Bank of Africa receives authorisation to operate in Togo
The pan-African banking group Bank of Africa has announced that it received an authorisation from the Togolese authorities to operate in the West African nation.The pan-African banking group Bank of Africa has announced that it received an authorisation from
the Togolese authorities to operate in the West African nation.
The group will open three branches by the end of 2013, with the first one being located in the capital - Lome. The Bank stated that its customers will benefit from "innovative, modern and competitive products" and from a "constantly improved quality of service", Jeune Afrique reports.
Bank of Africa will become the twelfth bank in the country and should contribute to improving access to financial services in a nation where the banking rate is around 12.6 percent.
The World Bank’s 2012 Doing Business report says access to credit has greatly improved since 2008, when the banking sector was restructured. Between 2011 and 2012, Togo has moved up from 152nd to 126th place in this category.
In addition, the Uniform Act Organising Securities, adopted in 2010 by the Organisation for the Harmonisation of Business Law in Africa (OHADA), increased the range of assets that can be used as security for bank loans, according to African Economic Outlook.