Last March, the Beninese government issued an order to prohibit the illegal collection of public savings commonly called “Adogbe”. The decision was variously appreciated. In an interview with the newspaper Free Morningthe Director General of theNational agency for the supervision of decentralized financial systems (Anssfd) made some clarifications. Louis Biao first explained that tontines are a type of savings product. “There are credit tontines, there are other forms of tontine and there is the “Adogbè” tontine which today has been sufficiently modernized…Today this activity occupies an important place at the level of the national economy. We have to be able to reframe. It’s not that it’s forbidden” he clarified.
The ban “targets promoters who have not received approval and not the activity itself”
According to him, it was just banned in “unaccredited” to carry out this activity. In short, the ban “targets promoters who have not received approval and not the activity itself”. La Poste, insurance companies, banks, decentralized financial systems or micro-finance institutions collect savings and can therefore “make “Adogbè” which is a savings product” he continued. The Director General of the National Agency for the Supervision of Decentralized Financial Systems (Anssfd), however, asks his fellow citizens to check whether the microfinance institutions with which they wish to contract are authorized by the State.
He also invites them to denounce those who are not authorized. “The denunciations are anonymous. We don’t even need to see people. You are in a neighborhood, someone opens a kiosk and puts Tontine-Epargne-Credit. Report this to the District Delegate, who will report this to the nearest police station. And we limit the damage. If we let it go, we will fall back into Icc bis” warns Louis Biao.