The Democratic Republic of Congo (DRC) has, to date, 15 commercial banks in operation, a savings bank, 71 savings and credit cooperatives, 21 microfinance institutions, 4 specialized institutions, 4 institutions issuing electronic money , 35 exchange offices, 80 financial couriers, 2 pension funds, 10 insurance companies and 18 insurance intermediaries.
According to the Congolese Minister of Finance, Nicolas Kazadi, who presented this table during the weekly meeting of the Council of Ministers held on Friday June 3, 2022, the country’s banking sector remains quite dynamic, particularly with regard to the increase in around 40% of the total balance sheet in 2021.
In his remarks, the Congolese Minister of Finance briefed the Board on financial stability and the situation of troubled banks.
Nicolas Kazadi indicated that in accordance with Article 22 of Organic Law No. 18/027 of December 13, 2018 on the organization and functioning of the Central Bank of Congo (BCC), the Ministry of Finance and the Central Bank of Congo have signed , on 23 November 2021, the Convention establishing the Committee of
Financial stability in the Democratic Republic of Congo.
This Convention assigns to this Committee the task of monitoring the financial system as a whole with a view to preserving its stability and its capacity to ensure a sustainable contribution to economic growth.
In view of the international economic situation and its impact on the national economy, an extraordinary meeting of the Financial Stability Committee was held on May 30, 2022 to carry out a holistic assessment of financial stability in the Democratic Republic of Congo. .
This meeting in fact focused mainly on commercial banks given their weight in the sector.
At the end of the review of the situation, it was noted that the Congolese banking sector is generally stable despite the rather difficult international context. The overall solvency ratio is around 12.5% against a threshold
minimum required of 10%.
With regard to banks in difficulty, the Minister of Finance mentioned the situation of Afriland First Bank CD with regard to the multidimensional crisis it is going through.
In his capacity as Chairman of the Financial Stability Committee, Nicolas Kazadi presented a report which places particular emphasis on the urgent need for an orderly resolution of the current difficulties noted with Afriland First Bank CD. And this, he noted, in the strict and exclusive application of the Banking Law by the
Central Bank of Congo (BCC).
With this in mind, the Central Bank of Congo was encouraged to take all appropriate measures to protect the stability of the banking system and the savings of the public, as soon as possible, in accordance with the Organic Law on its organization and operation.