Togo: CFAO and COFINA launch car loan solutions for SMEs and individuals

Transport
Tuesday, 19 December 2023 16:52
Togo: CFAO and COFINA launch car loan solutions for SMEs and individuals

(Togo First) - In Togo, the mesofinance company COFINA and car seller CFAO MOTORS have a car loan offer targeting individuals and entrepreneurs. The partnership for the “Preferential Rate Loan Offer” was sealed last Friday, December 15.

The solution is the first of a kind for COFINA Togo, the company said. 

The partnership aims to help more Togolese entrepreneurs buy a car, by “providing adapted financing solutions, especially for small and medium-sized businesses which often struggle to buy new cars.”

A source at Cofina noted that CFAO MOTORS will contribute its experience in vehicle sales and after-sales services under the partnership. The same source added that the loan specifics will “vary depending on the desired vehicle”.  The loans are repayable over 12 to 36 months. 

In Togo, various actors have launched initiatives similar to COFINA and CFAO MOTORS’. Ecobank, SUNU Bank, and Bank of Africa (BOA) also offer car loans, in partnership with dealers like Japan Motors, Hyundai, STAM…

However, the monthly installments to repay the loans were criticized by many who claim that many Togolese cannot afford them.

Fiacre Kakpo

To contact us: c o n t a c t [@] t o g o f i r s t . c o m

Please publish modules in offcanvas position.