Togo First
Togo: IB Bank Records First Profit in Over a Decade
IB Bank Togo (formerly BTCI) recorded a net profit of over 3 billion FCFA in 2023, way above 2022’s CFA8.8 billion loss. Khalid Yacoubou Boukari, the bank's Director of Commitments, recently disclosed the data on LinkedIn, without providing further details.
In 2021, the BTCI (now IB Bank Togo) was privatized–a moved that aimed to to help it be more financially healthy and better contribute to Togo’s economy. The government holds a 10% stake in the bank and IB Holding holds the remaining 90%. The purchase, led by Mahamadou Bonkoungou, a construction mogul and head of IB Holding, was intended to reshape the bank and strengthen its foundations.
Last year, IB Bank Togo recorded a net profit of CFA3 billion, a first win since 2013.
A Turning Point in 2022
IB Bank had been losing money until 2023. However, the bank's assets grew from CFA292 billion in 2021 to CFA418 billion in 2022. The surge was mostly driven by a doubling of customer loans, which rose from CFA111 billion in 2021 to CFA250 billion in 2022. Although the bank was undergoing restructuring, the reasons behind this growth remain unclear. However, the bank faces heightened risks and increased provisions for bad debts.
Still in 2022, IB Bank Togo recorded a net banking income of CFA13.4 billion in 2022, against CFA8.6 billion in 2021. Higher interest and commission income drove the spike. Nevertheless, the latter was insufficient to offset the impact of operating expenses and risk costs.
In 2022, the bank reported a net loss of CFA8.8 billion, against CFA1.3 billion in 2021. The widening was consequential to a significant rise in risk costs–they lept from CFA221 million to CFA11.9 billion.
Customer Confidence Remains Strong
In spite of the various hurdles the bank faces, customer confidence appears intact. Deposits surged to CFA409 billion in 2022, up from CFA275 billion in 2021, indicating a level of stability despite the bank's negative equity of -CFA4.5 billion.
Cutting Existing Negative Earnings
Last year’s profit, CFA3 billion, should help curb the negative retained earnings accumulated over the past decade. While details are still pending, the 2023 reports are anticipated to provide more insight into the performance of the former BTCI.
Fiacre E. Kakpo
Togo: Microfinance Institutions Collected More and Loaned Less in Q1 2024
From January to March 2024, microfinance institutions in Togo saw their deposits rise by CFA17 billion, up 4.6% compared to Q4 2024. This was the highest increase among decentralized financial systems in the West African Economic and Monetary Union (WAEMU) for Q1 2024, according to data from the Union’s Apex bank, the BCEAO.
In comparison, Benin's deposits grew by CFA15.3 billion, Burkina Faso's by CFA12.5 billion, and Senegal’s by CFA9.6 billion. Côte d'Ivoire also saw an increase of CFA9.6 billion. Overall, Togo's deposits rose by 4.6% from the previous quarter.
Across the WAEMU region, total deposits increased by CFA64.5 billion, or 2.8%, reaching CFA2,356.4 billion.
On the other hand, loans from microfinance institutions in Togo fell by 2.5%, a decrease of CFA9.2 billion. This trend was seen across the region, with total loans dropping by CFA72.6 billion, or 2.8%, compared to Q4 2023. In Benin, the drop was more significant: 10.9%. Côte d’Ivoire and Senegal only loaned less money, respectively 3.9% and 1.1%, in Q1 2024.
BCEAO attributes the decline in loans to seasonal factors. The Bank explained that people tend to spend less after the holiday season. Regardless, compared to Q1 2023 where they had loaned CFA2,515.4 billion, microfinance institutions loaned 15.9% more.
Ayi Renaud Dossavi
ECOWAS: EBID Unveils 2024 West African Development Report
The ECOWAS Bank for Investment and Development (EBID) released its 2024 West African Development Outlook (WADO) report today. The report was presented in a webinar hosted from 10:00 to 11:00 GMT.
The central theme of this year's report is "Building resilience to recurrent shocks". The report is expected to examine the development challenges and opportunities facing countries in the West African region.
The 2024 edition will review the challenges the sub-region has faced in recent months and years. This includes external factors like rising financing costs, fluctuating oil prices, economic sanctions, and energy shortages. It may also address internal political challenges for ECOWAS, such as the desire for some countries to split away.
Strengthening member states' ability to cope with economic and climate shocks is a key focus.
Since its creation, EBID has provided $4.17 billion (CFA2,537 billion CFA) to support its member countries. As of the end of 2023, Togo accounted for 6.1% of EBID's total commitments.
Ayi Renaud Dossavi
National Health Insurance Institute Carries Out Awareness Campaign in Kara Region
The National Health Insurance Institute of Togo (INAM) is carrying out an awareness campaign in the Kara region, northern Togo. The campaign started on July 13 and will end on July 21. Its focus is the universal health insurance project (AMU).
Besides information, the INAM provides, as part of the campaign, free medical consultations, blood pressure and diabetes tests. Health tips are also shared.
Through this campaign, INAM aims to obtain reliable health data on vulnerable people. The information collected from beneficiaries will enable the institute to better implement the medical assistance scheme provided for in the AMU project.
The campaign is part of INAM's drive to extend universal health insurance coverage to the whole of Togo and to get closer to local communities.
A similar campaign was carried out last May in the Grand Lomé area.
Togo: Moov Africa and Ecobank Launch New Cash Withdrawal Service
Moov Africa Togo and Ecobank-Togo have launched a new financial product called "Move Money ATM." This service allows Flooz (Moov's mobile money service) subscribers to withdraw cash directly from Ecobank ATMs without using a bank card. The product was unveiled on July 17, in Lomé.
"This partnership enables all Togolese who need to withdraw money, whether they are Moov or Flooz customers," said El Bedraoui Younes, Managing Director of Moov Africa.
Souleymane Touré, Managing Director of Ecobank Togo, emphasized the importance of this service for financial inclusion. "With this solution, our customers can stop going to Ecobank branches or Xpress points. They can now make their withdrawals directly at Ecobank counters. This facilitates access to financial services for a large part of the population, contributing to a significant improvement in financial inclusion in Togo," he said.
This new service marks a new stage in the collaboration between Moov Africa Togo and Ecobank, which began with a mobile banking app trial in 2018.
Ayi Renaud Dossavi
Togo: Aného to Get New Cultural Tourism Center
The town of Aného, located 30 km southeast of Lomé, is getting a new tourist center. The mayor of Lacs 1 municipality, Alexis Aquereburu, recently announced that work is underway on the project.
The center will be a place to promote and showcase the culture of the Lacs 1 municipality. It will be equipped with furnishings like office furniture, sculptures, and paintings that illustrate the history of local palaces.
The municipality has launched a call for local craftsmen to design the furnishings for the center. They are invited to "propose high-quality furnishings in local materials." Proposals will be accepted until July 23, 2024.
This initiative comes as the Togolese authorities continue their efforts to have the Aného-Glidji locality listed as a UNESCO cultural heritage site. A technical team from the Ministry of Culture recently visited the site, which has been on Togo's UNESCO tentative list since December 2021.
Esaïe Edoh
Commonwealth Secretary General Visits Togo, Meets President
Commonwealth Secretary-General Patricia Scotland met with Togo’s President Faure Gnassingbé on July 17. The two met in Pya, a town located 410 km north of the Togolese capital Lomé.
The two discussed potential cooperation between the Commonwealth and Togo, especially in the economic area.
After the talks, it was announced that the Commonwealth plans to support Togo with major development projects. These include the Emergency Program for Resilience Building in the Savannah Region (PURS) and the Social Cohesion Project for the Northern Regions of the Gulf of Guinea (COSO). The Commonwealth will also assist Togo with diplomatic and security matters.
"Togo will be able to bring a lot to the Commonwealth. Likewise, the Commonwealth has much to bring to Togo," Scotland said. Opportunities identified during the meeting include intra-Commonwealth trade, youth development, fighting terrorism and extremism, empowering women and youth, and addressing climate change.
Besides the President, the Secretary-General also met with various officials, institutions, civil society, and women's groups.
Togo joined the Commonwealth in 2022. The move gave the country access to a 2.5 billion people market and other economic benefits.
Esaïe Edoh
Togo Launches Study for Urban Water Security Project in Greater Lomé Area
Togo has launched hydrogeological studies in Greater Lomé as part of the Togo Urban Water Security Project (PaSH-MUT). The studies will be conducted by Quantum, a subsidiary of the Saretec Group.
Last week, during a meeting with the Minister of Water and Village Hydraulics, Quantum executives announced they will search for, extract, and preserve groundwater in the Togolese capital. The firm will also assess the risk of groundwater contamination and determine waterproofing needs.
The studies will pave the way for implementing PaSH-MUT, which aims to create autonomous drinking water supply systems in the outlying areas of Lomé.
The World Bank backs the project with $100 million (CFA60 billion). The latter aims to extend access to drinking water in Greater Lomé and boost the national coverage rate to 85% by 2025 and 100% by 2030.
Quantum has operations in 15 African countries.
Esaïe Edoh
Togo: Management of Dangerous Goods at Lomé Port Reviewed in Recent Meeting
Togo is reviewing how dangerous goods are managed at the Lomé port. Officials from the port and the Ministry of Civil Protection held a meeting last week to discuss this issue.
The meeting participants analyzed the current practices for handling these sensitive goods, as well as the level of implementation of national and international regulations. They found that more needs to be done to ensure stricter application of the rules.
After the discussions, recommendations were made that will be submitted to a committee for further consideration. Last week’s review was prompted by the observation that many dangerous products pass through or are stored within the port, posing risks to the safety and security of the port and the entire country.
According to Calixte Madjoulba, the Minister of Security, "the consequences of poor management or non-compliance with dangerous goods protocols can be catastrophic, both in human and environmental terms." The Togolese authorities want to enhance safety at the logistics hub by implementing stricter procedures and controls to prevent major incidents related to dangerous goods.
In recent years, Togo has signed various conventions on dangerous goods management. In 2021, it also adopted specific regulations regarding the movement of these goods and hazardous waste in its territorial waters.
Esaïe Edoh
ECOWAS: Togo Hosts Regional Meeting to Harmonize Health Education Programs
Lomé is hosting a three-day meeting focused on harmonizing health education programs in the ECOWAS. The meeting began on July 16 and was organized by the West African Health Organization (WAHO). It gathered ECOWAS health officials and professionals.
Lomé, July 15th, 2024 - The Technical Session to Align the Content of Basic and Specialized Training Curricula in the Three Official Languages of #ECOWAS has begun. #WAHO37 #HealthEducation pic.twitter.com/DzQIUeepdk
— WAHO | OOAS (@OoasWaho) July 15, 2024
The participants will work on aligning the content of basic and specialized training curricula in the three official ECOWAS languages - English, French, and Portuguese. They will also focus on harmonizing scientific and pedagogical terminology across all health professions.
"It's about the training of those who have to look after people's health, and so it's very important for us that we have harmonization of everything that's dispensed. This will enable us to equip health facilities with qualified personnel for adequate care," explained Melchior Athanase, WAHO's General Manager, at the opening of the proceedings.
Balogou Kofi, representing Togo's Minister of Health, also stressed the importance of this initiative. "This harmonization is essential to improve the quality of training for healthcare professionals. It will ensure that health structures in member countries are equipped with highly qualified personnel," he said.