Togo’s financial landscape shifts under new BCEAO leadership
Ekoué Djro Glokpor has officially assumed leadership of the Togo National Directorate of the Central Bank of West African States (BCEAO), following his installation during the second ordinary session of the National Credit Council in Lomé on June 18, 2026. The appointment arrives at a pivotal moment for the country’s financial sector, marked by rapid digital banking adoption, shrinking corporate lending, and a heavy concentration of credit toward major corporations.
From Dakar to Lomé: A seasoned central banker returns
Glokpor succeeds Akuwa Dogbe Azoma, bringing with him extensive experience from the BCEAO’s headquarters in Dakar, where he previously served as Director of Accounting, Director-General of Organization and Information Systems, and Advisor to the Governor. His appointment was formally welcomed by Togo’s Minister of Economy and Strategic Monitoring, Badanam Patoki, who chaired the session in the absence of the Finance Minister, Essowè Georges Barcola.
« I accept this responsibility with deep gratitude and full awareness of the challenges ahead, » Glokpor stated during the proceedings.
Credit allocation under scrutiny: Persistent imbalances revealed
Data presented during the session highlighted stark disparities in the country’s financial ecosystem. While digital banking adoption surged to 32.2%, average interest rates dipped to 7.5%, and savings in banks and microfinance institutions rose, corporate lending declined by 15%. Meanwhile, microfinance institutions expanded their portfolios by 30%, attracting borrowers sidelined by traditional banks.
The concentration of credit remains severe: 70% of new financing flows to a small group of large enterprises, leaving agriculture with just 1.5% and housing with 1.1% of total bank credit. Minister Patoki urged lenders to leverage risk-sharing mechanisms such as the Incentive Mechanism for Agricultural Financing (MIFA), the African Guarantee and Economic Cooperation Fund (FAGACE), and the African Solidarity Fund (FSA) to broaden access.
Non-performing loans reached 13.4%, well above the 5% target set for 2027. The National Credit Council has called on banks to tighten recovery strategies to curb further deterioration.
Digital payments poised for rapid expansion
The session culminated in the endorsement of a new action plan aimed at accelerating the digitalization of payments nationwide. While details on implementation timelines and allocated resources remain undisclosed, the initiative signals Togo’s commitment to modernizing its financial infrastructure. Glokpor, as the BCEAO’s primary liaison with Togo’s public authorities and commercial banks, will play a pivotal role in steering this transformation forward.
The BCEAO, headquartered in Dakar, oversees the West African Economic and Monetary Union (WAEMU), of which Togo is a member, sharing the CFA franc as its common currency.