AFI’s work continues in Africa where there is high demand to open up banking to a greater part of the population. Last October, the Banque Centrale du Congo (BCC) or Central Bank of the Democratic Republic of the Congo (CBC) joined the AFI network. According to the latest microfinance report from the CBC, less than 15 percent out of a total population of over 70 million has used financial products. Given the huge size and geographical barriers in this central African state, there is great potential for mobile financial services.

In a recent visit to the DRC, AFI staff Simone Di Castri and Merle Wangerin discussed the potential of mobile financial services with the CBC. The Governor of the CBC, Jean-Claude Masangu Mulongo, said the bank must move away from the traditional functions of a Central Bank by not only providing services on the macroeconomic level, but by providing services on the microeconomic level as well. This is in line with the bank’s vision to create the conditions for engaging the poor in the formal financial system. He also said that the CBC is keen to find “inspiration from the latest and best practices” concerning financial inclusion policymaking globally.

Already contained within the CBC’s strategic plan for 2010–2013 are national payments systems to broaden the coverage of financial services in the DRC. The Governor feels it is his responsibility to undertake this plan so as to bring greater financial services to the large and diverse population of the country. In support of these efforts, AFI and the CBC are discussing grant opportunities.

The challenges in the DRC are great, but with the promotion of mobile financial services at least one of these challenges can be met with the adoption of technological solutions that benefit the poor.

In the future, AFI will continue to explore possibilities to support the CBC’s vision of deepening financial services for the Congo’s poor. For its part the CBC has expressed interest in coming to the next GPF in Mexico this September and becoming active in the online member zone.