The Togolese firm specialized in factoring and leasing has launched an application to boost mobile payment in the country. 

Named African Lease Mobile Pay, this platform will help users pay their contributions to the national social security fund (CNSS), in addition to easing the payment of taxes and duties to the Tax Revenue Office (Office Togolais des Recettes - OTR). 

The new app which is available on Google Play and App Store adds to the Tmoney and Flooz services which are also linked to the CNSS. 

Séna Akoda

As the presidential campaign goes on, President Faure Gnassingbé makes one big commitment after the other. 

Last Friday, the leader was in Agbelouvé, a village situated between Notsè and Tsevié (Zio prefecture), where he announced a battery of reforms that will profit women. 

If he is reelected, he says : “the Caesarean section which was covered at 98% will be completely free as a kind gesture to our mothers.” And “for all their health issues, pregnant women won’t have to pay anything.”   

In addition to this promise, Faure Gnassingbé raised the maximum amount of loans that women can get from the FNFI to XOF10 million. And while most other candidates did not discuss the issue, he said 30% of all planned agricultural development zones (ZAAP) will be reserved for women.

The national project for the promotion of rural entrepreneurship (PNER) was extended for one more year, while it was supposed to end last year December, 30th. The decision was taken by the International Fund for Agricultural Development (IFAD), partner on the initiative, which said the extension should consolidate its achievements. 

So far, the PNER has financed around 160 entrepreneurs with XOF1.13 billion, according to the latest review of the project in December 2019. These good performances, paired with new synergies between the PNER and IFAD, spurred its extension. 

Backed by the government, the PNER should help create 1800 micro and small businesses in rural areas. Estimated cost for the project to achieve this result is XOF19 billion. 

The current extension, sources close to the project indicate, could be increased by another six months.

Despite concerns expressed by big financial institutions regarding risks associated with the coming Togolese presidential elections on February 22, the trust of West African investors in the country does not falter.  

Indeed, last Friday, for its third security issuance (fungible Treasury bonds) on the UMOA-Titres market, Togo raised nearly XOF53 billion, while seeking only XOF25 billion. The country will, however, retain only 27.5 billion out of the sum mobilized. This amount will partly be allocated to the 2020 State budget. 

Togo’s elections will be a test for the West African region where other countries such as Côte d’Ivoire and Guinea Conakry will also organize presidential polls this year.

Séna Akoda

The West African Development Bank (BOAD) has signed with Canada-based investment firm Cordiant capital an agreement under which the latter will manage two new funds created by the regional bank. 

The first fund, an infrastructure fund, will get a capital of €400 million, and the second, a seed capital fund, will receive €40 million. The money will be spent to advance infrastructures across the West African Economic and Monetary Union (WAEMU), with a particular focus on energy, transport, and communication. 

“This is the the largest commitment ever made by the institution since it was established,” said Christian Adovelande, president of the BOAD.   

In detail, the regional bank, which is the benchmark investor in the two funds, will invest €58 million or XOF38.2 billion, in both - respectively XOF12 billion and XOF26.2 billion in the seed fund and the infrastructure fund. 

Cordiant Capital, let’s note, already runs seven infrastructure funds ($4 billion) in emerging markets. However, its partnership with the BOAD should lead it to open an office in a WAEMU State.

In line with the government’s efforts to boost agribusiness, the University of Kara will launch two new degrees: A bachelor’s in control, quality and sanitary security of food, and a Master’s in dietetics and food security.

The two courses will produce experts able to advise people on the food they consume, hence helping them improve their health. 

Commenting on the initiative, the FAO, which supports it, said: “We can no longer afford to ignore the quality of the food consumed by people. We need qualified personnel, first to introduce quality food on the market, and secondly, we need qualified personnel and equipment to attest to this quality.” 

Top figures of the university, representatives of the FAO, and other development actors recently met to discuss the profile of students likely to enroll in the courses concerned, required conditions to enroll, and potential jobs they can secure. 

Séna Akoda

Pan-African lender Ecobank has signed a partnership agreement with Alibaba’s payment  platform, Alipay. 

The partnership will ease instant transfers between the users of the two groups’ payment platforms, Rapidtransfer and Alipay. In addition, the move should diversify Ecobank’s offers, reduce transaction costs, and boost the quality of the group’s services.  

“Through our partnership with Alipay we are further leveraging the scale and capacity of our unified payments ecosystem on the global stage,” said Nana Abban, head of Ecobank’s consumer banking. Lauding performances of the group’s Rapidtransfer service, he indicated that “it has over the years been delivering transparent, convenient, and affordable services to the African diaspora and their African-based dependants.” 

The new solution, Ecobank informs, will be deployed across all 33 African countries where it operates, provided required local approvals are obtained. 

Alipay is the world’s leading online payment platform. It has more than 1.2 billion users.