Togo: Ecobank scoops Bank of the Year award for the fourth consecutive year

Banking

Thursday, 07 December 2023 19:04

Togo: Ecobank scoops Bank of the Year award for the fourth consecutive year

(Togo First) - Ecobank is, again, the Bank of the Year in Togo. The lender won the title for the fourth consecutive year, at the Banker Magazine’s Bank of the Year Awards for 2023 which was hosted in London, UK, on November 30.

The lender welcomed the title as proof of its commitment to excellence, reflected through its ability to generate returns, gain strategic advantage, and serve the Togolese market.

"This award is an official recognition of the quality of our comprehensive range of products, services, and solutions. It testifies to our ability to meet the evolving needs and expectations of our customers in the Personal Banking, Commercial Banking, and Corporate and Investment Banking sectors in Togo," said Souleymane Touré, MD of Ecobank Togo.

Touré further noted that Ecobank Togo would "keep leveraging to offer its customers practical, affordable, and innovative solutions."

Besides Togo, Ecobank also won the title of Bank of the Year 2023 in Guinea, Benin, Liberia, and Mali. Meanwhile, Ecobank Zimbabwe won the Global Financial Inclusion Award for 2023.

Esaïe Edoh

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 .

TRADING ACROSS BORDERS (more info)

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.

GETTING ELECTRICITY (more info)

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.