These are the banks backing mobile money operators in Togo

Finance
Friday, 05 April 2019 16:28
These are the banks backing mobile money operators in Togo

(Togo First) - There are no e-money institutions in Togo, unlike Benin, Burkina Faso, Mali, Côte d’Ivoire and Senegal. This was revealed in a report on these institutions released by the Central Bank of West African States (BCEAO) at the end of December 2018.

Just like Togo, Guinea-Bissau and Niger also have no e-money institutions but rather focus on partnerships between banks and telecom operators active in the mobile money segment.

In Togo, Moov Etisalat, whose mobile money offer was baptized Flooz, is the operator that entered the most partnerships with banks. The banks backing the operator are Banque Atlantique, Orabank, Ecobank Transnational Incorporated, and Diamond Bank (now NSIA BANQUE)

With TMoney, public operator Togo Cellulaire partnered with Banque Togolaise pour le Commerce et l’Industrie (BTCI).

All these partnerships aim at boosting financial inclusion and allowing individuals with no bank accounts in Togo to rapidly have access to banking services.

Séna Akoda

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