Togolese are more inclined to trust their savings to a friend or relative, than to traditional financial institutions. This was revealed in the World Bank’s Little Data Book on Financial Inclusion 2018.
According to the report, almost half of Togo’s adult population (45.2%) regularly save on their earnings. However, only 11.8% of these people save at traditional financial institutions whereas about half of them (23.1%) prefer trusting their money to their relatives and friends.
Similarly, regarding loans, 9.1% of the adult population, went to financial institutions to get one in 2017, against 22% who preferred asking friends and relatives.
Another source of concern is the fact that one out of 10 adults working (8.4%) saves for old age.
While many still are reluctant to trust their savings to banks and other traditional financial institutions, the truth is the number of those who save with financial institutions is increasing. Indeed, back in 2014, only 6.4% of adults in Togo used to save in such institutions. This is due among others to new policies implemented to boost financial inclusion. These include various products and mechanisms such as the national financial inclusion fund (FNFI).
Ayi Renaud Dossavi
Togo got five, fully equipped, mobile clinics to improve access to health services for the most vulnerable and isolated populations. The clinics will be deployed across the country’s five regions, one clinic per region.
Respectively, each clinic comes with 4x4 support cars, a lab and a pharmacy, and costs about CFA30 million. They should serve nearly 2,700 villages in the country’s most remote areas, benefitting 2.5 million potential patients. Overall, the mobile clinics should carry out 276,000 visits, yearly.
The clinics were delivered last Wednesday in Kantè, northern region, in the presence of President Faure Gnassingbé himself. They were offered, let’s emphasize, in the framework of the Community Development Emergency Program (PUDC). Two more sets of mobile clinics are expected to be delivered to meet populations’ dental and eye care especially.
Ayi Renaud Dossavi
In Togo, SOLEVA, the firm in charge of the CIZO project with BBOXX, will start its activities in the country in Q2 2019, thus initiating its 12-month pilot phase on the project.
In line with its specifications for the contract, SOLEVA and its US partner Greenlight Planet should “sell and distribute at least 300,000 of Greenlight’s Sun King® solar systems in the next five years, providing electricity to more than two million people living mostly in Togo’s rural areas."
It should be noted that since it was launched about a year ago, nearly 10,000 households got solar kits through the CIZO project. The latter aims at making households rely more on solar power and boost electrification in rural areas.
Séna Akoda
The WAEMU has developed a program supporting top-class training and research within the community, in line with its human resources development objectives.
For the 2019-2020 edition of this program, WAEMU launched a call for applications to preselect those who will benefit from the support which lasts 12 months. The latter can neither be prolonged, postponed nor renewed.
This year, the union’s commission will prioritize the following fields: Engineering, accounting, public health, education, sciences, and ICT.
The support includes CFA200,000 for installation fees, the same amount for insurance, and CFA150,000 per month, over the 12 months it covers.
Interested candidates should look up WAEMU’s website for more information and fill the application form. Deadline for application is April 30, 2019.
Séna Akoda
Agbewonou Darwin Yawovi recently won the 2019 Total Startupper of the Year contest, landing a prize of CFA8.2 million. The youth owes his victory to his project, SOS System which is a rescue app that manages disasters. The app has a geolocalization and alert system.
The second winner is Clifford Plastid Hoglonou whose project is Alcoford Corporation, specialized in bioethanol production. Kodjo Sitsofé Labou is the third winner with the project Navig Map, a geolocalization and mapping system. Both contestants respectively received CFA5 million and CFA3.2 million.
Beside the monies, the winners will be helped to perfect their projects, and benefit from a publicity campaign.
Prizes were given Thursday Feb 28, in the presence of Total’s management, various officials and actors of the entrepreneurship segment in Togo. Among the latter was Sahouda Gbadamassi-Mivedor, Director General of the Youth Economic Initiative Support Fund (FAIEJ).
This year’s edition of the Total Startupper of the Year Contest is the second. In Togo alone, it recorded 600 applications, thus 10% more than the previous edition.
Ayi Renaud Dossavi
All rural arable land owned by private entities or individuals must be valorized or they will be trusted to any investor who legally requests to do so.
Last Wednesday, this decision was adopted in a decree passed by the council of ministers held that day. According to the decree, “in the event a land is passed from one owner to another that requested to valorize it, the new owner must use the land in line with leasing conditions.”
The new decree, it should be noted, falls under the country’s new private and public land code, adopted last June. This regulation aims at ensuring the good implementation of Togo’s national agricultural strategy, preserving environment, and making the economy more attractive.
Ayi Renaud Dossavi
Invited by Chinese e-trade giant Alibaba, 12 officials from Togo’s ministries and institutions will be in Hangzhou in April for a 3-day workshop on digital economy.
Organized by Alibaba Business School, this workshop is part of the tech behemoth’s “New economy workshop” programme. The latter aims to create a global ecosystem enabling populations to fully tap into opportunities available online.
Togo is the new beneficiary of this program, after Indonesia, Philippines, and Rwanda. It will help Togolese partakers learn more about the transformative impact and opportunities of the digital economy, in addition to mechanisms that must be implemented to spur economic growth through digital finance, smart logistics, e-agriculture, e-learning, e-trade, smart cities and big data.
For its part, Togo’s government believes the workshop will help “it get closer to one of the biggest Chinese groups and explore opportunities to land commercial deals with some Asian firms”.
The Togolese delegation was invited following a visit by President Gnassingbé on Sept. 7, 2018, in Xixi Park, at the Alibaba campus. On that occasion, the Togolese leader met with Jack Ma, Alibaba’s founder, a few hours before the Chinese mogul announced his retirement.
Togo’s top 100 most dynamic companies will be revealed next March 16, in Lomé. This will be during the “Gala des 100 entreprises les plus dynamiques du Togo” which will be attended by the country’s best businessmen and women.
The event is organized by Eco Finance Entreprises and the top 100 firms were selected based on four criteria used to conduct a performance assessment.
The criteria are expertise (based on how many years the firm has been active in the country), innovation capacity, market penetration capacity (based on the firm’s positioning in the market) and economic impact (based on how many jobs the firm created and how it impacted other sectors).
Senegal, Benin and Guinea Conakry have already hosted the event in the past. In Togo, it should be chaired by the State summit. Back in 2016 let’s recall, this event listed Togo’s Graduate School of Business, RODIS and Brasserie BB Lomé, among others, as the most dynamic and innovative firms operating in the respective fields.
Séna Akoda
In Togo, a new version of commerce registry and mobile credit database (RCCM) will be released online by the end of March 2019. This was revealed at a workshop on the platform’s update last January.
The database should help the public freely access reliable information relating to their commercial partners’ legal and financial situation, but also their prior commitments.
In effect, the RCCM contains data such as firms’ balance sheets, details on their management, financial commitments, privileges and legal actions affecting them such as bankruptcy, sales, dissolution…
Adopted as it is now in 2016, the RCCM got OHADA’s support in 2017, with the launch of an integrated software to manage national registries and files.
On Feb 27, 2019, the board of Green Climate Fund (GCF) approved a €100 million financing for the BOAD to boost clean power utilization across the WAEMU, sources close to the regional bank revealed.
In effect, the monies will be used to implement the FP105 project in WAEMU’s six countries. The latter aim at de-carbonizing their energy mix and improving access to clean energy.
Through this project, the BOAD plans to provide least advanced francophone countries in West Africa (Togo, Benin, Burkina-Faso, Guinea Bissau, Mali, Niger), funds to reinforce their actions relating to the transition from fossil energy to renewables.
For Togo which aims for renewables to contribute 50% of its energy mix by 2030, it should present multiple projects to capture a substantial portion of the GCF facility.
Séna Akoda