The Bank of Africa of Togo (BOA-Togo) has signed a landmark CFA1 billion financing deal with the Federation of Women Entrepreneurs and Businesswomen of Togo (FEFA-Togo). This 12-month partnership aims to empower women entrepreneurs by providing tailored financial support and business development resources.
The agreement, signed on May 17th in Lomé, marks a significant collaboration between two key players in Togo’s economic landscape. Youssef Ibrahimi, CEO of BOA-Togo, highlighted the potential impact, stating, “This partnership is a catalyst for Togo’s economic and social development by fostering female-led businesses.”
Candide Bamezon-Leguede, President of FEFA-Togo, emphasized the unique opportunity this deal presents. “This is a groundbreaking initiative for the region,” she said. “It provides flexible financing specifically designed for the needs of Togolese businesswomen, creating genuine and sustainable opportunities for them.”
The multifaceted program offers a three-pronged approach. Firstly, pre-financing support will help women navigate the bureaucratic hurdles often faced by entrepreneurs. Secondly, the program will assist with the document preparation process, streamlining the loan application journey. Finally, post-financing support will ensure effective utilization of funds to maximize their impact on businesses.
Beyond financial backing, the program also provides crucial business development tools. Entrepreneurship training, encompassing financial literacy and business management skills, will be complemented by coaching and peer-to-peer mentoring programs.
“Together,” Bamezon-Leguede stressed, “we can dismantle barriers, bridge the gender gap, and create an environment where all Togolese women can achieve their entrepreneurial aspirations.” This partnership signifies a significant step towards empowering women in Togo and fostering a more inclusive and thriving economy.
