COOPEC-Blitta: Balance Sheet Totals CFA1.3 billion in 2023, up 12% YoY

Finance

Wednesday, 24 April 2024 16:22

COOPEC-Blitta: Balance Sheet Totals CFA1.3 billion in 2023, up 12% YoY

(Togo First) - Togo's Blitta Savings and Credit Cooperative (COOPEC-Blitta) has announced a balanced balance sheet for the 2023 fiscal year, totaling CFA1.329 billion, with a net surplus of 17.5 million, as reported by the Togolese Press Agency (ATOP). This represents a 12% increase in the total balance sheet, rising from 1.18 billion FCFA in 2022, and a 26% surge in financial surplus, up from 13.8 million FCFA in 2022.

The cooperative's top management assessed the balance sheet as "satisfactory" for the 2023 fiscal year. COOPEC-Blitta boasts 21,517 members and a deposit balance of 1.2 billion FCFA, having processed 1,637 credit applications amounting to 1.2 billion FCFA.

To further enhance its services, COOPEC-Blitta plans to improve the efficiency of the credit granting process and introduce digital services such as mobile banking for 24/7 accessibility. Labante Yao, the chairman of the board of directors, emphasized the importance of adhering to capitalization standards and encouraged borrowers in arrears to regularize their repayments.

COOPEC-Blitta is part of the FUCEC-TOGO network, a key player in microfinance in Togo, comprising a federation of cooperative savings and credit unions.

Ayi Renaud Dossavi

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