From 2014 to 2018, the percentage of Togolese adults (more than 15 years old) having access to finance institutions grew from 18.3% to 45.3%. Last year’s figure represents almost half of the country’s adult population, according to the World Bank 2018 report on financial inclusion.

The rise, a quite impressive one compared to 2011 where the figure stood at 10%, aligns with a general trend relative to financial inclusion. For example, the number of mobile money accounts online in the country rose from 1.4% to 21.5% between 2014 and 2018.

Regarding the latter, 37.6% of these accounts are held by women, while rural people detain almost half (45%) of accounts attached to finance institutions.

According to the World Bank’s report, the growth of financial inclusion is driven by the expansion of digital access, the emergence of new financial services accessible via internet and mobile.

Ayi Renaud Dossavi

Togo eyes a cashew output of 24,000 tons this year and 30,000 tons in the next four years. This target falls under a program-agreement signed between the government and the sector’s actors.

This program aims at creating more than 200,000 jobs during the period.

The related agreement was signed in the framework of the third cashew sales campaign, launched by the minister of agriculture last Friday in Dapaong, in the Savanes region.

On this occasion, actors of the cashew industry discussed measures to take to advance the sector. Among the topics covered are the role of the mechanism promoting agricultural financing (MIFA) as well as a stricter management of sales.

In 2018, Togo exported 15,000 tons of cashew, the country’s fourth agricultural export, after cotton, coffee and cocoa.

Ayi Renaud Dossavi

Togo’s minister of foreign affairs, Robert Dussey, is presently in Apia, Samoa Islands, for the Africa-Caribbean-Pacific (ACP) summit currently being held there.

During the meeting, participants will review the policies put in place by the ACP regions, and also assess how far advanced are talks related to laws regulating partnership with the European Union. These laws should substitute the Cotonou Agreements which expire next year.

“This is a historical meeting since it officially marks the start of talks for this regional pillar, following the adoption of the ACP mandate to negotiate a new partnership agreement with the European Union,” said Dussey.

It should be noted that many meetings have been held to renegotiate the partnership. In May 2018 for example, Lomé hosted such meetings on the sidelines of the 107th session of the ACP council of ministers.

The Cotonou Agreements, let’s recall, were signed in June 2000, replacing the Lomé convention. They regroup 79 ACP member States and 28 European Union nations, thus totaling a population of around 700 million people.

Ayi Renaud Dossavi

International Business Bank (IBB), former Banque de l’Habitat du Burkina Faso will enter the Togolese market, and others in the sub-region, in line with its expansion strategy.

The bank’s interest in Togo could be explained by the recent improvements in the country’s business environment. Indeed, many African and global firms have come to the country, thus making its banking sector more competitive.

Raphaël Bankou, IBB’s managing director, said that the lender will in Togo intervene in the retail banking and housing finance sectors. Leveraging its relay equipment and latest generation facilities, IBB “will offer its customers the best banking services and aims to become a major player, preferred by business operators.”

Let’s recall that the group’s majority stakeholder (51%), Mahamadou Bonkoungou, who leads Burkina Faso’s construction sector, already operates in Togo, in the construction sector. 

Séna Akoda

Motor vehicles are now taxed in Togo. This tax which was part of the former tax code was amended and reintegrated into the new tax regime, Togo’s Revenue Office (OTR) confirmed last Wednesday.

In detail, 85% of the tax proceeds will go to the country’s autonomous road maintenance financing company (SAFER). This tax is imposed on cars, trucks, mini-trucks, road tractors as well bikes of more than 125cc.

Diplomatic vehicles, army vehicles, police vehicles, firefighter trucks and ambulances are not to pay this tax. Transiting vehicles, those used for farming purposes, and bikes of less than 125cc will also not have to pay this tax.

The tax is to be paid once a year. The vignette’s amount varies from CFA10,000 for five horse vehicles to CFA130,000 for trucks weighing more than 12 tons. For bikes of more than 125cc, the vignette costs CFA15,000.

While bike owners have to pay once (upon registration), other vehicles will pay the first year on the registration, and during technical visits every following year.

For vehicles purchased this year, the tax will be calculated on a prorata temporis basis. “If you pay your taxes, you must put the vignette on your vehicle so that it can be checked,” said Adoyi Essowavana, tax commissioner.

Fiacre E. Kakpo

From 16 digits, account numbers of Ecobank Togo’s customers have now been reduced to 12 digits. However, old account numbers are still valid for the moment but no information filtered about until when.

The change was made in the framework of upgrading of the bank’s systems, to make their “services more efficient”.

Starting next March 1, 2019, the identification number of the client needed to access their monthly electronic account statement will include the first nine digits of the account number.

The new measures also concern those using online banking services and the Ecobank mobile app. Besides the previously mentionned measures, nothing really changed.

Séna Akoda

Philippe Kokou Tchodie, previously in charge of General Services, is the new general commissioner of the Togolese Revenue Office (OTR). He was appointed by decree on February 20, 2019, following a ministers’ council in Lomé. 

The new commissioner general replaced Kodjo Sevon-Tepe Adedze, recently appointed minister of trade, transport, industry, private sector development and local consumption promotion.

Moreover, Atta-Kakra Essien, previously Head of regional customs operations, is now head commissioner of the customs and indirect taxation.

The two promoted will, alongside Adovi Essowavana, Tax commissioner, pursue efforts started since 2014 to modernize the OTR and improve revenue collection.

Fiacre E. Kakpo