fund that the insured get at the end of their professional career. Through this initiative, the CNSS intends to provide a minimum pension for the insured's old days.
The current campaign, beyond presenting the insurance, should serve as a medium to collect suggestions of informal actors themselves, so as to improve it and expand its impact.
Agou Holding Consortium becomes majority stakeholder of TogoCom Consortium
The Agou Holding Consortium will take 51% of TogoCom, the public holding which owns Togocel and Togo Telecom.
The pan-African consortium, regrouping Axian Group and Emerging Capital Partner (ECP) should spend more than XOF100 billion for the stake.
In effect, Agou Holding plans to invest XOF160 billion (about €250 million) in connectivity infrastructures, the deployment of fiber optics and 5G, among others, over the next seven years.
"This is a major milestone," that aligns with the ambition of the Togolese government, according to Cina Lawson, minister of the digital economy, posts and technological innovations. "This important investment will drive the country's transformation and sustain our economic growth," declared, the minister of economy and finance, Sani Yaya, last Wednesday.
Active in the Indian Ocean where it is the largest telecom operator, Axian was recently part of the consortium behind the switch from Tigo to Free in Senegal.
ECP for its part was already present in Togo through Oragroup (Lomé-based banking group) and Eranove which currently builds Lomé's second power plant.
Ecobank, WAEMU's main active banking group in 2018
In 2018, Ecobank was the main active banking group in the West African Economic and Monetary Union (WAEMU). This was disclosed by the bank commission of the West African Monetary Union (WAMU), in a recent ranking.
Out of 29 banking groups ranked by the commission, the Lomé-based group thus came first with 13% of the union's market shares, just ahead of Société Générale which garnered 10.1% of these market shares. It also had 6.6% of active ATMs in the union and 12.6% of all active bank accounts, last year.
Ecobank, which has eight branches in the WAEMU also recorded nearly 18% of the total net income of the community, according to data from the bank commission.
After Ecobank and Société Générale came the Moroccan groups, Bank of Africa Atlantic Business International (ABI), and Attijariwafa Bank. They are followed by NSIA Banque and Coris Bank International, respectively from Côte d'Ivoire and Burkina Faso.
Let's indicate that Oragroup, another pan-African group based in Lomé, came eighth in the rankings, with 4.8% of WAEMU's market shares. In 2018, the group concentrated 2.9% of the union's active ATMs and 1.6% of active bank accounts.
Ayi Renaud Dossavi
Nunya Lab, a new tech incubator, is officially launched in Togo
The Ministry of grassroots development has launched a new incubator for local startups, through the Youth Economic Initiatives Support Fund (FAIEJ).
Named Nunya Lab, the incubator was officially launched last Tuesday, by the minister of grassroots development and youth, Victoire Tomegah-Dogbé. The infrastructure is estimated to have cost more than XOF25 million.
Its purpose is to "support the creation of innovative projects and enable the optimization of the potential for job and wealth creation," incubate innovative projects, and accelerate ongoing projects.
The center is also to serve as a place where young Togolese innovators can conduct experiments, test prototypes, receive advices, coaching and tutoring from more experienced professionals, before the effective launch of their product or service.
Let's indicate that the project was financially, and technically, backed by the United Nations Development Programme (UNDP), with the expertise of Kigali-based incubator K-LAB.
70% of the youth hired by local firms are trained by the CFMI - Laurent Tamegnon, chairman, National Council of Employers
In Togo, the Industry Professions Training Center (CFMI) trains 70% of the youth hired by local firms. This was revealed by Laurent Tamegnon, chairman of the national council of employers -CNP.
This center aligns the government's ambition to create 500,000 jobs in the country by 2022, Tamegnon declared last Monday during a panel on challenges faced by the private sector, which are hampering the implementation of the 2018-2022 national development plan (PND).
Using performant equipment and machinery, the CFMI provides training in the five following sectors: diesel mechanics, metalwork - welding - industrial piping, mechanical maintenance, electromechanical maintenance, industrial refrigeration, and air-conditioning. The training center thus tackles the training-employment imbalance which is often referred to in explaining unemployment of young graduates.
Another good news for the CFMI is that it has recently signed an agreement with Niger's Water Company (SEEN), subsidiary of French group Veolia, to train its staff in diesel mechanics.
Séna Akoda
From December 2 to 7, Lomé will host the 55th ITTO council
From December 2 to 7, 2019, Lomé will host the 55th council of member states of the International Tropical Timber Organization (ITTO).
The information was disclosed yesterday during a conference organized by the ministry of environment and sustainable development.
About 300 participants are expected at this event and on this occasion, various projects should be submitted for funding, according to David Wonou Olatokoun, minister of environment.
Regarding actions undertaken by Togo relative to forest preservation, there is the project for the reinforcement of wildfires prevention and participative management system in Togo, the project for the production and supply of clonal varieties of teak, or the project supporting the sustainable management of the Fosse aux Lions classified forest in the Savanes region. Estimated funds invested in these projects stand at $1.9 million according to reliable sources.
Togo: Applications to the second edition of the Presidential Excellence Programme for the PND are now opened
The government seeks 40 Togolese students from the Universities of Lomé, Kara, and UCAO to take part in the second edition of the presidential excellence programme for the national development plan (PPEP).
The scheme mainly is targeting training the youth to reinforce the country's administration.
Selected students will work on projects that align with the national development plan (PND), in addition to being coached by former consultants of advising firms. At the end of the program, they will work for the government for three years, at various positions key to the PND's implementation.
Students interested in taking part in the program have until November 23, 2019, to apply on the dedicated platform. It is free.
World Bank to provide Lomé with new financing in support of the digitalization of administrative procedures
In line with its Country Partnership Framework (CPF), the World Bank will soon provide Togo with new financing to support digital competitiveness and governance.
The project will in effect support the State's economic and structural reforms, especially relative to the digitalization of administrative procedures. The news was disclosed by the World Bank's resident representative, Hawa Cissé Wagué.
Through this facility, the Bretton Woods institution "will continue supporting Togo's national reform program," she said at the launching of the first Private Sector Week in the country.
In the same vein, the World Bank Group committed to back Togolese public policies in the management of public finances, the creation of a private-sector market and the promotion of high potential value chains.
Major areas where the institution provides support to Togo, in relation to economic and structural reforms, include business climate improvement and financing infrastructure services. Its private sector arm, the International Finance Corporation (IFC), it should be noted, has even recently opened an office in Lomé, the capital.
Séna Akoda
Oragroup's net income grows by an astounding 247% in Q3 2019, year-on-year
Oragroup published a net income of XOF9.1 billion for Q3 2019. This is up 247.7% compared with the same quarter last year. This is quite an improvement from the first half of the year where the group's net income stood at XOF2.8 billion (-60% in comparison with the same period in 2018).
The Lomé-based lender attributes its performance to an improvement in the net cost of risk, paired with a "controlled expansion" of its activities.
In detail, pre-tax income at end-September 2019 amounted to XOF14.82 billion, up by 115.8% compared to Q3 2018 (XOF6.87 billion). Net banking products grew by 14.6% year-on-year.
Regarding the gross lending to deposit ratio, it moved from 100% at the end of September 2018 to 91% at the end of September this year, with a total of XOF272 billion of additional deposits collected, to finance lending to the economy in the various regions where the group operates.
Beyond these, Oragroup's cost-income ratio improved, just like its gross operating income (+20%), over the period under review.
Leaning to these improvements, the group expects its activity to grow further in the future. Indeed, "the expansion of our range of digital products should allow us to sustain and develop our activity," reads an activity report released by the group which is held in majority (+50%) by Emerging Capital Partners (ECP).
Ayi Renaud Dossavi
PM Sélom Klassou recalls some of the major measures adopted by the Togolese government at the launch of Togo's first Private Sector Week
To boost the private sector and business creation, the Togolese government has initiated many measures, including for example the reservation of 25% of public procurements to youth and women.
At the launch of the first Private sector Week yesterday, the Prime Minister recalled some of these legislative and/or regulatory measures. He thus mentioned the investment and tax codes, the establishment of a concertation framework between the State and the private sector which is aimed at "increasing trust between both parties and fostering a fruitful and sustainable dialogue." Regarding the latter, it is intended to support the growth of economic activities.
Another achievement cited by the official was the creation of a business climate cell which is headed by Sandra Johnson, Minister-advisor to the President.
There is also the creation of an investment promotion agency, the API-ZF free-trade zone, and the establishment of an accreditation committee for the investment code.
Séna Akoda