(Ecofin Agency) - Few days from now, Togocel users will be able to send and receive money from their mobile phones. The transfer service, TMoney, which was but an idea some time ago has finally been concretized by the subsidiary of Togo Telecom. Now Togocel users will even be able to pay goods and services, bills, buy air time, all from their mobile phones.

For the thousands of Togolese small homes that are still not used to banking given that in Togo bancarisation rate is 64% according to the Central Bank of West African States (BCEAO) report for Q1 2015, the Mobile Money service should open gates that were so far closed. For Togocel, diversifying its business will help it boost its revenues thereby contributing to the financial growth of the state-owned company.

Togocel has been working to develop a mobile money transfer service since 2012 but it was only in August last year that it launched a call to tender to achieve this. Today, mobile money has spread all over the world as an alternative to traditional banking services, especially for populations with low revenues.