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EQUITYBCDC, the Democratic Republic of Congo unit of Kenya’s Equity Group, says it can arrange loans approaching $700m by drawing on its parent company’s regional network, Bloomberg reported.
The lender could raise even more through syndicated loans, managing director Willy Mulamba said, as governance in Congo’s mining industry improves.
Mining remains a major part of EquityBCDC’s loan book. Congo is the world’s second-largest copper producer and prices are trading near record levels.
“We have many clients that we’ve been supporting, particularly in the mining sector,” Mulamba told Bloomberg, adding that some loans had exceeded $100m.
Under Congolese central bank rules, EquityBCDC can lend about $180m on its own. Larger transactions could be supported through Equity Group’s wider operations or lender syndicates.
The bank is also trying to expand beyond mining by increasing access to financial services and lending to small and medium-sized businesses.
EquityBCDC is targeting 30 million customers by 2030, largely through digital banking. It currently has between 10,000 and 12,000 banking agents across Congo and handles salary payments for almost 300,000 civil servants.
Profit rose 32% last year to $160.5m, with Mulamba expecting similar growth this year.
He said central bank plans to encourage greater use of Congolese francs could also help broaden banking access in an economy where more than 90% of bank deposits and 97% of loans are denominated in dollars.