Togo has emerged as one of the fastest growing markets for mobile money in the West African Economic and Monetary Union (WAEMU), posting a remarkable 76.87 percent increase in active accounts between 2023 and 2024. The surge, highlighted in a recent report by the Central Bank of West African States, places Togo ahead of regional peers such as Niger and Guinea-Bissau and underscores the country’s rapid adoption of digital financial services. Across the WAEMU bloc, the total number of active mobile money accounts reached 76.8 million in 2024, representing an 11.6 percent year-on-year increase.
Mobile money accounts function as digital wallets linked to phone numbers, allowing users to store funds, make payments, transfer money, and in some cases, withdraw cash from ATMs. In Togo, prominent mobile money services include Mixx and Flooz, which have become widely used for both personal and business transactions. By the end of 2024, the country had 12.55 million mobile money accounts, of which 6.07 million were active, yielding an activity rate of 48.35 percent. The extensive distribution network includes more than 81,000 service points and nearly 5,800 merchants accepting electronic payments, highlighting the infrastructure supporting the rapid growth of digital finance.
The increase in mobile money adoption reflects broader regional trends, as WAEMU countries collectively reached 248 million mobile money accounts in 2024, a nearly 19 percent increase from the previous year. Transaction activity across the region also rose significantly, with volumes growing 27 percent and transaction value exceeding 160.4 trillion CFA francs, an increase of over 20 percent. Despite this surge, the bulk of usage continues to be limited to deposits and withdrawals, indicating that while mobile money is widely accessible, the full spectrum of digital payment functions remains underutilized.
In Togo, the rapid growth of active accounts is largely driven by regulatory initiatives and innovations that have expanded market access. The BCEAO has licensed new fintech operators, encouraging competition and increasing service availability. These measures are complemented by efforts to modernize payment infrastructure, including the country’s participation in the rollout of the PI-SPI interoperable instant payment platform. This system facilitates real-time transactions between banks, mobile money operators, and other financial institutions, although adoption of the platform remains gradual as users adjust to its capabilities.
The rise of mobile money in Togo reflects the broader digital transformation taking place across the WAEMU region. Governments and regulators are increasingly recognising the potential of digital finance to boost financial inclusion, particularly in rural and underserved areas where access to traditional banking remains limited. Mobile money platforms are providing an entry point into formal financial services, allowing individuals to participate in the economy, save funds, and make secure transactions without relying on physical cash.
Economic analysts note that mobile money growth has significant implications for trade, commerce, and monetary policy. With more transactions moving through digital channels, governments can achieve greater transparency in financial flows, improve tax collection, and enhance the effectiveness of fiscal policy. Businesses, especially small and medium-sized enterprises, benefit from faster and more reliable payment systems, reducing the operational challenges associated with cash handling and limited banking access.
Despite the impressive growth, challenges remain for Togo’s mobile money ecosystem. The predominance of simple deposits and withdrawals indicates that more work is needed to expand the use of digital payments for everyday transactions, including bill payments, merchant purchases, and peer-to-peer transfers. Additionally, consumer education, cybersecurity safeguards, and the continued expansion of agent networks are critical to sustaining long-term adoption and trust in digital financial services.
Looking ahead, Togo is well positioned to leverage its strong growth trajectory to further integrate digital finance into the economy. Continued support from the BCEAO, along with fintech innovation, is expected to increase transaction diversity, promote financial inclusion, and solidify the country’s standing as a leading digital finance hub in the WAEMU region. The 76.9 percent surge in active accounts is not only a milestone for Togo but also a signal of the transformative potential of mobile money for economic development across West Africa.
