DRC: An awareness campaign on the benefits of saving leads to 9,000 new account openings

Jan 04, 2013

A campaign to raise awareness among young people about the benefits of bank savings seems to have borne fruit in the Democratic Republic of Congo.

A campaign to raise awareness among young people about the benefits of bank savings seems to have borne fruit in the Democratic Republic of Congo.

The Central Bank of Congo, the Congolese Association of Banks and the German Financial Cooperation, which have implemented this initiative, revealed that it led to the opening of about 9,000 new savings accounts.

The campaign raised awareness amongst 17,000 youths about the benefits of saving, including building capital to fund potential projects and reducing the need to keep money at home (thus reducing risk of theft).

According to Le Potentiel newspaper, many young people in DRC opted for informal savings, partly because many banks did not allow opening a savings account with a small amount.

However, the newspaper added, things are changing and banks are now introducing various savings products available to the general public.

But more remains to be done: the newspaper Libre Afrique believes that the increase in savings is still hampered by heavy regulation and the costs associated with the formation of the deposit.

Banks require at least three documents, including an identity card, although 16 percent of Congolese adults do not own one. As a result, 67 percent of Congolese people are saving money informally.ADNFCR-2976-ID-801516591-ADNFCR