• 71% of consumers say lending rates remain non-competitive across African markets.

• Over 54% of respondents cite a lack of transparency on interest rates and repayment terms.

• Nearly one-third of users report dissatisfaction with credit access conditions, reflecting weak trust.

High interest rates continue to shape credit access conditions across Africa, while many users struggle to secure financing on affordable terms.

The African Consumer Organization (OAC) released the findings of a pan-African survey on financial services satisfaction in Lomé. The survey shows mixed perceptions across the continent.

Dr. Emmanuel Sogadji, OAC executive director and president of the Togolese Consumer League (LTC), presented the figures to the public on Wednesday, March 25, in Lomé. The survey covered 10,655 respondents across 23 countries.

The survey shows that 28.2% of users express dissatisfaction with credit allocation and recovery conditions, while 31.8% adopt a neutral stance, signaling a lack of confidence.

On transparency, 54.1% of respondents report insufficient clarity on interest rates, while 59.7% say institutions provide inadequate information on repayment timelines.

At the same time, more than seven out of ten consumers (71%) say lenders apply non-competitive rates, while 58% describe recovery procedures as too restrictive.

These findings come as access to financing remains limited for a large share of the population, particularly in West Africa, including Togo.

Although the survey does not provide country-level breakdowns, the trends reflect similar conditions across national markets, where high borrowing costs and strict access requirements persist.

However, respondents rate customer reception within financial institutions more positively, indicating progress in client relations.

The OAC says policymakers should use these findings to guide sector reforms. The organization urges authorities to strengthen transparency, regulation, and financial education in order to improve inclusion and rebuild user trust.

This article was initially published in French by Ayi Renaud Dossavi

Adapted in English by Ange J.A de Berry Quenum