During the 5th plenary session of the first ordinary session of the National Assembly in June 2023, Togo introduced a revised law on electronic transactions.
This initiative is intended to align the existing regulations with the emerging issues and challenges presented by electronic transactions. The aim is to ensure that the legal framework effectively addresses the evolving landscape of digital transactions.
While e-commerce adoption among citizens in Togo is currently limited, with an estimated 6% participation based on 2019 data, the sector is gradually expanding. One of the key drivers of this growth is the increasing popularity and usage of mobile money services.
The development of mobile money has played a significant role in facilitating online transactions and enabling more individuals to engage in e-commerce activities in Togo.
“This bill guarantees inclusive, secure and rapid digitization in the service of socio-economic development.“ said the Assembly.
“The other merits of the law include the strengthening of the rules relating to electronic copying and the preservation of the qualified electronic signature, the regulation of the electronic seal and the digital safe, as well as the increase in the obligations weighing on trusted service providers in the event of default.”
During the parliamentary proceedings, Cina Lawson, the Minister of the Digital Economy and Digital Transformation, expressed her satisfaction with the approval of the bill. She highlighted that the objective of the bill is to foster digital trust, promote the widespread adoption of information and communication technologies, and serve as a significant step towards the modernization and digital transformation of Togo.
The Minister emphasized the importance of establishing a solid legal framework to support the country’s digital initiatives and enable the realization of its digital transformation goals.
Togo is one of the leading countries globally when it comes to DeFi adoption.
In 2021, the West- African nation was the only African country ranked in the top 20 on Chainalysis’ DeFi Adoption Index. The country of just 8 million was also ranked 3rd in Africa and 9th in the world on Chainalysis 2021 Crypto Adoption Index.
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