In the third quarter of 2024, microfinance institutions in Togo reported outstanding loans totaling CFA395.6 billion, reflecting an increase of CFA35.8 billion from the previous quarter, which represents a growth rate of 9.9%. This data was published in a recent report by the Central Bank of West African States (BCEAO). Togo’s quarterly growth outpaced that of Senegal (4.4%), Côte d’Ivoire (4.8%), Burkina Faso (3.1%), and Benin (2.5%).
More than half (50.4%) of the loans issued by Togolese microfinance institutions were classified as short-term, followed by medium-term loans at 30.9% and long-term loans at 18.7%.
In terms of deposits, there was also an increase in Q3 2024, with a rise of CFA8.5 billion or 2.1%, bringing the total to CFA415.3 billion. While Togo’s performance in this area was not as strong as Senegal (5.9%) and Côte d’Ivoire (2.6%), it did surpass Burkina Faso (1.1%) and Mali (3.3%).
By the end of Q3 2024, the outstanding loans from microfinance institutions in Togo approached CFA400 billion, specifically CFA395.697 billion, marking a year-on-year increase of 13.3%.
Within the West African Monetary Union (UEMOA), microfinance institutions saw their outstanding deposits rise by CFA66.8 billion (2.8%) in Q3 2024, reaching a total of CFA2,459.6 billion compared to Q2 2024.
