Bank of Africa RDC

Equity : May 2011 - February 2024

BOA RDC is a commercial bank, part of the Bank of Africa Group.

Amount

€ 695,000.00

Type of investment

Equity

Development impacts

Local economic growth
Private sector consolidation/innovation
Financial inclusion
Food security & rural development

Beneficiary locations

Africa: Democratic Republic of Congo

Investment field

Financial Institutions

Activity

KK.64.190 Commercial banking

Organisation

Bank of Africa RDC

Website

https://www.boa-rdc.com/

Domicile

DRC

More investments in

Bank of Africa RDC

Equity € 1,466,000.00 (2010-2024)

The USD 1 M capital increase is aimed at countering the loss booked in the first year of operation, and to develop the agency network.

BOA DRC belongs to the Group Bank of Africa and as such, positions itself as a universal commercial bank collecting deposits, granting credits to various types of clients (retail, SME, Corporate, institutional clients, international organisations ...) and offering different types of financial services. It is an “all public” bank, even though the focus is initially put on the retail, corporate and international segments in order to rapidly build a loan portfolio with a lower risk profile. Once all the sizeable companies of the country have been approached, BOA DRC will focus on the SMEs.

As 2010 was the first year of operation, the direction was more focused on the establishment of the bank (internal organization, recruitments, search for agency locations ...) than on commercial actions.

The development of the retail clientele will however really start once the bank will be able to offer an extended range of services and products supported by marketing campaigns. All the products (Web banking, Visa, Western Union, debit cards, loan & product packages ...) will be made available as from April – June 2011.

Development impacts

Local economic growth
The focus is initially put on the retail, corporate and international segments in order to rapidly build a loan portfolio with a lower risk profile. The idea was to capture all the sizeable companies of the country and then downscale to the SME segment.
Private sector consolidation/innovation
BIO investment should contribute to an increase in product quantity and quality offered to the local population and business

BOA has an objective to expand with 3 agencies a year; financial sector is very underdeveloped in DR Congo; expansion strategy very ambitious compared to competitors; In April 2011, the 4 first agencies were opened: 3 in Kinshasa and one in Goma

Sector is dominated by 5 banks; BoA aims to reach 5% in 2014
Financial inclusion
BoA is deposit taking, aims to increase deposits

Will implement Visa and Western Union
Food security & rural development
Plan to expand to rural areas with BIO investment