Banks in Togo

The West African Economic and Monetary Union banking framework applies in Togo. BCEAO is the common central bank that issues the currency, the FCFA, and manages the regional monetary and payment framework. The Commission Bancaire de l’UMOA supervises banks and other regulated credit institutions, including authorization, inspections, sanctions and crisis resolution. The Ministry responsible for Finance in Togo is involved in national authorization and capital matters. The Trésor Public du Togo provides certain government payment and account services but is not a bank. At 31 December 2025, Togo had 17 credit institutions: 14 banks and 3 établissements financiers à caractère bancaire. Banks included Bank of Africa Togo, Banque Atlantique Togo, BIA-Togo, BSIC-Togo, Coris Bank International Togo, Ecobank Togo, IB Bank Togo, Orabank Togo, SIAB, Sunu Bank Togo and UTB, as well as branches of BDM Mali, NSIA Banque Bénin and Société Générale Bénin. The financial institutions included AGF West Africa, African Lease Togo and CRRH-UEMOA. A bank authorized in one UMOA member state can provide services or establish a branch across the Union under the single-approval framework and its applicable rules. From 1 January 2024, the minimum capital requirement is FCFA 20 billion for banks and FCFA 3 billion for credit financial institutions, with a transition period ending on 31 December 2026. People and companies commonly use current accounts, savings accounts, term deposits called DAT, cards, bank transfers, cheques, direct debits, cash deposits and withdrawals, and digital banking through apps, websites or USSD. DAB or GAB are cash machines, and TPE are electronic payment terminals. GIM-UEMOA supports regional card and mobile-payment interoperability. Interbank cash withdrawals through GIM are capped at FCFA 500 including tax. SICA-UEMOA clears retail payments, while STAR-UEMOA settles large or systemically relevant transfers. Opening an account normally involves an application, valid identification such as a national identity card, passport or driving licence, proof of address, photographs and a specimen signature. Banks may request a residence permit or notarized documents from foreign or non-resident customers. Companies generally provide their RCCM registration, articles of association and information about authorized signatories. Exact documents depend on the bank and product. The researched sources do not establish a general automatic right to a bank account in Togo, so access remains subject to the bank’s customer-identification and anti-money-laundering checks. Savings and term-deposit products differ in access and return. A current account supports regular payments, a savings account or livret holds savings, and a DAT locks funds for an agreed term. In the second half of 2025, observed DAT rates in Togo ranged approximately from 2.5% to 4.25% at the lower end and from 4.2% to 7.0% at the higher end; contractual savings products were approximately 3.5% to 5.0% where offered. Banks set product conditions and rates, and no uniform minimum initial deposit has been verified. The FGDR-UMOA deposit guarantee covers eligible FCFA demand and term deposits, savings books and plans, current-account credit balances and direct claims against a bank. Coverage is limited to FCFA 1,400,000 per depositor and institution for banks and FCFA 300,000 per depositor and savings-and-credit institution. Large balances therefore do not receive full protection through the guarantee. Electronic-money issuers, payment institutions and savings-and-credit institutions provide functional alternatives or additional access points. Togo’s electronic-money services include TMONEY and YASS, while bank-linked or provider-linked services include Flooz, TMONEY, Gozem Money and Coris Money. Payment institutions identified by 28 February 2026 included INTOUCH Togo, OLLO AFRICA and SEMOA Togo. Savings-and-credit institutions, also called SFD or IMF, can serve users with limited access to conventional bank branches, but they are not banks. Mobile money is widely accessible through agents and mobile phones: in 2024, Togo recorded 12,553,441 mobile-money accounts, of which 6,069,075 were active, with an activity rate of 48.35%, 81,137 service points and 387,317,332 transactions worth FCFA 4,110,201 million. PI-SPI provides interoperable instant payments across the UMOA region around the clock. It supports telephone numbers, QR codes and other aliases, settles in less than ten seconds and is fee-free for private-customer payments under the platform rules. Togo participants listed at 31 July 2026 included BIA, BOA, BSIC, Coris Bank, Ecobank, Orabank, Sunu Bank, Mixx Togo and Cofina. Other services remain subject to the provider’s tariff. BCEAO-listed free services include account opening, issuing and maintaining a savings book, one account statement per month, the annual fee summary, cash deposits and withdrawals at the customer’s own institution, salary domiciliation, changes to identity details, setting up standing orders or direct debits, account closure, use of the institution’s own cash machine, card payments within the UMOA, internal account-to-account transfers, cheque collection within the UMOA and receipt of national, regional or international transfers. A fiscal stamp may still apply, and other fees depend on the bank or provider. For example, Ecobank Evolution states an operational period of approximately 24 to 48 hours for relevant services. Banks and payment providers should give clear tariff information, account and fee statements and secure payment services. A payment institution should respond to a complaint within seven working days. If the internal complaint process does not resolve the matter, the customer can use the Commission Bancaire’s e-reclamation process or mediation channels where applicable. Customers should keep identification and customer-information records current, maintain sufficient funds for payments and protect PINs, one-time passwords and biometric credentials. Phishing, identity theft, card and cash-machine fraud, compromised PINs or one-time passwords and internal fraud are key risks. Use only the provider’s official application, website or service point, never disclose banking credentials by email or telephone, avoid public devices for banking and request a card or account block immediately after loss or suspected misuse. Banks and payment providers are expected to protect the security, availability, integrity, confidentiality and traceability of payment services. No verified national difference between cities or regions is established in the available research, although branch and cash-machine coverage can differ locally and mobile-money agents are generally more widespread.