Equity Bank Congo and FSD Africa are implementing an agency banking project to target the unbanked in rural areas.
And Equity Bank Congo says that up to 1 million people in rural Democratic Republic of the Congo will benefit.
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In particular, farmers, young people, women and small businesses in the DRC will gain better access to financial services.
A three-year $2.8m project will train and enrol at least 4,000 bank agents across 22 of DRC’s 26 provinces.
Once trained, the “Equity Cash Express” agents will help the unbanked sign up for savings accounts, credit and micro-insurance products.
Equity Bank Congo ambitious targets
By 2021, the project aims to open one million new savings accounts, approve 10,000 loans and issue 5,000 insurance products.
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By GlobalDataPoor infrastructure, a large geography and a prolonged civil war means financial inclusion rates in DRC remain low. Out of a population of 88 million, more than 25 million remain excluded from the financial system. Only 14% of people have an account at a financial institution.
Specifically, access to financial services remains limited once outside DRC’s key economic zones of Kinshasa, Matadi, Lubumbashi, Kivu and Goma.
Paul Musoke, director, FSD Africa says: “FSD Africa is supporting Equity Bank’s vision of providing inclusive financial services to all. This project will increase access to finance for previously unserved and underserved customers in DRC.
Equity Bank Congo: more than 2,100 agents
Celestin Mukeba, MD, Equity Bank Congo says: “We have been implementing state-of-the-art Agency Banking technology for over three years.
Today we have more than 2,100 accredited agents, working across Kinshasa, central Kongo, Bandundu, the two Kivus and Grand Katanga. Equity Cash Express allows clients to carry out banking transactions quickly, easily and safely via our network of accredited agents.
“Thanks to “Multipay”, Equity Cash Express will also give customers of three other partner banks the opportunity to make withdrawals. Our authorised agents can be traders, food stores, pharmacies and other forms of shop, throughout the DRC.
“This new local service will reduce the cost of banking transactions for our clients. And it will generate additional income for our Equity Bank agents, who will earn paid commissions from working with us.”
Created in 2012, FSD Africa is a financial sector development programme funded by the UK government.
