Banking is a process whereby banks open bank accounts to the entire population (households, businesses). The annual report of the Banking Commission of the West African Monetary Union (WAMU) reveals that the banking rate increased by 7% in Togo in 2020.

The banking rate refers to the percentage of the population that has at least one bank account. Banking meets both the objective of banks, which is to obtain the resources essential to the development of their credit activity, and that of the public and monetary authorities, which is to control the creation of money and the various money flows. According to figures published by WAMU, citizens holding bank accounts in credit institutions in Togo are estimated at 1,178,587 against 1,099,990, a year earlier. In 2018, the accounts were estimated at 1,001,270 against 745,833 in 2017. In 2020, these accounts are held in 16 structures: 13 banks and 3 financial institutions. This upward trend, which reflects Togo's efforts in the field of digitalization of public services, financial inclusion and mobile money, has been maintained over the past 5 years. Indeed, according to the report, in 2016, there were 958,321 bank accounts held in the books of credit institutions in Togo. Within the sub-region, the number of bank accounts increased by 13.2% to 15.4 million at the end of 2020 against 13.6 million in 2019. In 2018, the number of bank accounts was 12.5 million, 11.4 million in 2017 and 10.1 million in 2016.