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Recent data reveals a stark reality: despite a burgeoning population exceeding 110 million and an economy poised for growth, a staggering 98% of transactions in the DRC are still cash-based(1). This reliance on cash creates significant hurdles to economic progress, limiting financial inclusion and hindering the growth of businesses, particularly micro and small enterprises. However, there has been significant progress in other areas. At the beginning of 2024, the DRC had 28.31 million internet users, with internet penetration at 27.2 percent(2). This marks remarkable growth for a nation that had just 1.4 million mobile internet subscribers in 2013. Today, the DRC has 53.36 million mobile connections(3), constituting 51.4% of the total population.
Moreover, recent reports from the Regulatory Authority for Posts and Telecommunications of Congo (ARPTC) highlight a significant surge in subscriptions to mobile financial services in DR Congo in recent years. This rapid growth has also been accompanied by an increase in mobile money penetration across the country.
Systemic challenges are currently hindering the adoption of digital payments. For example, only 11-15% of adults have access to formal banking, 98% of personal consumption expenditures (PCE) are in cash, and domestic money transfers remain expensive. Additionally, mobile money transfers cannot be used for international ecommerce transactions. These challenges, though complex, present opportunities for investment in innovation and tailor-made solutions by the industry. Visa understands that the future of money is digital and providing safe, secure access to digital payments for all is critical to help economies grow, businesses succeed, and individuals thrive. That is why, Visa collaborates with financial institutions and governments in the DRC to expand digital payment access for everyone. Visa’s commitment to partnering across the public and private sector is geared towards advancing their digital transformation objectives, bridging the digital access divide, and boosting financial inclusion.
Visa, which is at the forefront of driving innovation in the digital payments space globally, is taking a local-first approach by investing in digital solutions tailored to the DRC’s unique needs. In a landmark collaborative partnership with financial institutions across the country, Visa has launched Visa Pay—an interoperable, mobile-first solution that provides access to safe, secure, and convenient digital payments for everyone in the DRC. This platform, the first of its kind in the world, will help enhance the adoption of digital payments and offer a cost-effective option to transfer money domestically in two currencies—CDF and USD.
Our aim is for Visa Pay to have a transformational impact on the Congolese payments landscape, driving growth and streamlining the movement of money for consumers and merchants, granting everyone greater access to the digital economy. This platform will contribute to the DRC’s digitization efforts, enhancing access, innovating, and building trust in the digital payment ecosystem, helping uplift the economy, businesses, and individuals.
The DRC has a unique opportunity to leapfrog traditional financial systems and embrace a future powered by secure, inclusive, and innovative digital payments. By embracing platforms like Visa Pay, the nation can unlock significant economic opportunities, foster financial inclusion, and pave the way for a more prosperous future for all its citizens. The DRC is ready for a brighter future – and with the power of digital payments, that future is within reach.
(1) Visa Market Research 2023
(2) https://datareportal.com/reports/digital-2024-democratic-republic-of-the-congo
(3) https://www.geopoll.com/blog/mobile-penetration-and-internet-usage-in-congo/
The author is Sophie Kafuti, Visa’s General Manager for the DRC
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