Togo First
Luxembourg-based startup Koosmik recently raised $2M to develop its operations in Togo
Koosmik, a Luxembourd startup specialized in financial services raised on May 22, two million dollars to expand its activities in Togo where it has been operating since 2017.
This is the second time the firm proceeds to a fundraising aimed at boosting its operations in the West African nation. Through the previous operations, it successfully mobilized more than a million dollars.
Just like the first, the second fundraising was steered by Batipart International - major stakeholder of hospitality group Onomo International – Alpharatz, as well as business angels from France, Belgium, Luxembourg, Turkey and Morocco.
Koosmik’s app (App Store and Google Play) offers its users online banking services.
In 2018, the app boasted more than 60,000 users in Togo. The firm, which was founded by Grégoire Yakan, also its actual CEO, plans to expand to other French-speaking West African countries, a market with a population that exceeds 85 million people.
Ayi Renaud Dossavi
A year after launching, ECO CCP boasts 110,000 users and XOF3 billion worth of transactions
From May 2018 to May 2019, 110,000 ECO CCP savings mobile accounts have been created. The figure was released by Société des Postes du Togo (SPT), which launched the financial inclusion tool in May 2018.
Over the period, the accounts recorded 52,318 transactions amounting to more than XOF3 billion.
Let’s recall that ECO CCP account is linked to users’ TMoney or Flooz mobile money accounts. It offers a 2% interest rate and enables a wide range of operations including withdrawals, deposits, intra-transfers and wiring from a non-user to a user and vice-versa.
Lauding the service’s first-year performance, the SPT plans on deploying 3,000 ECO CCP agents across the country by end-2020, to better rural populations. By the same time, the company expects to have a million users for the new service.
Séna Akoda
Togo: Government to impose minimum quota of local products in dishes offered by hotels and restaurants in the country
A minimum quota of local products will be integrated to meals offered in hotels and restaurants operating in Togo. The measure aims to promote local production, processing and consumption, which are impaired by a high importation level.
“Through this initiative, the Head of State wants to improve consumption of local products,” reports local newspaper Kamgou citing minister of agriculture Noël Bataka (photo).
In February 2019, on the sidelines of a cabinet reshuffling, the ministry of Trade, now headed by former chief commissioner of the Togolese Revenue Office (OTR), Kodjo Adedze, was tasked with ensuring that consumption of local products rises.
ECOWAS: The EBID launches a XOF25 bln bond operation to fund 7 projects in the WAEMU
The ECOWAS Bank for Investment and Development (EBID) has just launched a bond issuance operation. The aim of this operation, approved by the regional council for public savings and capital markets, is to raise XOF25 billion in order to fund seven (7) projects in the energy, industry, hospitality and financial sector. These projects will be implemented in Benin, Côte d’Ivoire, Burkina Faso, Niger, Senegal and Togo.
In the framework of that operation, 2.5 million 7-year bonds with a nominal value of XOF10,000 will be issued. The interest rate is 6.4%. The interest will be paid bi-annually with a 2-semester deferred payment for the principal.
For this operation launched on May 28, 2019, the consortium CGF BOURSE and SGI-TOGO was mandated as an arranger and lead partner. According to Africabourse, one of the underwriters accredited to this operation, the subscription is open till June 26, 2019.
At end 2018, the EBID’s cumulative net commitments in ECOWAS member countries was close to $1.39 billion invested in 133 active projects. In 2017, these commitments were $1.327 billion for the same volume of active projects. This is due to the combined effects of new commitments in 2018 at the completion of five projects in the loan portfolio of Benin, Burkina Faso, Senegal and Togo as well as the cancellation of three investments in Côte d’Ivoire, Senegal and Togo.
Togo : State cedes its stakes in various firms to Togo Invest S.A
The State has transfered to Togo Invest Corporation S.A its stakes in Complexe Pétrolier de Lomé S.A, Société Togolaise de Stockage de Lomé S.A and Togo Oil Company S.A. Related decree was adopted in a council of ministers held on May 29.
In detail, the State has ceded respectively 100%, 40% and 79.734% of the firms to Togo Invest. The move should “grant the latter more financial weight and credibility, in addition to boost the performances and profits of concerned oil companies,” reads the statement of the council of ministers.
Besides, this decision happens to align with the State holding’s primary mission statements, knowingly: “acquisition of equity likely to generate revenues that could be reinvested in key projects, establish efficient funding mechanisms and partnerships, as well as create firms in the form of subsidiaries or joint-ventures.”
Séna Akoda
30% of businesses created in 2010-2015 are no more operational (Report)
In Togo, 30% of businesses created between 2010 and 2015 are no more operational. This was disclosed by the Business Formalities Centre (CFE) in a study on business survival in Togo, covering that specific period.
According to the study, out of over a total of 40,831 businesses created at the CFE from 2010 to 2015, 28,582 or 70% are still operational, against 12,249 or 30% which have ceased operations.
However, the document further notes, out of the still active businesses, 21,436 still function on a permanent, regular basis; 4,002 are seasonal and 3,144 rarely operate. Thus, while statistics show that businesses’ potential survival rate over the period under review is 70%, real survival rate is 52.5%.
Many factors explain the failure of businesses created and some are: age, educational level, social capital size, geographic location and business type (corporate or individual enterprise).
So far, a total of 77,302 businesses are registered at the Business Formalities Centre (CFE). This month alone, 691 firms were created at the institution. An impressive number. However, the real concern is to know how long they will survive.
Séna Akoda
Here are the 10 young Togolese selected for the 2019 Mandela Washington Fellowship
This year, ten young Togolese, six women and four men, were selected to benefit from the Mandela Washington Fellowship – YALI launched by former US President Barack Obama in 2014.
The youth will be trained over a six-week period at some of the biggest US universities. The courses, which combine theory and practice, are in the following category: business and entrepreneurship, civic engagement and public administration.
At the end of the six weeks, the participants (700 overall) will attend mentorship and networking workshops for three days in Washington DC. They will also on this occasion meet with prominent figures.
In Togo, selected beneficiaries are:
Civic engagement:
Adzo Agouvi, Managing Director, Cathina House International
Hamdiya Katchirika, Journalist and blogger, specialised in women leadership issues
Ayi Renaud Dossavi, Journalist at Togofirst, and writer
Peace Vera Ahadji, Project manager and founder of Hands from above
Hombalotouna Attegoua, Administrative assistant, in charge of water and sanitation at Jeunes Volontaires pour l’Environnement (JVE)
Public administration :
Komi Ognadon Aokou, Analyst at Tony Blair Institute of Global Change
Sonia Afi Akpedze Mitchikpe, works at Eco Activist of Governance and Law Enforcement (EAGL)
Business and entrepreneurship
Eklou Ida Amemassovor, programmer who trains young African talents at Afriworkers
Délali Akossiwa Kpotufe, works at Maison TV5 Monde
Kondi Komi-K Nusianunyoa, Ceo of E-Media
YALI is a program that supports Young African leaders in their efforts to promote growth and prosperity, boost democratic governance and foster peace and security in Africa.
Togo: Ministers adopt new investment code aligning with national development plan
The Togolese government adopted a bill for a new investment code. This was during a council of ministers held yesterday, May 29.
The move aims, the ministers say, to “make the country’s legal investment framework more appealing to investors and steer their actions so as to achieve a strong and robust economic growth, enhancing job and wealth creation at economic and social levels.”
The new document features among new amendments to the former investment code, incentives that are proportional to investment (tax reduction varies based on investment size or impact on job creation); incentives varying according to business operating zones; fixed exoneration rates on dues, indirect and direct taxes over a five-year period.
Moreover, some amendments focus on status of holdings’ headquarters, regional headquarters of an international firm or their operational centres, which fosters job creation. Some also regard approval and declaration requirements, as well as redefine minimum re-investment thresholds.
A code that aligns with 2018-2022 PND
The new code, it should be noted, aligns with the three axes of the 2018-2022 national development plan (PND).
In effect, looking at the first axis, the new investment code, once adopted should “make Togo more attractive for major international companies, by offering specific tax incentives that will support the growth of a logistics hub, while at the same time enabling short-term growth of tax earnings, through the limitation of incentives” mentioned above.
Regarding axis n°2, the new code’s proportional tax incentives component will spur the development of long-term growth economic pillars.
Last, by ensuring job creation across the country, leveraging tax incentives based on implementation areas, the code aligns with the PND’s third axis relative to social growth and inclusion initiatives.
Séna Akoda
OADEL releases a catalogue promoting “Made in Togo” products
A second edition of the “Nos Produits 228” catalogue, dedicated to “Made in Togo” products, was recently issued by the organization for food and local development (OADEL).
The 146 pages catalogue aims at getting Togolese consumers more interested in local products. It features food by category such as breakfasts, flours, alcoholic and non-alcoholic drinks, etc. The first edition of the magazine was released in 2008.
Items featured are listed in the same organization as in stores, so that they can be easily spotted by buyers, according to Nedo Homawoo, owner of Neho Likors, an aromatized liquor business.
Overall, around hundred Togolese processors, and nearly 400 local products can be found in the catalogue.
Ayi Renaud Dossavi
These are the conditions to benefit from WAEMU’s SME and SMIs support program
SMEs and SMIs willing to benefit from the WAEMU SME/SMI support program must meet specific criteria.
They must be autonomous, produce goods or market services, be registered at the Trade and Personal Property Credit Register (RCCM) in any of the WAEMU member states, or any equivalent register.
Moreover, in line with legal standards in effect, the firms must provide their financial statements, a management and support framework, and have a pre-tax annual turnover of at least one billion CFA.
The present program aims to finance SMEs and SMIs as they struggle to get loans from banks and other conventional lending institutions, for their expansion. Quite a paradox considering that the businesses make up nearly 95% of the WAEMU’s economic fabric.
Séna Akoda