Through the press release sanctioning the last Council of Ministers dated January 18, 2023, we learn that Togo is achieving exceptional performance in terms of financial inclusion. The government is advancing figures that surprise more than one, because the reality of Togolese does not reflect these figures.
” In recent years and thanks to the actions taken by the government, the financial inclusion rate has increased from 72.5% in 2016 to 81.5% in 2020, the second best performance in WAEMU. Over the same period, the expanded banking rate increased from 70.8% to 80.04%, making our country one of the sub-region with the strongest growth in the field. “, indicates the press release of the Council of Ministers held yesterday Wednesday.
It is specified that ” These recorded performances were stimulated by the incentive measures taken to protect the purchasing power of the populations and encourage the deployment of microfinance institutions by providing them with specific support. “.
It is often said that “numbers don’t lie”, but when those who do the numbers can be wrong, then one can have reservations about certain statistics. Financial inclusion is not a theoretical mathematical operation consisting in laying out virtual results, but rather a system that should improve the daily lives of beneficiary populations.
As far as the Togolese are concerned, the financial condition is far from encouraging. If the government relies on the proliferation of microfinance to give birth to these figures, then it is completely mistaken. Most of these microfinance institutions which the government claims to “encourage development” are the cause of the misfortune of thousands of small Togolese savers.
It is becoming a habit for these structures (microfinance) to disappear with the poor savings of the Togolese.