(Togo First) – With growth of nearly 20% in 2020, the assets of the Togolese microfinance sector barely came close to the CFAF 260 billion mark in 2020, making the country the fourth economy in the ranking of DFS in Togo. Umoa.
Togo, which represents more than 11.5% of the Union’s total assets, is thus positioned behind Senegal (643 billion FCFA in assets), Côte d’Ivoire (544 billion FCFA) and Burkina Faso (382 billion FCFA).
In comparison to GDP, Togo is the country where the assets of decentralized financial systems are the most important, representing around 6% of the national wealth created in 2020.
FUCEC, first without second
It is the FUCEC which takes the lion’s share. Microfinance with its network of 35 Coopecs alone holds 52.8% of the sector’s assets, or 137 billion FCFA. In the Union, it is the 4th microfinance institution in terms of assets, behind the UCCMS (Crédit Mutuel du Sénégal), the Fîtière des Caisses Populaires du Burkina (FCPB), and the National Union of Cooperatives of Côte d’Ivoire. ‘Ivory (UNACOOPEC-CI).
Far behind the mastodon Togolese, COOPEC-AD, the microfinance of the Church of the Assemblies of God plays the role of the dolphin, with more than 28 billion FCFA in assets.
Third asset, with the fastest growth in the sector in 2020, the Military Savings and Credit Cooperative (COMEC) brings up the rear, bringing its total balance sheet to more than 22 billion FCFA. The microfinance of the Togolese Armed Forces is getting closer and closer to COOPEC-AD. It is followed by WAGES which holds a little less than 6% of the assets, or 15.3 billion FCFA.
While 14 of the 17 large microcredit structures whose financial statements have been made public by the BCEAO have seen their balance sheets increase, three (03) SFDs are in red territory. While the decline was marginal at CECEB (Savings and Credit Cooperative for Workers in the Electricity Community of Benin) and URCLEC (Renovated Union of Local Savings and Credit Banks), it was more accentuated for Shop-TOGO. The mutual operating in rural areas in Togo since the 1990s saw its assets shrink again by 22%, continuing the decline already observed in 2019.
As a reminder, Togo has one of the highest financial inclusion rates in the sub-region. According to the BCEAO, this ratio is above 72%.
Carriage E. Kakpo