Ollo Africa Becomes Togo's First Fintech to Get Regional Banking Approval from BCEAO

Finance

Monday, 15 September 2025 10:56

Ollo Africa Becomes Togo's First Fintech to Get Regional Banking Approval from BCEAO

(Togo First) - West Africa's digital payments sector gained momentum in September when the Central Bank of West African States (BCEAO) approved 10 new payment institutions across the West African Monetary Union (WAMU)—including a groundbreaking first for Togo.

Ollo Africa, a Lomé-based fintech, became the first Togolese company to secure this coveted authorization, joining an exclusive group of operators permitted to offer digital financial services throughout the eight-nation UEMOA economic zone.

Targeting the Unbanked Through Group Savings

The startup is launching Ohana Africa, an application designed to modernize traditional group savings by bringing these informal financial networks into the formal banking system. The platform promises thousands of Togolese secure, transparent access to digital savings and payments—services often beyond reach in underserved communities.

Ollo Africa's ambitions extend far beyond its home market. Management aims to rapidly scale to one million users in Togo before expanding across the region, leveraging partnerships with established financial institutions like Ecobank to fuel growth.

"Togo has already established itself as a leader in financial inclusion in Africa, and this approval reinforces the country's efforts to build a more inclusive economy," said Mawuna Koutonin, Ollo Africa's managing director. "This authorization enables us to create a more inclusive and accessible financial ecosystem for underserved communities, with the guarantee of banking supervision."

Central Bank Embraces Innovation

The BCEAO's latest approval round signals a broader strategic shift toward gradually opening regional markets to new players and innovative financial tools. This policy aims to stimulate innovation in a sector experiencing surging demand while maintaining strict oversight of financial soundness and transparency.

Ayi Renaud Dossavi

REFORMS OVERVIEW

STARTING A BUSINESS (more info)

At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

TRADING ACROSS BORDERS (more info)

In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

After moving from the 133rd to 127th place under the 2020 Doing Business’ construction permit index, Togo intends to reiterate this feat in the coming edition of the global ranking. To this end, it has introduced this year multiple reforms.

GETTING ELECTRICITY (more info)

Over the past two years, Togo’s ranking under the Doing Business’ Getting electricity and water indicator has increased consistently. Owing this performance to multiple reforms aimed at making it easier for businesses to access power and water, Lomé plans to introduce even more reforms this year to keep up its improvements.

REGISTERING A PROPERTY (more info)

Out of all the 'Doing Business’ indicators, Property Registration is where Togo has improved the most since 2018. Indeed, after spending years in the lowest part of this ranking, the country now seeks to beat Rwanda which is the best performer on this index in Africa. To do so, Lomé has been introducing many reforms, with the latest batch implemented this year.

PUBLIC PROCUREMENT (more info)

From professionalization to digitization, through legislative regulations, Togo’s public procurement framework is constantly being modernized. Several reforms have been implemented to improve the sector much to the benefit of the private sector, which is the focus of the National Development Plan.

PAYING TAXES AND DUTIES (more info)

To improve its business environment, Togo introduced some important reforms related to the payment of tax and duties. From the replacement of some taxes to the cancellation of others through exemptions, the country has only one objective: offer the most attractive tax framework to investors and economic operators. To achieve this, the authorities relied on digitization.