- Title: TOGO: New banking service to strengthen financial links ties around West Africa
- Date: 14th May 2009
- Summary: LOME, TOGO (RECENT) (REUTERS) MAN WALKING PAST AN ATM MACHINE CLOSE UP OF PLACARD READING "GUICHET AUTOMATIQUE DE BANQUE" (ATM CASH MACHINE) VARIOUS OF WOMEN USING THE ATM CASH MACHINE BLAISE AHOUANTCHEDE, DIRECTOR, WEST AFRICAN MONETARY BANKING GROUP CLOSE UP OF AHOUANTCHEDE'S HAND (SOUNDBITE) (French) BLAISE AHOUANTCHEDE, DIRECTOR, WEST AFRICAN MONETARY BANKING GROUP, SAYING "We are currently succeeding in installing a regional instrument, combining both financial and economic factors. It is financial because it facilitates exchanges between the main actors, primarily among banks because usually when you are a bank customer you go to your bank for services. But now, thanks to the ATM card, you can now do banking in all the member countries. This is a genuine vehicle for integration." EXTERIOR OF A BANK IN LOME (SOUNDBITE) (French) TAKOUGNADI ELOUDJA, DIRECTOR, REGIONAL SOLIDARITY MONETARY BANKING PROJECT, SAYING "This card comes at a good time. It provides people with a way of paying without having to encounter any barriers, so it's really a great integration project." PEOPLE AT COUNTER IN BANK (SOUNDBITE) (French) KADJA BATETIMA, BUSINESSMAN, SAYING "Bank cards are a very good solution for our people because now we have a way to replace cash because you know all the risks involved in handling cash, you can lose money, or it get stolen." GENERAL VIEWS OF LOME
- Embargoed: 29th May 2009 13:00
- Keywords:
- Location: Togo
- Country: Togo
- Topics: International Relations,Finance
- Reuters ID: LVA41YDWM1KICFSDCX41SGA9KVBC
- Story Text: A new banking service has been launched in West Africa which is aimed at providing easier access to funds for customers in eight countries.
The service is an initiative of the Central Bank of West African States (BCEAO) to strengthen economic links between the countries that make up the West African Economic and Monetary Union (UEMOA).
Customers will be given an interbank ATM cash card which they can use in most parts of the region without incurring extra charges.
"We are currently succeeding in installing a regional instrument, combining both financial and economic factors. It is financial because it facilitates exchanges between the main players, primarily among banks because usually when you are a bank customer you go to your bank for services. But now, thanks to the ATM card, you can now do banking in all the member countries. This is a genuine vehicle for integration," said Blaise Ahouantchede, who runs the West African Monetary Banking Group.
Currently, 86 banks in the region have signed on to use the new banking service, which will offer customers interest rates of between 5 to 6 percent.
"This card comes at a good time. It provides people with a way of paying without having to encounter any barriers, so it's really a great integration project," said Takougnadi Eloudja, who heads the Regional Solidarity Monetary Banking project.
Members of UEMOA are Togo, Niger, Senegal, Ivory Coast, Benin, Burkina Faso, Mali and Guinea Bissau. These countries all use the same currency, the CFA franc.
"Bank cards are a very good solution for our people because now we have a way to replace cash because you know all the risks involved in handling cash, you can lose money, or it get stolen," added Kadja Batetima, a Togolese businessman who has signed up for the new service.
UEMOA estimates that its activities affect about 84 million people within the region. - Copyright Holder: REUTERS
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