Togo introduced a revised law on electronic transactions during the fifth plenary session of the National Assembly’s first regular session in June 2023.

The goal of this endeavor is to match the current laws with the new problems and difficulties brought on by electronic transactions. The goal is to make sure that the legal framework adequately handles how digital transactions are developing as a market.

Although only 6% of Togo’s population presently participates in e-commerce, according to 2019 figures, the industry is steadily growing. The popularity and use of mobile money services, which are rising, is one of the major factors influencing this increase.

In Togo, the growth of mobile money has been crucial in easing online transactions and enabling more people to participate in e-commerce operations.

The Assembly stated that “this bill guarantees inclusive, secure, and rapid digitization in the service of socio-economic development.”

“The other merits of the law include strengthening the rules relating to electronic copying and the preservation of the qualified electronic signature, regulation of the electronic seal and the digital safe, as well as an increase in the obligations weighing on trusted service providers in the event of default.”

Cina Lawson, the minister of the digital economy and digital transformation, expressed her happiness with the bill’s passage during the parliamentary sessions. She emphasized that the bill’s goals are to promote wider adoption of information and communication technology, foster digital trust, and represent an important step in Togo’s modernization and digital transformation.

In order to assist the nation’s digital endeavors and make it possible for it to achieve its goals for digital transformation, the Minister underlined the significance of creating a strong legislative framework.

When it comes to the adoption of DeFi, Togo is one of the top nations in the world.

On Chainalysis’ DeFi Adoption Index for 2021, the West African country was the only one of Africa’s top 20 nations. In addition, the 8 million-person nation was ranked 9th globally and 3rd in Africa on Chainalysis’ 2021 Crypto Adoption Index.