Digital finance initiatives expand across Togo and Madagascar

Digital finance initiatives are expanding across Africa, focusing on modernizing traditional practices and increasing mobile payment adoption. In Togo, the fintech Ohana Africa has launched a digital platform designed to modernize collective savings and traditional tontine systems. The application, available on Android and iOS, allows users to create groups for family, business, or organizational savings through simple digital invitations. The initiative aims to support the Central Bank of West African States (BCEAO) and microfinance institutions in reducing cash dependency and promoting financial inclusion.

In Madagascar, mobile money provider Mvola is shifting its strategy toward merchant payments to deepen financial services usage. With approximately 4 million users and 50,000 participating merchants, the company is implementing a model where customers face zero fees for merchant payments, with costs covered by the merchants. To support local commerce, Mvola is also offering merchants three free cash withdrawals per week up to 250,000 ariary.