Togo: Microfinance Sector Record Growth in Q2 2024

Finance
Wednesday, 27 November 2024 15:34
Togo: Microfinance Sector Record Growth in Q2 2024

(Togo First) - Togolese microfinance institutions (SFDs) loaned CFA4.2 billion more in Q2 2024 or 1.2% than they did in the previous quarter.

 According to the Central Bank of West African States (BCEAO), which disclosed the data, Togo recorded the second-highest absolute growth within the West African Economic and Monetary Union (WAEMU) in H1 2024. Senegal came first, with loans surging by CFA42.1 billion from Q1 to Q2. After Togo came Côte d'Ivoire (CFA+2.8 billion), Benin (CFA+910.9 million, +0.4%), and Niger (CFA+350.5 million).

Overall, SFDs active in the WAEMU loaned out CFA2,561.2 billion in H1 2024. Over this period, Togolese SFDs recorded outstanding of nearly CFA400 billion (CFA395.697 billion), up by 13.3% from H1 2023.

Deposits Also on the Rise

Similarly, deposits collected by Togolese SFDs increased by CFA8.9 billion (+2.2% between Q1 and Q2 2024), sustaining the regional trend. According to the BCEAO, savings are predominantly held by men, but women and groups are beginning to play a more significant role in deposit mobilization.

Ayi Renaud Dossavi

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