Mobile banking services enter the DRC market

Feb 07, 2012

The financial sector of the Democratic Republic of Congo is about to be revolutionised, with the arrival of mobile banking services.

The financial sector of the Democratic Republic of Congo is about to be revolutionised, with the arrival of mobile banking services.

The Vice-Director of Procrédit Bank, Carlos Kalambay, presented on Wednesday 1st February in Kinshasa the service 'SMS banking'.

The clients of Procrédit Bank who own a Vodacom simcard can now make bank transactions by SMS.

According to Carlos Kalambay, this service can solve problems linked to internet infrastructures and avoid piracy on client accounts.

"During transactions, there is no money that exits your account to another one. Your password changes every three seconds, thanks to a mechanism that generates password," he told Radio Okapi.

The introduction of a regulatory frame and the signature of an agreement regarding the regulation of electronic money activity in DRC in November 2011, have made the arrival of mobile banking services possible, Le Phare newspaper reports.

The drafting of this legal framework has been entrusted to a working group - the mobile banking task force - which includes government bodies, credit institutions and the regulatory body for postal services and communications.

Michel Losembe, President of the Congolese Bank Union, told L'Observateur newspaper that mobile banking services will revolutionise the financial sector. He said: "There are, for a population of 60 million inhabitants, around only 600.000 bank accounts. However, six million Congolese own a mobile phone".ADNFCR-2976-ID-801285502-ADNFCR