African Microfinance Week: Over 1,300 experts and stakeholders expected in Lomé

Finance

Friday, 13 October 2023 16:28

African Microfinance Week: Over 1,300 experts and stakeholders expected in Lomé

(Togo First) - Over 1,300 experts and stakeholders of the microfinance sector should attend the sixth edition of the African Microfinance Week (AMW). Set to take place in Lomé, from October 16 to 20, the event’s theme is: "Towards inclusive and sustainable finance".

"Experts and players in the microfinance sector, from some sixty countries, in Africa and other parts of the world, are expected in Togo to reflect on the development of this sector in which our country has achieved appreciable performance, occupying first place in the WAEMU, in terms of financial inclusion rate,” reads the report of the latest council of ministers of Togo, held on October 11.

The African Microfinance Week is a biennial event that promotes financial inclusion in Africa. Organized by the network of African microfinance institutions, with the support of the Togolese government, via the Ministry of Financial Inclusion, the event will feature talks on hurdles hampering inclusive finance on the continent.

Participants will explore ways to develop the sector; a sector which has experienced significant growth in Togo.

During the coming event, there will also be high-level conferences, networking opportunities, specialized training courses, and an investor fair aimed at improving access to financial services for those who are excluded from traditional financial systems.

According to the Togolese minister for financial inclusion and the informal sector, Mazamesso Assih, the meeting will also be an opportunity to highlight and share Togo's experience with other countries regarding microfinance.

Faure Gnassingbe’s country bests all its WAEMU peers when it comes to financial inclusion. With a penetration rate of 85.72% in 2022 (against 82.72% in 2021), Togo is ahead of Benin (85.52%) and Côte d'Ivoire (82.2%).

This week, Lomé hosted the SME Champions Forum, a pan-African gathering of financial, banking, and entrepreneurial players focusing on SMEs.

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.