Asky Airlines has announced last May 9, that it got a new plane in its fleet : a Boeing 737 Next Generation. “We are happy to announce the arrival of the new ET-AVO B737 plane, which we baptized belle pluie”, a statement released on the firm’s Facebook page reads.  

The new aircraft effectively landed in Lomé on May 7, from Addis Ababa. Its first flight took place on the announcement’s day and headed to Douala, Cameroon. According to credible sources, Asky should get another plane by the end of this month. This would bring its fleet capacity to 9 planes.  

The fleet increase falls in line with the airline’s objective to guarantee its customers efficient air transport, and expand its network which already covers about 20 countries, while augmenting number of flights also. Truly, starting next June 15, the Togo-based company will be offering two weekly flights on the Abidjan-Accra-Lagos line.

In detail, flight n°KP014 will depart from Abidjan at 3:15 PM and land in Accra at 4:20 PM. After a 40 minutes halt, it will continue to Lagos, where it will arrive at 7 PM.

In the inverse order, flight n°KP015 will take off from Lagos at 7:30 AM to land in Accra at 8:10 AM, then move to Abidjan where it will arrive at 9:50 AM.

So far, Asky serves 20 destinations across 20 West and Central African nations.

Fiacre E. Kakpo

On May 15, President Faure Gnassingbé is to launch in Angoin, 62km from Lomé, a mobile banking solution, named ECO CCP.

Developed by Togo’s post company (SPT) and mobile operators, Moov and Togocel, ECO CCP is accessible everywhere across the country, via mobile.

It aims first to boost financial inclusion by improving access to digital finance, and secondly to capture non-productive and hoarded savings, especially in rural areas.

ECO CCP will be backed by Flooz and Tmoney, respectively mobile money services of the previously cited operators. No fees is needed for opening or maintaining the account. Also, no administrative formalities is required, unless when transactions exceed CFA200,000.

Once opened, the ECO account is directly linked to the customer’s e-wallet, thus allowing transfers between the two accounts or any other account.

Money saved on an ECO CCP account can generate an interest of up to 2% monthly.

Fiacre E. Kakpo

Group SUNU has completed acquisition of Banque Populaire pour l’Epargne et le Crédit (BPEC).

The operation saw SUNU Investment Holding SA, specially established to be the bank holding of SUNU Group, acquire a 58.08% stake in BPEC.

Now besides SUNU, other stakeholders of BPEC are Cauris & Afric Invest Fund (19.52%), some nationals (21.19%) and others (2%).

SUNU also contibuted to capital increase as requested by the regulator. From 6.5 million CFA, it grew to 20.8 million CFA. As a result, SUNU was confirmed as the main stakeholder of the bank by the BCEAO’s commission and Togo’s ministry of economy and finance.

“By acquiring BPEC, SUNU group wishes to provide its customers financial services, going beyond mere distribution of insurance products to lenders, offering customers products that are more attractive and tailored to their needs,” the group declared. Its main goal is to “make the bank, Togo’s leading retail bank”.

Séna Akoda

Since last Wednesday, Bamako hosted the Forum for Entrepreneurship and Professional insertion of Youth (FEJIP) in WAEMU. It aims to promote innovative projects led by young entrepreneurs, in sectors like agriculture, renewable energy, digital, etc.

Bessanh Komlan Edem, creator of Champiso (a mushroom-based beverage), who has been named best entrepreneur of 2017, and Ouro Agoro Amina Azia, head of Mina Group (which makes flour from local tubercules) are attending the event.

They were able to take part with support from the ministry of youth and employment, through the support fund for youth-led economic initiatives (FAIEJ).

In Bamako, the two Togolese will showcase not only their products, but those of other Togolese entrepreneurs also. It is also an occasion for them to learn more about policies, schemes and opportunities available to young entrepreneurs in WAEMU. They will also take part in the creation of support networks for the diaspora’s entrepreneurs, as well as that of a hiring and information platform targeting individuals aged between 15 and 40.

To mitigate loan risk, Togo’s government has just amended the law n°2016-005 of March 14, 2016, for the regulation of credit information bureaus (CIBs) within the West African Monetary Union (WAEMU).

In a council of ministers last Tuesday, the newly amended bill aims to obtain information on loan takers to assess their credibility, provided the client gives their approval. However, article 53 of this law indicates that “obligation to have client’s approval does not apply to those that took a loan before the law was enacted”.

Effective adoption of this law “will allow banks, microfinance institutions, decentralized financial systems (DFS) and any other financial institutions involved in sharing of information on loans or client history, to better assess loan risk, and subsequently lower loan cost”.

Moreover, the bill would help improve business climate in Togo and its rating by global entities such as Doing Business and MCC.  

Commenting on the decision, Sandra Ablamba Johnson, Advisor of the President and coordinator of the Business Climate Cell, said: In WAEMU, “only Côte d’Ivoire reached a 4% quota in 2017 implementing similar measures, according to the Doing Business report. By replicating the experience, we will increase our database allowing banks and financial institutions to provide loans at reasonable rates especially with the implementation of our New Development Plan which will have Togolese private sector as the main actor. One of the major projects falling under this plan is the agricultural transformation project in line with TIRSAL”.

Séna Akoda

Government just launched call for proposals to finance innovative projects in agricultural sector. This falls under the Agriculture Support Project (PASA) which is part of the National Investment Programme for Agriculture, Food and Nutritional Security (PNIASAN).

PASA will be sponsored by the productive subproject competitive fund (FCSPP) which is one of the financial tool, alongside subsidies and a guarantee fund, developed to boost producers’ results in the crop, animal and fishery sectors.

Projects that will be selected under the call for proposals would have to “prove innovative and able to boost output, sanitary and commercial quality, processing, and added-value of Togolese agricultural products. They must also be interesting and profitable for local SMEs and SMIs”.  

According to the document, eligible proposals would focus on diversification and processing of subsistence and export crops. Sub-projects selected will be financed over 12 months however subsidy will not exceed CFA3.5 million per project. 

Agriculture in 2017 contributed 38% of Togo’s GDP. It employs nearly 70% of the country’s active population.

Séna Akoda

Telephone, power and water utilities operators, as well as mass retail professionals (“big billers” as they are called in Togo) were allowed during a ministers’ council held on May 8, 2018, to release details of their consumers’ balance.

According to the related statement from government, this is to “enable big billers to provide information on balance of water, power and phone users in Togo”.

The measure should also help improve business environment, thus attract more foreign investment. “By adopting this decree, the position of our country in the Doing Business should improve, same goes for eligibility criteria for the Millenium Challenge Account (MCA),” the statement reads.

“All necessary precautions are taken to preserve safety and confidentiality of harvested data,” authorities add.

Séna Akoda