Fidelity Bank Targets DRC’s Vast, Underbanked Market for Expansion

Fidelity Bank Plc, one of Nigeria’s leading financial institutions, has announced plans to expand into the Democratic Republic of Congo (DRC), strengthening its footprint in Africa’s financial landscape.

The Bank’s Managing Director, Mrs. Nneka Onyeali-Ikpe, disclosed the development during a meeting with the Congolese Minister of Digital Economy, Augustin Kibassa Maliba, in Kinshasa on Thursday. She revealed that Fidelity Bank’s proposed subsidiary would prioritize financing digital projects and advancing financial inclusion across the country.

If successful, Fidelity Bank would become the 16th active bank operating in the DRC and the fourth Nigerian-owned lender, joining Access Bank, FirstBank, and United Bank for Africa (UBA). The Congolese government has welcomed the move, highlighting its potential to expand financing opportunities for small and medium-sized enterprises (SMEs), technology startups, and public digital transformation programs.

Fidelity Bank is already participating in a landmark project to launch a Congolese satellite designed to improve internet connectivity and accelerate the growth of the nation’s digital economy.

An Underdeveloped Banking Market

The DRC’s banking sector remains largely underdeveloped despite the country’s population of over 100 million. As of 2024, the nation had only 15 commercial banks, most of them subsidiaries of foreign banking groups.

Banking penetration remains among the lowest in Africa. According to data, only 6% of Congolese had access to banking services in 2022, far below the continental average of 15%. Bank loans to the private sector represented just 9% of the country’s GDP in 2023, compared to Africa’s average of 25–28%.

The Central Bank of Congo reported that total bank deposits stood at $12.87 billion as of May 2024, with households contributing 33.5% of the figure.

Industry watchers believe Fidelity Bank’s entry could help transform the sector by improving access to finance, deepening digital financial services, and unlocking new opportunities for businesses and households across the DRC.