Togo has ambitious plans to embrace digitization as a lever to modernize the economy and society. To this effect, the West African nation has created innovation centers to support the startup industry and provide an environment that enables innovation, research, and development. The World Bank’s Doing Business 2020 Report rated Togo as Africa’s best reformer in 2019. The ecosystem comprises 17 FinTechs, and more than 10 enablers and funding partners.
The government’s efforts to drive financial literacy and to include FinTechs into its digitization strategies alongside offering second-generation services are key success factors for FinTechs to stimulate financial inclusion.
Financial inclusion can increase if FinTechs join the playing field. Enablers include partnerships with incumbents, streamlining banks’ processes to lower costs, designing for client needs, use of alternative data, and enacting effective regulation.