WAEMU: Central Bank launches a special bureau to accelerate fintech development in the region

Economic governance

Tuesday, 26 April 2022 12:44

WAEMU: Central Bank launches a special bureau to accelerate fintech development in the region

(Togo First) - In a recent statement, the Central Bank of West African States (BCEAO) announced it has set up a fintech monitoring and knowledge office (BCSF).

The office’s mission is to “promote the fintech sector by facilitating interaction between the Regulator and these actors (fintech, ed. note)”. It will also receive and process all requests for information or meeting with the regulator relative to fintech, to support the growth of fintech companies across the West African Economic and Monetary Union which the BCEO covers. Concretely, the BCSF aims to set up a framework for dialogue and interaction, which will accelerate the development of fintech and facilitate the implementation of necessary regulations.

This is as more fintech businesses are competing to conquer the financial service market, mobile-based services especially.

Some of these businesses, which are now key players in the digital transformation and the promotion of financial inclusion, include Wave, CinetPay, PayDunya, or Togolese start-up Semoa. The first three offer money transfer services while the fourth actor is active in the digital banking sector with its WhatsApp Banking platform.

In the first quarter of 2022, 42% of the funds secured by startups in West Africa were raised by fintech, according to Baobab Insights.

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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.