The Beninese State has announced the acquisition of Société Générale Bénin as well as its branch in Togo. This acquisition aims to ensure the continuity of essential banking services for citizens. The government spokesperson explains the decision taken by the Council of Ministers on 31 July last year.

According to Wilfried Léandre Houngbédji, the government's decision responds to a need to protect the interests of Beninese people. He said that “by taking control of Société Générale Bénin, the State thus guarantees the stability of the banking system and prevents possible disturbances that could harm citizens.” This acquisition will be a significant milestone in the evolution of its banking policy. According to the government spokesperson, it reflects a deliberate strategy to ensure financial stability, an essential pillar for economic growth and investor confidence

It should be noted that by strengthening its control over banks, which are key institutions in the economy, the Government of Benin seeks to secure a sector considered strategic for national development.

The sale agreement, which provides for the transfer of 93.43% of the parts owned by the French group, is currently being finalized. However, the competent authorities, both nationally and internationally, have yet to give their approval. Thus, the process should be completed in the first quarter of 2025.