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.　©　2020　ACM.