Togo: Inclusive finance fund to leverage biometric ID to improve loan repayment nationwide

Finance
Thursday, 25 January 2024 13:58
Togo: Inclusive finance fund to leverage biometric ID to improve loan repayment nationwide

(Togo First) - The National Inclusive Finance Fund of Togo (FNFI) wants to leverage biometric identification to track bad loan payers better. The Fund unveiled this ambition last Saturday, in a meeting with its partners and the press, in Lomé. 

"With the biometric customer identification system, we will now have a reliable database," said Assih Mazamesso, Minister of Financial Inclusion and Organization of the Informal Sector. He explained that "if a customer is in the database of unpaid loans, they will be automatically identified using facial recognition at any microfinance window they go to for another loan. This initiative will enable us to strengthen the technical capabilities of microfinance and also to have a reliable database of potential customers."

The project's pilot phase was implemented two years ago. It produced satisfying results, with over 3,000 loans granted over the period it lasted. The loans amounted to CFA168.9 billion.

The FNFI celebrates its 10th anniversary this year. Since its launch, the Fund has extended over two million loans, totaling CFA109.93 billion. To date, the entity has retrieved 93.51% of this amount.

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