LAUNCH | The Democratic Republic of Congo (DRC) Startups Collaborate with Government to Launch Fintech Association

The fintechs have already onboarded 15 companies such as MaishaPay, Velex Advisory, and Zando as they aim to foster a highly cooperative and efficient fintech industry in the DRC. In addition to fintechs, the CFN will also include major banks like Ecobank and international organizations such as Deloitte and PwC.

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Multiple fintech companies in the Democratic Republic of Congo (DRC) are collaborating with the government to establish the Congolese Fintech Network (CFN).

According to reports, the association is designed to enhance financial inclusion, facilitate information sharing within the industry, and broaden access to investment opportunities.

 

“The government represents a centrepiece in the accomplishment of our various missions,” said Joel Tshilumba, a board member of CFN.

“We are working on several processes to be implemented to promote effective and beneficial collaboration for both parties, in particular, establishing open and regular communication channels with representatives of the Congolese government.”

 

The fintechs have already onboarded 15 companies such as MaishaPay, Velex Advisory, and Zando as they aim to foster a highly cooperative and efficient fintech industry in the DRC. In addition to fintechs, the CFN will also include major banks like Ecobank and international organizations such as Deloitte and PwC.

While not among the most prominent names in Africa’s startup sector, DRC has also drawn some big funding news most notably Tuma’s $500,000 funding round in October 2023, which marked the largest ever in Congo’s fintech landscape.

In 2023, Congolese startup, Vault Pay, was announced for the Y Combinator Summer 2023 (S23) class making it the third African startup selected for the cohort.

The country is also home to leading Web3 startup, Jambo, which recently launched the first Web3 earn phone, tailored for emerging markets and priced at an astonishing $99.

Tshilumba expresses hope that the association can play a crucial role in advocating for a regulatory and legislative environment conducive to innovation and the advancement of fintechs.

The CFN aligns with a broader trend where startups across Africa, given their growing significance, are collaborating with governments to establish industry standards. For instance, in Nigeria, the startup ecosystem collaborated with the government to implement a startup law regulating all startup operations. Notably, a technology entrepreneur and investor now holds the position of Minister of Technology in Africa’s largest startup ecosystem.

 

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“By working with the government and other stakeholders, it could help shape policies that encourage investment, competition and access to financial services, but above all, play a vital role in promoting financial inclusion by supporting the development of innovative technological solutions that expand access to financial services to underserved population segments,” said Tshilumba.

 

The CFN is set to organize a physical conference named Congo Fintech Week in May 2024. During this event, it will unveil studies to the public outlining its progress and strategies to enhance Congo’s financial inclusion rate. Moreover, the network plans to establish branches in four of the DRC’s major cities:

  • Kinshasa
  • Goma
  • Lubumbashi, and
  • Matadi

 

 

 

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