FINTECH AFRICA | Togo’s Gozem to Launch Gozem Money Following a Rapidly Expanding Mobile Money Market in the Country

Gozem, a Togolese digital services app has announced its intention to launch Gozem Money in its home market of Togo.

Gozem was launched in 2018 in Togo with the mission to bring world-class digital services to under-served populations in West and Central Africa, starting with the transport/mobility sector. The company offers diverse ride-hailing services on its platform, including motorcycle-taxis, car-taxis, and tricycle-taxis, as well as grocery delivery, food delivery, and other offerings.

The company is now launching a mobile money service called Gozem Money. This latet offering, developed in partnership with Togo’s NSIA Bank, is set to debut in the fourth quarter of 2024.


The move comes after Gozem acquired Moneex, a Beninese startup specializing in electronic payments which has helped Gozem speed up its entry into West Africa’s financial market.

Gozem customers in Togo will be able to use their Gozem wallet for various financial transactions, including:

• Paying bills
• Making purchases both within and outside the Gozem ecosystem
• Transferring money to other users, and
• Efficiently managing their personal finances

Togo will serve as the launchpad for Gozem’s financial services, with plans to extend the service to other countries where Gozem is already active, such as:

• Benin
• Gabon, and
• Cameroon

Togo was strategically chosen for the launch due to its rapidly expanding mobile money market. By the first quarter of 2024, the total value of mobile money transactions in Togo had reached CFA 917 billion ($1.54 billion), marking a 3% increase from the previous quarter. This growth is primarily fueled by:

• Togocom’s TMoney service, which commands 61% of the market, and
• Moov Africa Togo’s Flooz, which holds the remaining 39%.

TMoney saw an 11% rise to CFA 649 billion, while Flooz experienced a 12% decline to CFA 269 billion.

With a mobile money penetration rate of just 42.4% among Togo’s 8 million residents, there is potential for growth, particularly when compared to Benin, which is highlighted as the next likely target market for Gozem Money. In Benin, mobile money penetration is at 89%, driven by an interoperable market dominated by major providers such as MTN, Moov, and Celtis, the state-run operator.

“The launch of Gozem Money is a natural evolution of the Gozem application, which aims to be a super app that simplifies the lives of its users.

Initially available in Togo, Gozem Money will enable our clients and partners to conduct financial transactions swiftly through their app, both in the Gozem ecosystem and with external entities,” said Jean-Martial Moulaud, COO and Group Director of Gozem.

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