The use of digital banking services in Togo has climbed to 32.2 percent, reflecting the country’s accelerating shift toward digital finance and broader efforts to expand financial inclusion.
The latest figure, presented during the second ordinary session of the National Credit Council (CNC) in Lomé, indicates that nearly one in three bank customers now uses at least one digital banking service, including mobile applications, internet banking platforms, USSD services or SMS-based banking tools.
The meeting was chaired by Minister of Economy and Strategic Foresight, Badanam Patoki, who reviewed developments in the country’s financial sector.
Authorities described the growth in digital banking adoption as one of the most significant positive trends recorded during the first quarter of 2026, alongside a decline in average lending rates and continued expansion of savings and microfinance activities.
The increase reflects a broader transformation of Togo’s financial ecosystem, driven by advances in mobile technology, growing internet access and government efforts to modernise payment systems.
Digital banking has gained momentum steadily over the past several years. By 2021, 12 of the 13 commercial banks operating in the country had already introduced digital financial services, ranging from mobile banking applications and online banking platforms to mobile payment solutions.
Some financial institutions have also expanded services through messaging platforms such as WhatsApp, enabling customers to access account information and perform selected transactions remotely.
Financial sector experts say digital banking services are becoming increasingly important in improving access to formal financial products, particularly for customers living in rural and underserved areas where physical bank branches are limited.
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The expansion of digital channels allows customers to transfer funds, pay bills, check balances and access financial services without visiting banking halls, reducing both costs and travel time.
The growth in digital banking has been accompanied by a rapid increase in the use of mobile money services.
According to industry data, Togo recorded more than 3.4 million mobile money accounts in 2023, up from approximately 2.6 million in 2021.
Over the same period, the total value of mobile money transactions surged from 1.95 trillion CFA francs to 3.53 trillion CFA francs, highlighting the growing role of digital payments in the economy.
Mobile money has emerged as one of the most widely used financial services in the country, particularly among people without traditional bank accounts.
Research by Afrobarometer indicates that mobile money account ownership now significantly exceeds conventional bank account ownership, underscoring the importance of mobile platforms in advancing financial inclusion.
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Government officials view the expansion of digital financial services as central to their strategy for building a more inclusive and efficient economy.
During the National Credit Council meeting, policymakers discussed an action plan aimed at accelerating the digitalisation of payments across the country.
The initiative seeks to encourage greater adoption of electronic transactions by households, businesses and public institutions.
Authorities believe wider use of digital payments could help reduce the economy’s reliance on cash, improve transparency and lower transaction costs for consumers and businesses.
The government also sees digitalisation as a tool for encouraging the formalisation of economic activities.
Togo’s informal sector accounts for nearly 90 percent of micro, small and medium-sized enterprises, making it one of the dominant components of the national economy.
Officials argue that expanding digital financial services can help bring more businesses into the formal financial system, improve record-keeping and increase access to credit.
Improved access to financing for households, farmers and small businesses is expected to support economic growth, stimulate entrepreneurship and create employment opportunities.
As digital adoption continues to rise, Togo is positioning itself among a growing number of African countries leveraging technology to expand access to financial services and strengthen economic participation.
The latest figures suggest that digital banking is becoming an increasingly important pillar of the country’s financial sector transformation.
