Which bank has the most customers in Togo?

Banking

Monday, 05 September 2022 09:14

Which bank has the most customers in Togo?

(Togo First) - Besides being the bank that provides most loans and gets most deposits in Togo, Orabank has the most clients. In 2021, the lender reported having 327,230 accounts, coming ahead of Ecobank with its 257,274 accounts.

Regarding the year-to-year evolution of the customer base, Orabank was second last year with a 33% increase compared to 2020. It was behind Coris Bank but ahead of BSIC (+14%), Ecobank (+11%), and UTB (+8%). The latter, let’s note, is still the only State-owned bank in Togo, though it is about to be privatized.

In contrast with these five banks, BIA- owned by the Moroccan Attijariwafa, Sunu Bank, and IB Bank, ex-BTCI now owned by Ebomaf’s boss Mahamadou Bonkoungou, all lost clients last year.

Coris Bank International, which has been growing strongly for the past two years, saw the number of accounts opened on its books rise from 91 to 25,958. The upward trend is equally noticeable in the other indicators of the bank of Burkinabe Idrissa Nassa. The banking group became WAEMU’s 3rd largest banking group in 2021, outpacing major actors like Oragroup, BOA, Attijariwafa...

According to some observers, Coris’ impressive record in Togo could be due to the bank changing its target market. It used to serve only corporate customers.

Written by: Fiacre E. Kakpo

Translated from French by Schadrac Akinocho

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 .

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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.

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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.