DB 2020: Togo records significant improvement on ‘getting credit’ indicator

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Monday, 28 October 2019 16:00
DB 2020: Togo records significant improvement on ‘getting credit’ indicator

(Togo First) - In the latest Doing Business report, Togo ranked 48th over 190 economies on the getting credit indicator. This is a significant leap from last year where it occupied the 144th place.

The report's authors hence confirm Togo's efforts in easing lending. They did so by assessing the coverage, extent, and accessibility of information of available credit, through the accreditated Credit Information Office (BIC).

The government, it should be recalled, adopted a WAEMU standard in this regard. In 2018 also, it instructed the CEET (power utility), the TdE, Moov Togo and TogoCom to gather information on outstanding credit and debts of their customers which were to be integrated into the BIC's database.

This data is used to establish an exhaustive solvability report on a given customer and also helps financial institutions take decisions relative to lending.

Séna Akoda

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