ABIDE TCHEWAFEI
ABSTRACT
The financing of the agricultural sector in developing countries has been at the heart of global discussions for decades. The challenges of financing smallholder agriculture have been around for several years, making it necessary to research the elements that undermine this sector. The paper analyses the sources of financing often used when applying for farm credit in Africa and Togo in particular. The data was collected from 440 farmers and 12 financial institutions (banks and microfinance). A binary logit model was used during the analysis. The results showed that the proximity of Financial Institutions (FIs) to rural areas and the access to FIs are factors that influence the choice of the source of financing to which the farmers address them for the financing of their agricultural activities. The results presented a strong correlation between the demand for financing from parents and the demand from FIs. The descriptive analysis showed that smallholder farmers in Togo are more likely to turn to their parents for their activities financing because of the fact that it is not easy for them to access FIs, credit financing from loan sharks is not necessarily depending on, whether or not the farmer has access to FIs. In view of the results of the various analyses, we recommend an expansion of the coverage areas of MFIs present in rural Togo; raising awareness among farmers about the various offers of FIs and building trust between this motor of life in underdeveloped regions of Africa and financial institutions.
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