Wednesday
February 10
2021

Togo: Microfinance Institutions Slow Down on Lending as Overdue Loans Spike Amid COVID-19 Pandemic

Amid the Covid-19 pandemic, microfinance institutions active in Togo considerably lowered loans to the public in the nine first months of 2020. Indeed, after recording two-digit growth in the years before, unpaid loans from these entities had grown by 0.7% only at the end of September 2020, data from the central bank of West African States (Banque centrale des Etats de l’Afrique de l’Ouest – BCEAO) shows.

Photo courtesy of Barbara Minishi/European Union.

Source: Togo First (link opens in a new window)

Categories
Coronavirus, Finance
Tags
banking, coronavirus, financial health, lending, microfinance, microloans