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Togo, 1st country in terms of financial inclusion in the WAEMU

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(Togo First) – Togo has the best performance in terms of increasing financial inclusion within the UEMOA space (Economic and Monetary Union of West African countries, which brings together seven French-speaking West African states). West and Guinea-Bissau. Indeed, according to the data made public in the Council of Ministers on January 18, by Mazamesso Assih, Togolese Minister in charge of Financial Inclusion, the financial inclusion rate went from 82, 72% to 85.72% over the year in 2021, an increase of 3 percentage points.In the community space, this positions Togo in particular ahead of its neighbor, Benin (85.52%), and the giant of WAEMU, Côte d’Ivoire (82.2%).

Alongside this performance, we also note that according to data from the BCEAO (Central Bank of West African States), Lomé has the best extended banking rate (which takes into account banking and microfinance) in the sub-region, with a rate of 84.18%, an annual increase of 4.14 percentage points, compared to 80% the previous year.

In terms of strict banking, however, the rate fell from 26.95% in 2020 to 30.09% in 2021. In this segment, Togo comes just behind Benin (34.73%), and ahead of the Ivory Coast (26.11%).

In the country of Faure Gnassingbé, this general performance is driven in particular by the “national financial inclusion strategy”, a plan adopted in 2021, and which supports ambitions already marked since 2014, by the establishment of the National Fund for Inclusive Finance (FNFI).

This fund has, since its creation, granted to disadvantaged strata microcredit packages up to 106 billion FCFA at the end of December 2022, with an overall reimbursement rate of nearly 94.45%, according to the Minister in charge of financial inclusion in Togo.

Ayi Renaud Dossavi

Read also:

Togo: positive evolution of the banking rate in 2021

Togo: a national financial inclusion strategy in sight

Togo: a new national financial inclusion strategy to better impact targets – FNFI

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