1 Million To Benefit From New Partnership To Boost Financial Inclusion In DRC
Farmers, youth, women and small businesses in the Democratic Republic of the Congo will gain better access to financial services following the launch of a new project between FSD Africa and Equity Bank Congo.
The three-year US$2.8 million project will train and enroll at least 4,000 people to become bank agents across 22 of DRC’s 26 provinces. Once trained, the “Equity Cash Express” agents will help unbanked populations in rural areas gain better access to financial services including savings accounts, credit and micro-insurance products.
Agency banking, where local people are trained to provide banking services, is proving to be a viable approach for increasing financial inclusion in previously underserved areas. By 2021, the project aims to have opened one million new savings accounts, approved 10,000 loans and issued 5,000 new insurance products.
Photo courtesy of Russell Watkins/DFID.