Togo First
Two Togolese fintech startups run for first prize at African Digital Awards 2018
Two Togolese startups were nominated in the framework of the African Digital Awards (ADA) which rewards 10 innovative tech firms and SMEs from seven African countries (Côte d’Ivoire, Burkina Faso, Senegal, Ghana, Rwanda, Benin and Togo).
The two Togolese firms are SEMOA Group headed by Edem Adjamagbo and Namcredit which is led by Ayawo Ameganvi.
The first is a startup that specializes on e-payment solutions. As for Namcredit, it also is a digital platform to send call credit (Moov, Togocel, Togotélécom), cash via Flooz or internet data to friends and relatives across Togo.
The two Startups wish to win the first prize for the ADAs. It is possible to vote to support them via the following link: https://docs.google.com/forms/d/e/1FAIpQLScR-c4AnYnbeirjblZksxwm1P_35yv841-oyLgZWd49aZcZew/viewform.
Awarding ceremony should take place on June 16, in Cotonou, Benin.
Séna Akoda
Qatar and Togo in talks to boost their economic cooperation
Togo and Qatar just agreed on signing soon, an agreement to allow their respective diplomats to travel between the two countries without visas, to foster their cooperation.
This was during a work visit in Doha, between Togolese minister of foreign affairs, Robert Dussey, and his Qatari counterpart, Sheikh Mohamed bin Abderrahmane Al-Thani.
In order to boost bilateral relations between the two nations, a memorandum of understanding covering the economic, commercial and technical sectors, as well as that of air transport; and another on reciprocity in regards to promotion and preservation of investments, will be soon signed.
Following the minister’s visit, Togo’s President Faure Gnassingbé went to Qatar himself, invited by the latter’s Emir for a 48-hour visit. This was relayed by the Presidency’s website, republiquetogolaise.com.
Fiacre E. Kakpo
Togo to host its first Insurance, Banks and Financial Institutions fair on May 24
In Togo, professionals of insurance firms, banks and financial institutions will meet in Lomé, for a fair on 24-26 May, 2018.
According to the event’s initiators, its main goal is to create a platform for exchanges between actors of the finance and public sectors.
This is the first edition of the fair and its main purpose is to augment the number of involved actors; ease search for new partners and democratize services provided by banks and insurers, and make them more visible through media.
Séna Akoda
President Gnassingbé says €100M will be invested in the TIRSAL fund to boost agricultural sector
Togo’s government plans to invest €100 million (more than CFA65 billion) in the Togo Incentive-Based Risk Sharing System for Agricultural Lending (TIRSAL). This was revealed by President Faure Gnassingbé today, April 27, on the sidelines of Togo’s 58th independence anniversary.
“With the help of TIRSAL fund whose capital is €100 million, or CFA65 billion, the issue of access to financing faced by farmers will find an inclusive response, and subsequently interest rates on loans will be reduced,” the Head of State said.
While the government will raise a significant portion of monies needed for the fund, the President counts on financial and technical partners, lenders, insurers but also private investors for the remainder.
Launched on April 25, 2018, TIRSAL aims at reducing risks associated with agriculture and provide guarantees for agricultural loans granted by financial institutions (banks, decentralized financial systems, cooperatives). Its main purpose is to boost farmers’ access to loans, at a low cost. Its creation falls under the 2018-2022 national development plan.
Fiacre E. Kakpo
Between 2012 and 2017, Togo’s government wrote off 36 ships from its registry, due to illegal activities
Between November 14, 2012 and November 26, 2017, Togo’s government has prohibited 36 ships from operating on its seas. These include among others Pioneer 168, Fat Crow, Med Way, Kun Peng, Albany and more, all operating under the Togolese banner.
Maritime affairs directorate says the ships carried out illegal activities and thus hurt Togo’s reputation.
Let it be recalled for example the case of the Togolese ship arrested in Sicilian waters for smuggling diesel loaded from Libya. This had greatly impacted the country’s image.
By deregistering the ships, the government wants to tackle the issue and ensure that ships are well registered and subsequently improve business environment in the maritime sector.
Séna Akoda
Togo: Remittances from diaspora reached nearly 9% of GDP in 2017
Remittances from Togolese diaspora to their relatives and friends at home were at 8.7% of the country’s gross domestic product by the end of 2017, a report released by World Bank April 22, 2018, reveals.
Proportionally to GDP, Togo was the seventh country to have received the most funds from its diaspora in the sub-Saharan African region. It comes ahead of nations like Mali (6.9% of GDP), or even Nigeria (5.6%) which captured the most remittances in Africa and is the fifth worldwide in this regard, with more than $22 billion received in 2017.
According to World Bank’s report entitled “Migration and Remittances: Recent developments and Outlook”, money transfers to sub-Saharan Africa (SSA) are the most expensive worldwide (cost about 29% more than global average).
The document highlights that West Africa captured a significant portion of the remittances in SSA. Indeed, based on GDP, eight countries of the region are found in the top 10 of countries that received most funds from their diaspora in sub-Saharan Africa. These are Liberia, The Gambia, Senegal, Cape Verde, Togo, Guinea Bissau, Mali and Nigeria.
In regards to the volume of transfers captured also, West Africa also had a strong presence with Nigeria ($22 billion), Ghana ($2.2 billion) and Senegal ($2.2 billion) leading the race. In this top 10, Mali ($1 billion), Liberia ($0.6 billion) and Burkina Faso ($0.4 billion) which are all in West African are also listed.
Fiacre E. Kakpo
Togo’s notaries ready to participate in fight against terrorism, tax evasion and money laundering
Togolese notaries claim they want to better cooperate with authorities and institutions involved in the fight against terrorism, tax evasion and money laundering. This, they declared, on the sidelines of the 10th “universités notoriales” held in Lomé.
The event’s theme which is “professional secret and right of retention during an investigation conducted by the justice or administration” perfectly illustrates the sensitive obligations forcing a notary to silence, concerning their clients, but at the same time to cooperate with justice, as ministerial officers, fight economic crimes and terrorism.
Commenting on the issue, former chairman of Togo’s national chamber of notaries (CNNT), Daniel Ekoue Dosseh-Adjanon, said: “During a legal procedure, the judge in charge would want a notary to provide information relevant to the case. What should the notary do in that case? Well, there are steps to follow. These ensure that the notary does not violate professional secret since there are things he would never reveal; however, for the sake of justice, since that is primordial, the concerned could disclose some facts that could ultimately help solve the case”.
Séna Akoda
Togo: Ongoing Elite 2018 trade fair focuses on tackling unemployment by revising teaching methodology
Second edition of international trade fair Elite études et formations began April 25 and will end April 29. This year, it focuses on training-employment issue to better tackle youth unemployment in the country.
The fair indeed recommends “a change of paradigm and approach in education sector”, says Prof. Dodzi Kokoroko, Chairman of University of Lomé. Its main goal is to make education more professional.
To this end, proper training of teachers and lecturers is quite important. This requires a deep knowledge of employment market in order to direct teachers to promising sectors, based on their respective skills.
An opinion shared by Prof. Octave Nicoué Broohm, minister of tertiary education and research: “We laud these initiatives which align with programmes and goals aiming to better adapt trainings offered to employment needs”.
Entrepreneurship would also be discussed as part of recommended paths to ensure professional integration following academic training.
In the long run, the fair’s objective is to drive teachers to review their teaching methodology, but also to push learners to change their mindset.
Séna Akoda
Togo launches new fund to cover risks related to agricultural loans and guarantee them
On April 25, Togo’s President, Faure Gnassingbé, launched the Togo Incentive-Based Risk Sharing System (TIRSAL), to accelerate funding of agricultural projects.
TIRSAL’s purpose is to assess risks faced by the agricultural value chain and provide guarantees on agricultural loans granted by lenders (banks, cooperatives, etc.). The fund will act as an insurer whose main objective is to increase loans provided to agriculture by banks, from 0.3% to 5%.
It also aims at mitigating risks of rising interest rates on agricultural loans. This would enable more than a million farmers to easily secure loans, by 2021.
TIRSAL also aims at promoting agricultural processing, by backing related projects.
It is inspired by the Nigeria Incentive-Based Risk Sharing System (NIRSAL) which helped significantly boost agricultural output and local processing.
Fiacre E. Kakpo
Togo: From now on approval of customs is required to move in and out of the country with more than CFA15M cash
In line with the fight against money laundering and terrorism funding, Togolese deputies adopted on April 24, a bill that among others, forces users to get approval from customs to move out or into the country a sum of more than CFA15 million cash, by road, air or sea.
This would enable customs to have enough information on destinations of cash moved by traders or other individuals, in the case it exceeds the set reference. Besides, it could push those unwilling to go through custom formalities to opt for bank wiring which can also be traced.
Regarding the latter, the newly passed bill urges lenders to enhance their monitoring and verification processes before any fund transfer. This, also to tackle money laundering.
According to news website Republic Of Togo, the bill would more generally enhance capacities of the national cell for financial data processing (CENTIF). It aligns with WAEMU’s strategy to fight money laundering and terrorism funding.
Séna Akoda