Togo: Inclusive Finance Fund loaned nearly CFA110 billion over the past decade

Finance

Tuesday, 16 January 2024 18:54

Togo: Inclusive Finance Fund loaned nearly CFA110 billion over the past decade

(Togo First) - Over the past decade, Togo’s Inclusive Finance Fund, the Fonds National de la Finance Inclusive (FNFI) disbursed CFA109.83 billion. The figure covers the period from April 2014 to January 2024. It was made public on January 5.

The loans were extended to around 1.8 million informal business owners. While they received the money through the FNFI’s 13 financing offers, the largest part was allocated via three offers: Accès des Pauvres aux Services Financiers (APSEF), Accès des Agriculteurs aux Services Financiers (AGRISEF) and Accès des Jeunes aux Services Financiers (AJSEF).

Through the APSEF, CFA38 billion (or 34% of all loans granted) were disbursed to fund businesses of vulnerable women and men. The AGRISEF financed small-scale farmers, providing CFA35 billion (32% of the total). The third offer, the AJSEF, backed young craftsmen and apprentices who completed their training. They received CFA16 billion.

The remaining CFA20 billion were granted via the FNFI’s other offers.

The loans were granted through the FNFI’s network of decentralized finance institutions (DFIs).

In regards to debt repayment, the loan recipients paid back 93.5% of what was borrowed over the decade concerned.

The FNFI was created in 2014 to help those who do not or cannot access traditional lending outlets. It does this by bolstering the financial and operational capacities of DFIs. To date, the Fund is in partnership with 21 DFIs.

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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.