Financial Sector Development programme (FSD) Africa and Equity Bank Congo has partnered to boost financial inclusion in the Democratic republic of Congo in target of the unbanked in rural areas. The project is worth $2.8 million and will last for three year. It intends to train and enroll up to 4,000 people to become bank agents within 22 provinces in DRC. The ’Equity Cash Express’ agents will help the unbanked populations in the rural areas access financial services- savings accounts, credit and micro-insurance products, after their training.
The project aims to open one million new savings accounts, approve over 10,000 loans and issue up to 5000 insurance products by 2021. This aims at getting farmers and small businesses to access a large portion of its products who until now have had limited access to formal financial services. Out of a population of 88 million, over 25 million has remained excluded from the financial system, while only 14 percent of people have an account at a financial institution. Access to financial services has been limited outside DRC’s key economic zones of Kinshasa, Matadi, Lubumbashi, Kivu and Goma.
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Paul Musoke, Director, Financial Institutions, FSD Africa said, “We know that when people in fragile states, like DRC, have better access to financial services their lives improve, and the economy grows. 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, improving their livelihoods and resilience while demonstrating the potential of agency banking in a fragile and conflict-affected state such as DRC.”
Celestin Mukeba, Managing Director of Equity Bank Congo said: “At Equity Bank Congo, 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. Our new service, ‘Equity Cash Express’, will allow our 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.”
She also said the authorized 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 generate additional income for our Equity Bank agents, who will earn paid commissions from working with us. Our partnership with FSD Africa will support us to expand our services across the country, benefiting our bank and our customers in the long-term.” She said.
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