(Togo First) - The government of Togo plans to expand the scope of intervention of the National Fund for Inclusive Finance (FNFI). To this end, on 16 March 2022, the Council of Ministers examined and validated a draft decree on the powers, structure, and operations of the Fund.
According to Lomé, the goal is to redefine the functioning of the Fund and to determine its modalities. Ultimately, the government aims to democratize access to financial services and help achieve the objectives of axis 1 of the 2025 roadmap, namely “strengthening of social inclusion and harmony and the consolidation of peace.”
This approach is being taken at a time when the fund launched in 2014 has, according to the government, a satisfactory track record in seven years. Over the period, the entity has granted 1,766,277 loans totaling CFA98.25 billion, for an average timely repayment rate of 92.46%.
The loans were provided through a dozen products, the most recent being the N'Kodédé (progress in local language) and KIFFE training financing kits.
The FNFI is a social development tool that helps reduce social inequalities and strengthen household resilience by allowing poor people to get loans for business purposes.
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