The Democratic Republic of Congo (DRC) is the scene of an innovative banking movement that is profoundly impacting access to financial services for previously excluded populations. This phenomenon is embodied through agency banking, also known as mail order banking or remote banking, a revolutionary approach.
This strategy, which is booming in the DRC, allows local banks to extend their territorial reach economically and efficiently. By mobilizing a network of local agents, banking institutions are able to cover remote and rural areas neglected by the traditional banking system. These agents act as relays, offering a range of essential financial services such as cash deposits and withdrawals, payments, fund transfers and account opening, a boon for communities that have historically been left behind.
In a country where the banking rate remains low, agency banking is the undisputed gateway to increased financial inclusion for unbanked populations. No need to travel long distances to access banking services, which simplifies the financial management of households and small businesses, thus promoting their economic empowerment.
In addition, this approach contributes to social inclusion by integrating often marginalized segments of the population such as women and young people. Rawbank, a major player in the Congolese banking landscape, through its Illicocash program, is deploying a vast network of banking agents throughout the country. With more than 600 points of sale already operational in 2023 and the ambitious goal of reaching 2,000 points by 2025, the bank offers its customers the possibility of carrying out banking transactions with ease, without having to go to a physical branch.
The Illicocash mobile application is a modern and secure tool facilitating remote banking operations. In addition to the financial benefits, agency banking generates local employment opportunities, thereby helping to boost the economy and reduce the unemployment rate.
Ultimately, the adoption of agency banking by banks in the DRC represents an essential lever for promoting financial inclusion, transforming the lives of underbanked populations, while breathing a wind of innovation and dynamism into the African banking sector. By broadening their geographical horizons, optimizing their operational costs, promoting the creation of local jobs and strengthening access to banking services for all, banks engaged in this approach are actively participating in building a more inclusive and prosperous society.