The Coopérative d'épargne et de crédit Kara (COOPEC) and COOPEC Prospérité, resulting from the merger of Coopec Kara, Kandé, Niamtougou, and Ariziki de Bafilo, held an extraordinary general assembly (AGE) on November 14 in Kara, Togo. The meeting aimed to inform cooperative members about new institutional arrangements in line with the country's microfinance reforms, particularly the March 24, 2026 law regulating microfinance in Togo.
The assembly allowed members to adopt new texts in accordance with the new law and related resolutions, enabling the two structures to continue their activities while adhering to the existing legal framework. This move seeks to consolidate their achievements, better serve the population, and operate according to prevailing norms for the benefit of cooperative members and local development. Key discussions included the transformation of COOPEC Kara into a cooperative society with a board of directors (COOPEC-CA).
During the assembly, members examined and adopted new statutes, a uniform internal regulation for COOPEC, and a new network convention with FUCEC-Togo, along with the network's financial regulation. The election of the COOPEC-CA board members, president, and vice-president was also on the agenda. The presentations and debates, led by COOPEC Kara's director, Lamboni Patrice, helped cooperative members grasp the new stakes and advantages offered by this institutional transformation.
The new regulations will be documented to serve as a guide for cooperative members. At the end of the assembly, Padayodi Essoham Abalo, the outgoing president, was reappointed as president of the board of directors (COOPEC-CA) for COOPEC Kara and COOPEC Prospérité, with a new three-year term that can be renewed once. He leads a seven-member bureau, including five men, to oversee the two financial structures.
The representative of the Kara region's governor, M. Akey Vignon, welcomed the COOPEC's commitment to comply with financial legislation and regulations. He emphasized the state's presence at the meeting as a demonstration of its proximity to grassroots financial structures and expressed readiness to support COOPEC initiatives within the legal and regulatory framework.
M. Akey highlighted the importance of supporting structuring projects that boost local life and strengthen social cohesion. COOPEC Kara's director, Lamboni Patrice, expressed satisfaction with the strong mobilization of cooperative members, who understood the need to follow the innovations proposed by the new law.
The reappointed president, Padayodi Essoham Abalo, reiterated his commitment to working according to the new framework for the benefit of cooperative members and local development. Key points include the adoption of a new institutional framework, election of a new board of directors, and commitment to operate within the existing legal and regulatory framework.
Key points
- Adoption of new institutional framework in line with Togo's microfinance reforms
- Reappointment of Padayodi Essoham Abalo as president of COOPEC Kara and COOPEC Prospérité
- Commitment to operate within the existing legal and regulatory framework
