TOGO/FNFI : Nearly 2 million beneficiaries support head of State Faure Gnassingbé
At the climax of the celebration of the 10th anniversary of the National Inclusive Finance Fund (FNFI) on Thursday, President Faure Gnassingbé’s presence was acknowledged by numerous beneficiaries. It was an opportunity for the beneficiaries to commend the initiative established by the country’s authorities.
On January 25, 2014, the Togolese president himself inaugurated the FNFI in Kara. Ten years later, the initiative has proven to be a real financial safety net for the most vulnerable populations and those previously excluded from conventional financial services.
Approximately 50.000 estimated beneficiaries from all regions of the country gathered at the Kégué stadium for the climax of the 10th anniversary. The event highlighted the impact of inclusive finance products and their transformative power through various interventions. Over the years, a significant growth has emerged from various cycles. Likewise, an increase has been made to the initial credit of thirty thousand (30.000) XOF.
The FNFI has provided facilities and brought transformations into the lives of beneficiaries. « In ten years of existence, the FNFI has provided financial support to 1.869.367 beneficiaries, predominantly women, from vulnerable socio-professional layers, for a total value of 109.83 billion XOF, with a repayment rate of approximately 93.58% », stated Mazamesso Assih, the Minister in charge of Financial Inclusion and the Organization of the Informal Sector.
Minister Assih further specified that during the same period, 21 financial service provider structures collaborated with the Fund, which now has 241 service points across the entire national territory. Moreover, over a dozen financial products have been implemented, along with an insurance mechanism.
