Table of Contents
Introduction
The Democratic Republic of the Congo is a very large country in sub-Saharan Africa and is particularly famous for its mineral resources. In this article, we look at the top 10 banks in the Democratic Republic of the Congo, and discuss the types of services they offer and their role in the financial sector of the country.
1. Rawbank
The biggest bank in the Democratic Republic of the Congo is Rawbank, with a good presence in the towns and villages. It provides banking services such as individual and company accounts, banking and investment products. It is important to mention that Rawbank has become popular for its efforts to financial inclusion, especially through the mobile banking service that allows customers to transact from the mobile bank application.
Case Study: The mobile banking service of Rawbank has been very effective in extending financial services to the rural population. As a result of offering a simple, easy, fast, and accessible way of saving, sending and borrowing money, Rawbank has made it easier for people and small enterprises to deal with the formal financial sector.
2. Banque Commerciale du Congo (BCDC)
BCDC was established in 1909 and is one of the oldest banks in the Democratic Republic of the Congo. It provides current and savings accounts, loans, and trade finance as its banking products. BCDC is especially strong in its corporate banking, which provides product and services for the mid to large enterprises.
Statistics: With more than 100 branches, BCDC is one of the biggest banks in the country. In 2020, the assets of the bank were assessed at $1.2 billion, which shows its good financial situation.
3. Equity Bank Congo
Equity Bank Congo, a subsidiary of Equity Group Holdings, a major banking group in East Africa, offers product and services for personal and business banking. The bank is a leader in the use of technology to extend financial services to the unbanked in the remote areas.
Example: Through the mobile banking service, Equity Bank Congo gives its clients the opportunity to open an account, make transfers and apply for loans through their mobile phones which is a great advantage to those who could not easily access the normal banking system.
4. Banque Internationale pour l'Afrique au Congo (BIAC)
The latter is a commercial bank that provides many banking and financial services. The bank concentrates on corporate banking and provides financial services for large infrastructure projects and foreign trade.
Example: BIAC has also made a significant contribution in the financing of Inga III hydroelectric dam which is expected to be one of the biggest hydroelectric power stations in the world. Besides fulfilling the energy needs of the country, this project is also expected to create employment and thus stimulate economic development.
5. Banque Africaine de Développement (BAD)
AfDB is a multilateral development financial institution that provides financial and technical support to many countries in Africa. In the Democratic Republic of the Congo, the AfDB has been active in the banking sector through the private sector lending.
Statistics: In 2020, the AfDB approved a $100 million loan to support the development of the banking sector in the Democratic Republic of the Congo. This funding is expected to increase the capital base of the banks and, in turn, help them to expand their services to the public and firms.
6. Banque Nationale de Crédit (BNC)
BNC is a commercial bank that offers a number of products and services, including checking and savings, business, and personal accounts, loans, and trade finance. The bank has a strong presence in the urban areas because of its good banking services.
Example: The implementation of online and mobile banking has greatly improved the standard of service and accessibility for BNC’s customers, who can now conduct their banking anytime and from anywhere without having to visit a branch.
