In the Democratic Republic of Congo (DRC), fintech startups have joined forces with the national government to form an alliance aimed at fostering financial inclusion throughout the nation. This new association, dubbed the Congolese Fintech Network (CFN), is committed to enhancing the regulatory environment to stimulate investment, competitive practices, and broader access to financial services.

Advancing Financial Inclusion Efforts in the DRC

The creation of the CFN by DRC-based fintech startups, in collaboration with the government, signifies a strategic move to improve financial inclusion across the country. The CFN aims to facilitate greater access to financial investments and foster a culture of knowledge exchange within the sector.

Joel Tshilumba, an active member of the CFN, highlighted the crucial role the DRC government plays in the network's ambitions. Efforts are underway to forge effective communication pathways with Congolese government representatives to ensure mutual benefits and collaborative success.

“Our aim is to set up robust frameworks for engagement that will enable fruitful cooperation between fintech ventures and the government, particularly through the establishment of direct and consistent dialogue with government officials,”

explained Tshilumba.

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According to a report, the initiative has already garnered support from 15 fintech startups, all driven by a collective vision to cultivate a more collaborative and dynamic fintech ecosystem in the DRC. The network also boasts membership from leading financial institutions, including a notable African bank and renowned accounting giants Deloitte and PricewaterhouseCoopers (PWC).

Despite a significant fundraising milestone by a local fintech startup, which secured $500,000, Tshilumba emphasizes the necessity for ongoing efforts to elevate the nation's financial inclusion rates. The decision to collaborate closely with the government and other stakeholders is strategic, aimed at influencing policy development to spur investment, foster competitive practices, and enhance service accessibility, ultimately supporting technological innovation that extends financial services to the unbanked and underbanked populations.

Tshilumba also shared plans for the CFN to release a public report detailing its progress and strategies for closing the financial exclusion gap, demonstrating the network’s commitment to making tangible strides towards financial inclusivity in the DRC.