EquityBCDC, Equity Group Holding Plc's unit in the Democratic Republic of Congo, says it can rely on its parent's footprint to underwrite loans close to $700 million without tapping a group of outside lenders. Managing Director Willy Mulamba added that the bank could secure even larger amounts through syndication, a route it is weighing as oversight in Congo's mining sector improves.
Mining still anchors the loan book. Congo is the No. 2 copper producer globally, and prices are at record highs. "We have many clients that we've been supporting, particularly in the mining sector," Mulamba said Friday in an interview in Kolwezi, noting individual facilities topping $100 million. Under central bank regulations, the bank can lend roughly $180 million on its own.
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Even though the extractive industry makes up about 40% of the economy, Mulamba said Equity is zeroing in on broader access to financial services and support for small and mid-sized businesses. The Nairobi-listed group, active in Uganda, South Sudan, Rwanda and Tanzania with a representative office in Ethiopia, is aiming for 30 million customers by 2030 - roughly seven times its current base - and Mulamba says that target relies entirely on new technology. "There's no other way," he said. "It's the same way we did it in Kenya," where Equity ranks as the second-biggest bank.
To reach that goal, he has engaged prospective tech collaborators from Kenya, China, the US and Europe to develop digital offerings for Congo, with central bank data showing that, through 2024, there were approximately 17 million active mobile-money accounts. He did not name the firms because discussions are ongoing. Equity counts between 10,000 and 12,000 banking agents nationwide, and in a market where billions of dollars circulate outside the formal system, it is expanding work with local groups and the government. That includes remitting monthly pay for close to 300,000 civil servants into digital accounts.
The strategy is showing up in the results. EquityBCDC's profit climbed 32% last year to $160.5 million, and Mulamba expects a similar pace this year. He said expansion of 20% to 30% "is actually the average for the industry, especially in the last two or three years." According to its annual report, by the end of 2025 the lender's balance sheet totaled roughly $5.5 billion, and its non-performing loan ratio stood at 5.2%.
Mulamba also expects new central bank moves to promote use of the Congolese franc rather than the dollar could help expand banking services. For your money, the takeaway is simple: if banking services broaden as planned, more Congolese consumers and businesses could have practical options for storing and moving cash.
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