Catchy: Congolese fintechs collaborate with government to set industry standard.

March 22, 2024
1 min read

TLDR:

Several fintechs in the Democratic Republic of Congo are partnering with the government to create the Congolese Fintech Network (CFN) in order to increase financial inclusion, ensure information-sharing within the industry, and increase access to investment opportunities. The CFN will include major banks, international organizations, and startups with the goal of making the fintech industry in the DRC more cooperative and efficient. The network will also host a physical conference called Congo Fintech Week in May to showcase progress and discuss plans to increase financial inclusion rates.

Several fintechs in the Democratic Republic of Congo (DRC) are partnering with the government to create a framework, the Congolese Fintech Network (CFN), that aims to increase financial inclusion, ensure information-sharing within the industry and increase access to investment opportunities. The CFN will include major banks like Ecobank and international organisations like Deloitte and PWC.

In Congo, the fintech sector has seen steady growth in recent years, with the largest funding round in Congo‚Äôs fintech space taking place in October. The country’s financial inclusion rate is at 38.5% in 2022, and the government aims to increase this to 55% by 2028. The CFN hopes to advocate for a regulatory and legislative environment conducive to fintech innovation and development.

The CFN follows a trend in Africa where startups are partnering with governments to create industry standards. The network will also host Congo Fintech Week in May and aim to increase Congo’s financial inclusion rate through innovative solutions and collaboration with stakeholders.

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