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Advans Bank Congo (ABC): Bridging the financing gap for MSMEs in DRC
The African Development Bank Group’s Private Sector Operations and its African Private Sector Assistance Fund (FAPA) are supporting Advans Banque Congo (ABC) to provide financial services loans and savings to micro and small entrepreneurs (MSMEs), particularly in large urban areas in the Democratic Republic of Congo (DRC). In a country where MSME banking is a challenge, Advans Banque Congo’s services and efforts, backed by the AfDB Group, is promoting financial inclusion and women empowerment, reducing poverty and creating jobs.
Advans Bank Congo (ABC) is a microfinance bank established in 2009 in DRC. With a total capital of US $16 million, the AfDB Group participated in Advans Banque Congo’s capital up to US $2.42 million, accounting for 13.4% of capital dollars. ABC also received a US $940,000 technical assistance grant from the FAPA, funded by the AfDB Group, the Government of Japan, the Government of Austria and the Austrian Development Bank, to build ABC capacities and allow to train local executives, enabling additional support to entrepreneurs in DRC.