New microfinance institution launched in Democratic Republic of Congo

May 23, 2011

A new microfinance institution has been formed in the Democratic Republic of Congo.

The official launch of Opportunity International took place on Thursday May 19th in Kinshasa.

During the first three years of operations, Opportunity DRC hopes to gather $4.7 million (€3.5 million) from 24,000 depositors and provide more than 47,000 loans to small companies, Le Potentiel newspaper reports.

The vice-governor of Congo Central Bank Jules Bondombe believes the arrival of this new institution in DRC will bring fresh dynamism in the sector, introducing financial services to the low income populations in Kinshasa and the rest of the country.

This launch follows a vote by members of parliament on May 3rd on a microfinance bill that will regulate activity in DRC and facilitate access to financial services.

To reach this objective, the law will provide a cut in the currency-hoarding rate, a geographical extension of the level of bank access and the tapping of almost all the financial resources in the banking system, Media-Congo newspaper reports.