Togo: Lomé will host the next Africa Financial Industrial Summit this month

Finance

Friday, 11 November 2022 10:32

Togo: Lomé will host the next Africa Financial Industrial Summit this month

(Togo First) - Lomé will host the second edition of the Africa Financial Industry Summit (AFIS) on November 28 and 29, 2022. It will be the first time the event, sponsored by the IFC and Jeune Afrique Media Group, is held physically.

AFIS will gather leaders of the African industry who will contribute to Africa’s economic recovery through a sustainable, competitive, innovative, and inclusive development of the finance sector. The participants will do so during conferences, workshops, and roundtables.

"AFIS is a platform launched in 2021 to allow leaders of the financial industry to discuss financing issues in Africa. This edition will bring together leaders of banks, insurance companies, mobile money companies, fintech, and capital markets businesses. The meeting will be attended by regulators, ministers of economy and finance, and representatives of major development institutions," Frederic Maury, Deputy Director of AFIS, told Togo First.

Over 500 participants, from 30 countries, are expected to attend the Summit where they will exchange on four major topics that organizers believe to be key for the finance sector.

There should be significant personalities like IFC’s Managing Director and Executive Vice President, Makhtar Diop, M-PESA’s CEO, Sitoyo Lopokoiyit, the President of the Moroccan Capital Market Authority, Nezha Hayat, the Governors of BEAC, BCEAO and the Central Bank of Kenya, and Mary Wangari Wamae, Executive Director of Equity Group Holdings.

"The first pillar covers everything that concerns financial digitalization (fintech, mobile money, etc.). The second pillar is green finance (Sustainable Finance) and the third is related to economic integration, the AfCFTA. A fourth theme emerged in light of the high inflation that we are dealing with. It is the impact of inflation on the soundness of the African financial industry and the outlook," added Frederic Maury, who also happens to be Deputy Managing Director of Events of Jeune Afrique Media Group.

AFIS organizers want to “encourage innovation and impact the continent’s economy”, in a context where the finance sector is growing and new pioneers are emerging.

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.