Banking of the population in sub-Saharan Africa: How banks seek to convince and include the Congolese population
Sub-Saharan Africa is a region where economic development is still slow and where a large part of the population is excluded from the financial system. In countries like the Democratic Republic of Congo, where financial exclusion is particularly worrying, banks are trying to convince people of the benefits of banking and the importance of their activity for the development of the country.
Despite the presence of several banks on the Congolese market, the banking rate remains extremely low, with only 13% of the population having access to banking services. The remaining 87% have money but are unable or unwilling to deal with traditional banks. It is therefore up to the banks to find innovative ways to reach this population and develop their physical network.
To facilitate access to the banking system, Congolese banks can draw inspiration from solutions implemented in other sub-Saharan African countries. Some banks have already employed agents traveling on motorbikes to meet people, while others have set up mobile branches installed on board trucks to reach remote areas. At the same time, banks are also developing tools based on mobile telephony and information and communication technologies (ICT). Many Congolese banks now offer mobile apps that allow users to manage their bank account remotely and perform basic transactions. Some banks, such as BGFIBank RDC, even offer the possibility of opening an account entirely online. These initiatives aim to expand access to banking services for Congolese, knowing that nearly 50% of the population has a smartphone.
However, the issue of banking is not based solely on physical access to banking services. Banks also need to convince people of the importance of the banking system and the benefits it can provide. Some banks have therefore developed mixed tools, such as networks of banking intermediaries or salary cards. These tools aim to facilitate the integration of workers in the informal sector into the banking system by offering them services adapted to their needs, such as loans and guarantees. For example, the salary card offered by BGFI Bank RDC allows companies to give their employees secure access to their salary, whether via a debit card for banked employees or a prepaid card for unbanked employees.. These initiatives seek to create a link between the formal sector of the economy, which is largely banked, and the informal sector, which represents a significant share of employment in the DRC.
In conclusion, the banking of the population in sub-Saharan Africa, and particularly in the Democratic Republic of Congo, is a crucial issue for the economic development of the country. Banks need to find innovative ways to reach people excluded from the financial system and convince them of the benefits they have to offer. By combining physical solutions and tools based on new technologies, banks can help foster financial inclusion and strengthen the country’s economic development.