• Fidelity Bank plans expansion into underbanked DRC market
• New subsidiary to support digital projects, financial inclusion
• DRC banking penetration remains low at just 6%

Fidelity Bank, one of Nigeria's leading financial institutions, has announced its intention to establish a lasting presence in the Democratic Republic of Congo (DRC). Fidelity Bank's managing director, Nneka Onyeali-Ikpe, met with the Congolese Minister of Digital Economy, Augustin Kibassa Maliba, in Kinshasa on Thursday to discuss the plan. Onyeali-Ikpe stated that the Congolese subsidiary would focus on funding digital projects and financial inclusion.

If the expansion proceeds, Fidelity Bank would become the 16th active bank in the DRC and the fourth Nigerian-owned institution, joining Access Bank, FirstBank and United Bank for Africa (UBA). The Congolese government views the move as a way to broaden financing options for small and medium-sized enterprises (SMEs), tech startups, and public digital transformation initiatives. Fidelity Bank is already involved in a project to launch a Congolese satellite aimed at improving internet connectivity and bolstering the digital economy.

An Underveloped Banking Market

The DRC's banking sector remains significantly underdeveloped. In 2024, with a population exceeding 100 million,  the country had approximately 15 commercial banks, most of which were subsidiaries of foreign banking groups. The banking penetration rate was only about 6% in 2022, well below the African average of 15%. Additionally, bank loans to the private sector accounted for just 9% of GDP in 2023, compared to a continental average of 25% to 28%.

Also, according to the Central Bank of Congo, total bank deposits reached $12.87 billion by the end of May 2024, with households contributing 33.5% of the total. 

Chamberline Moko