Togo's COOPEC Lumière Mango Adopts New Microfinance Regulations

The Cooperative Savings and Credit Union (COOPEC) Lumière de Mango in Togo has adopted new regulations for microfinance institutions in the West African Economic and Monetary Union (UEMOA). The adoption took place during an extraordinary general assembly held on November 10 in Mango. The assembly was organized with the support of the Federation of Cooperative Savings and Credit Units of Togo (FUCEC-Togo). The goal was to allow members to familiarize themselves with the new law regulating microfinance in Togo.

The new law, which came into effect on March 4, 2026, aims to strengthen the regulation of microfinance institutions in Togo. The law requires microfinance institutions to adapt to new governance and capital social requirements. The minimum capital social has been set at 10 million FCFA. During the assembly, the director of COOPEC, Kombaté Balankemate, presented the changes made to the affiliation agreement with FUCEC-Togo, as well as the innovations introduced in the statutes and internal regulations.

The new regulations transform COOPEC Lumière de Mango into a Cooperative Society with a Board of Administration (SCOOP-CA). The regulations also provide for the creation of investment funds and the elimination of dispute resolution through arbitration. Members of the Board of Administration who fail to perform their duties will face sanctions. The new Board of Administration, composed of six members, is chaired by Baba Anas, with Tchédé Rachidatou serving as vice-president.

The representative of the director general of FUCEC-Togo, Adobah Akouété Jacques, stated that the reform opens a new era for microfinance institutions. He emphasized that the reform reflects the government's commitment to strengthening governance, financial solidity, and contribution to economic development. He encouraged members to familiarize themselves with the new regulations and disseminate them in their communities.

The secretary general of the Oti prefecture, N'Gbamou Koya, highlighted the role of microfinance institutions in promoting financial inclusion and entrepreneurship among women and young people. He believes that the reform will contribute to better protection of members' savings and more effective management of institutions. He reaffirmed the local authorities' commitment to supporting FUCEC-Togo in achieving its objectives.

The new president of COOPEC Lumière Mango, Baba Anas, called on members to prioritize synergy and support him in ensuring effective management and promoting the cooperative's growth. The assembly was attended by various stakeholders, including representatives from FUCEC-Togo and local authorities. The adoption of the new regulations marks a significant step towards strengthening the microfinance sector in Togo.

The COOPEC Lumière Mango's adoption of the new regulations demonstrates its commitment to operating within the framework of the new law. The cooperative's transformation into a SCOOP-CA will enable it to benefit from the new regulations and contribute to the growth of the microfinance sector in Togo. The sector is expected to play a crucial role in promoting financial inclusion and economic development in the country.

Key points

• The new regulations require microfinance institutions to have a minimum capital social of 10 million FCFA.
• The reform aims to strengthen governance, financial solidity, and contribution to economic development.
• The COOPEC Lumière Mango has been transformed into a Cooperative Society with a Board of Administration (SCOOP-CA).