MICROCAPITAL BRIEF: FINCA DRC, Flash International Partner to Expand Mobile Access to Financial Services in Congo

FINCA Democratic Republic of Congo (DRC), a subsidiary of US-based FINCA Impact Finance, recently announced a partnership with Flash International, a DRC-based financial technology (fintech) company. FINCA customers will gain access to Flash App, Flash International’s mobile financial services platform, while Flash customers will gain access to the financial services offered by FINCA.

The 2 million customers of Flash App can use the e-wallet service to perform remittances, pay bills and purchase services such as television subscriptions and cinema tickets. Flash International operates 90 branches in Cote d’Ivoire, Democratic Republic of Congo and Republic of Congo.

FINCA DRC serves approximately 450,000 clients with 21 branches in DRC, aiming to “reduce poverty through sustainable solutions that enable people to accumulate sustainable wealth, create jobs and improve their standard of living.” Offerings include savings and loans products, in addition to the sending of payments such as school fees and taxes. As of 2018, the microfinance institution reported total assets of CDF 145 billion (USD 73 million).

FINCA Impact Finance is partially held by the US-based NGO FINCA International, which was launched in 1984 as the Foundation for International Community Assistance (FINCA). FINCA Impact Finance comprises 20 banks and microfinance institutions delivering savings, loans and other services to 2.7 million customers in Africa, Eurasia and Latin America. Among its programs is FINCA Ventures, which has eight investments as of 2021 in the form of “patient capital and technical assistance to early-stage social enterprises to support innovation in energy, water/sanitation/hygiene, education, health, agriculture and fintech [financial technology].” For 2019, FINCA Impact Finance reported net income of USD 8 million on a gross loan portfolio of USD 881 million and total assets of USD 1.16 billion.

By Bradley Shulman, Research Associate

Sources and Additional Resources

Verdant Capital press release
https://verdant-cap.com/flash-international-and-finca-sign-a-landmark-strategic-partnership/

FINCA DRC homepage
https://finca.cd/

FINCA Impact Finance homepage
https://www.fincaimpact.com/

FINCA International homepage
https://finca.org/

FINCA DRC 2019 financial report
https://www.finca.cd/wp-content/uploads/sites/2/2021/03/Finca_Rapport_annuel_2019.pdf

Flash App in the Google Play Store
https://www.google.com/url?q=https://play.google.com/store/apps/details?id%3Drdc.cfc.mwallet%26hl%3Den_US%26gl%3DUS&sa=D&source=editors&ust=1628259276917000&usg=AOvVaw1vZr1my1IpBmtSmU9yohHz

Previous MicroCapital article on FINCA Impact Finance
https://www.microcapital.org/microcapital-brief-iiv-mikrofinanzfonds-loans-2m-to-finca-tajikistan-for-microfinance/

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