Togo First
Rankings of banks operating in Togo (BCEAO)
Lomé-based Oragroup was the leading bank in Togo in 2017, sources released by the BCEAO indicate. According to the apex bank, the bank whose assets were valued at XOF545 billion that year is followed by Ecobank Togo whose assets amounted to XOF416 billion over the period.
The country’s best bank two years ago was Union Togolaise de Banque (UTB), with total assets estimated at XOF303 billion. While the lender is currently fully under State control, a privatization process was initiated last year due to financial struggle.
The last of the thirteen banks operating in the country was InterAfricaine de Banque (SIAB), ex-Baltex, before which is positioned Banque Populaire pour l’Epargne et le Crédit (BPEC) ; the latter was acquired in 2018 by the Sunu Group.
In 2017, Togo’s banking industry weighed more than XOF2,430. Emphasis should be put on the fact that the country hosts headquarters of two pan-African banks, Ecobank and Orabank.
Rankings by deposits collected
Looking at deposits, Orabank and Ecobank are in tight race for this segment. Indeed, over the period under the review, data from the BCEAO shows, the first collected XOF317 billion while the second raked in 301 billion.
Nipping at the heels of these two were UTB (214 billion), BTCI (168 billion), Diamond Bank which is now NSIA Banque (107 billion), and Banque Atlantique (104 billion).
Last runners are SIAB and Société Générale (the lenders started operations in Togo only in 2015), with respectively nine billion and 30 billion of deposits.
Rankings by loans granted
In terms of loans granted, Orabank leads the race, outstripping its immediate challenger Ecobank by more than XOF100 billion. Loans given by the bank stood at XOF292 billion in 2017, while Ecobank’s were at 161 billion.
UTB is next with nearly 150 billion of loans granted. It is followed by Banque Atlantique (which is detained by Moroccan BCP).
The least performers in this category were SIAB (XOF8 billion), BIA (33 billion) and BPEC which experienced some difficulties.
Fiacre E. Kakpo
Wari makes its services available on WhatsApp, to expand global reach
Wari users can now access the firm’s services via WhatsApp. The Senegalese company made the announcement in a recent statement.
The move “aims at enabling the public, through strategic partnerships, to have access to Wari’s services all over the world,” the statement reads. Commenting on the new development, Wari’s President and CEO, Kabirou Mbodje, declared : “We have been working for many months on the globalization of our platform through strategic acquisitions and partnerships on all continents.”
In detail, Wari users have the possibility to send and receive money, open and top up their accounts, phone vouchers, pay bills and TV subscriptions, all via WhatsApp.
MyWari, as the new service is named, is currently available in French, English, Spanish, Italian and Portuguese. Soon, it will be in Russian and Arabic.
Let’s recall that Wari is a digital financial platform launched in 2010. Its services are currently available in more than 60 countries with 500,000 direct outlets worldwide.
Ayi Renaud Dossavi
Togo plans to establish 500 Eco-villages for XOF7 billion
Togo plans on creating 500 new eco-villages for XOF7 billion. The project follows a successful pilot stage in Donomadé, a village of the Yoto prefecture, 104 km south east of Lomé.
Communities created under this project will have eco-friendly socio-communal infrastructures (schools, health centers) and their people will have access to social services.
The pilot stage of this project which is backed by the PNUD led to the construction of three boreholes, a 10KVA mini solar plant. In addition, Donomadé received a multi-purpose power platform that feeds a flour and cassava mill in the village. The facility was established through collaboration between the ministries of environment and grassroots development.
In regards to farming, the village now grows soybeans and pepper as a result of the project’s implementation. Also, veterinary products and high-performance broodstock have been given to the village’s breeders.
Besides Donomadé, the pilot covered Andokpomey, a villague located in Avé prefecture.
Séna Akoda
Togo-EU forum: A preliminary meeting in Paris to discuss business opportunities related to the event
A meeting is being held today in Paris ahead of the coming Togo-EU economic forum in Lomé, Togo.
The present meeting is an opportunity for participants to discuss investment and business opportunities Togo offers, in line with its 2018-2022 national development plan (PND).
Sandra Johnson, minister delegate in charge of improving business climate, and Kodjo Adedze, minister of trade, are at the meeting with Togo’s ambassador to France, Calixte Madjoulba Batossie.
It should be noted that nearly 400 participants, including 300 European and Togolese investors are expected at the forum which will be held June 13-14, 2019.
Next May 31, Lomé will host Togo’s first digital entrepreneurship and student forum
The first digital entrepreneurship and student forum (FENES) will begin next May 31 at the Palais des Congrès of Lomé. This was disclosed yesterday by the event’s organization committee at a press conference.
Promoted by Enginnova and backed by the German cooperation, the forum aims to “democratize and foster digital entrepreneurship among students and young startups,” according to Joël Atakpa, CEO of ZONOA.
Exhibitions, exchange panels and a contest rewarding digital projects will take place during the occasion. For the contest, three prizes will be given. The first is the entrepreneurial innovation prize (CFA500,000), social entrepreneurship prize (CFA300,000) and the female entrepreneurship prize (CFA200,000). Each winner of these prizes will attend the 2020 Vivatech fair in Paris.
Overall, more than 200 candidates registered for the contest and only 20 have been selected.
According to Joël Agboglo, CEO of Enginnova, the FENES should become Africa’s Vivatech.
Carina Lange, representative of the German cooperation, said “this event is a great platform for young entrepreneurs in Togo. It is very important to show the public what the youth are doing in terms of digital innovations and how they live digital transformation.”
Séna Akoda
After Burkina Faso, the 2019 AfroMarketers Tour will stop by Lomé next June 12
Next June 12, The 2019 AfroMarketers Tour will stop by Lomé, at the Eda Oba hotel.
Roundtables, keynotes, workshops and networking sessions revolving around digital technology and its professional and marketing use are planned in the event’s framework. There will also be a challenge co-organized with a major local university.
More than 150 decision-makers, marketing and digital communication professionals, as well as around 20 speakers are expected at the event.
The tour will begin in Ouagadougou (June 10), before coming to Lomé, and then head to Cotonou and Dakar (October 2019) and will close in Abidjan (January 2020). Overall, more than 1,000 decision-makers, professionals and 80 speakers will attend the event through the five capitals.
The Togo-EU forum is the best chance for European investors to know all about business opportunities in Togo
This is the right time to organize this forum, declared Cristina Martins Barreira, Chief of the European Union Delegation in Togo, commenting on the first Togo-EU forum which will take place in Lomé next June 13-14.
Among reasons backing this statement, the EU official mentioned the launch, a few months ago, of the national development plan. The latter which spans from 2018 to 2022 aims at supporting Togo’s economic transformation, relying mostly (65%) on private sector.
In addition to this, she talked about projects leveraging public-private partnerships and the multiple reforms recently implemented by the country to improve its business climate. These reforms have in effect helped Togo gain 19 places in the World Bank’s 2018 Doing Business ranking; a leap that pushed the country into the top 15 countries that implemented the most reforms over the past decade (Mo Ibrahim Index).
These, according to Barreira, “reflects a strong political will to make private sector the driver of Togo’s economic growth.”
The Togo-EU forum is “the perfect occasion for both European and Togolese firms to know more about available financing opportunities in order to invest in Togo.”
Expected at the event include Togo’s President, Faure Gnassingbé, Jyrki Katainen, Vice President of the European Commission, Carlos Lopes, Mario Pezzini, and Paul Harry Aithnard, among others.
Octave A. Bruce
Jyrki Katainen, Vice President of EU commission urges European investors to attend Togo-EU economic forum
The European Commission’s Vice President, Jyrki Katainen, will co-chair the opening ceremony of the Togo-EU economic forum which will take place in Lomé on June 13-14, 2019.
Katainen, in this framework, urged European investors to “cease this unique opportunity to diversify their investment portfolio and expand their footprint towards a win-win partnership between the European Union and Togo.”
The event falls under the EU’s new external action paradigm, one enacted via the launch of the European Union’s Investment Plan. The latter aims at boosting European private investment, through a new “Africa-Europe Alliance for jobs and sustainable investments.”
This alliance for its part is intended to deepen trade and economic ties between the EU and Africa, by focusing EU’s external action on easing investment and creating jobs in Africa. In this regard, the coming forum should enhance “the mobilization of private funds to generate growth and jobs in Togo.”
Various EU financings to support private investment will be presented at the forum. Also, 100 projects, over about 400 submitted, could be selected and financed by potential European investors on this occasion.
Séna Akoda
Togo-EU forum: 391 projects have been submitted
A total of 391 applications were submitted in response to the call for projects relative to the coming EU-Togo economic forum. Out of these, 100 will be selected by the event’s organization committee.
Projects submitted are in the following sectors: agro-food, agriculture, banking and insurance, construction and related materials, trade, services, transport and logistics.
Selected applicants will present their projects to potential investors at B2B meetings that will take place during the forum. The event aligns with Togo’s national development plan and will serve as a connection platform for Togolese and European investors.
It is to be held next June 13-14, in Lomé. Nearly 400 participants, including 300 investors from the EU and Togo are expected to attend.
Ayi Renaud Dossavi
Climate: PNUD to spend $500,000 to help Togo implement Paris Agreement INDC
To tackle global warming effects, the PNUD will inject $500,000 in a project that will help Togo implement its intended nationally determined contribution (INDC) in line with the Paris Agreement. The objective here is to turn the INDC into an investment plan pegged to the country’s national development plan.
This was disclosed by the PNUD’s communication cell, after a meeting May 20 between Aliou Dia, resident representative of the institution in Togo, and David Olatokoun Wonou, minister of environment and sustainable development.
The ministry plans on shortly sending a support request to the INDC Partnership which Togo is a part of, in regard to the project. The latter, in the long term, should boost the country’s resilience against climate change.
The Paris Agreement is the first global agreement aimed at tackling global warming. It was adopted at the 21st Conference of the Parties of the United Nations Framework Convention on Climate Change (COP21), in Paris.
Séna Akoda