The privatization of the Togolese Bank for Trade and Industry (BTCI) and the Togolese Union of Bank (UTB) as well as the Togocom Group are included in the presentation of a bill on their privatization, presented on November 15 2018 to deputies by the Minister of Economy and Finance, Sani Yaya.
Regarding the two public banks (UTB and BTCI), the privatization process, started in 2008 and supported by the World Bank, led to the resumption of the Togolese Development Bank (BTD) and the Inter-African Bank for the Togo (BIA-T) respectively by the Orabank Group in 2012 and the Attijari Group in 2013.
“In its desire to preserve financial stability and convinced of the leading role played by the private sector in development, the Government, in agreement with development partners including the International Monetary Fund (IMF), has finally decided to privatize of the two banks (UTB and BTCI) individually thus avoiding a merger beforehand, “said the minister.
This decision, it is explained, is motivated by the current opportunities offered by the banking market and the commitment of the Government to make Togo a hub of excellence in financial services but also a center of digital competence.
Concern the group TOGOCOM, the decision of the government obeys a strategic coherence; In fact, following the government’s initiative to create in 2017, TOGOCOM, a holding company that brings together TogoTélécom and Togo cellule, the two incumbent operators of fixed and mobile telephony. The opening of the capital should allow TOGOCOM to equip itself with the necessary means to realize its ambitions. It allows it to consolidate its investment capacity and benefit from the latest innovations in ICT to develop new growth segments.
