Democratic Republic of Congo (DRC)-based fintech startups have partnered with the government to launch an association. The goal of the collaboration is to accelerate financial inclusion in the African country. By partnering with the government, the association will play a crucial role in shaping “policies that encourage investment, competition, and access to financial services.”
Bolstering Financial Inclusion in the DRC
Fintech startups based in the DRC have reportedly collaborated with the government to form an association aimed at bolstering financial inclusion in the country. This association, known as the Congolese Fintech Network (CFN), will seek to enhance access to investment opportunities and promote information sharing.
Joel Tshilumba, a member of the CFN, stated that the DRC government plays a crucial role in the association’s objectives. The CFN is also striving to establish reliable communication channels with DRC officials.
“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,” Tshilumba said.
As noted in the Techcabal report, the plans to launch the association are already supported by 15 fintech startups. Their goal is to build a cooperative and efficient fintech industry in the DRC. Other prominent members of the association include a major African bank, global accounting firms, and the accounting firms Deloitte and Pricewaterhouse Coopers (PWC).
Despite the progress, which includes a local fintech startup raising $500,000, Tshilumba said more needs to be done to boost the country’s financial inclusion rate. On why the fintech startups have chosen to work with the government, Tshilumba stated:
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.
Meanwhile, Tshilumba revealed that his association plans to present a progress report to the public, as well as outline its strategy to narrow the financial exclusion gap.