CRDB Bank Plc has been granted a license to operate in the Democratic Republic of Congo (DRC) by the Banque Centrale du Congo (BCC).
During a special meeting between the management of BCC and CRDB Bank Plc’s delegation, the license was granted to CRDB Bank Plc to boost competition in the delivery of financial services in the DRC.
The BCC also approved the appointment of Ms Jessica Nyachiro as Managing Director of the CRDB Bank’s DRC subsidiary.
Ms Nyachiro said that CRDB Bank Plc would comply with the needs and requirements of the DRC market and start with a branch in Lubumbashi and expand its network to major cities within the first three years of its operations.
CRDB Bank Plc announced last year that it would enter the DRC market with a capital of $30 million, with a 55 percent stake in the DRC subsidiary while the Norwegian Investment Fund for Developing Countries (Norfund) and the Danish Investment Fund for Developing Countries (IFU) own 22.5 percent equity each. With this license, CRDB Bank Plc is set to increase its presence in the African financial market and further expand its services.