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DR CONGO - Finance

Alassane Sorgo

Director General, Ecobank DRC

Bio

Alassane Sorgo holds a degree in finance and accounting from Institut National Polytechnique de Yamoussoukro, Ivory Coast and a Master Sciences et Techniques Comptables et Financières of the University of Abidjan, Ivory Coast as well as a Diplôme d’Etudes Comptables et Financières of the Académie de Nice, France. He joined Ecobank in 1999 and has held positions in Togo, Ivory Coast, Senegal, and Chad.

"The key element that was attractive to the group is that DRC has huge potential in terms of population size and the unbanked population."

TBY talks to Alassane Sorgo, Director General of Ecobank DRC, about entering the DRC market, B2B services, and financing oil debt.

Ecobank first arrived at DRC in 2008. What factors made the market attractive then, and how has this perception evolved since then?

The key element that was attractive to the group is that DRC has huge potential in terms of population size and the unbanked population. The objective was to contribute to and expand financial inclusion. We have global clients present across the different geographies in the region, and we also have individual businesses in the DRC. It was therefore essential for Ecobank to be in the region to accompany them and contribute to the development of the country. Today, the DRC lies at the crossroads of an energy transition, which has become ever-more urgent and relevant today. Ecobank must not only be part of the development of the country, but, more importantly, be part of this global energy transition agenda.

How does Ecobank tailor its services for different companies?

We have a platform called Omni Plus where people can execute all their transactions from wherever they are. We have a service to manage their license in partnership with our affiliate in Paris, where they can also have the domiciliation of the proceed of the sales. Ecobank has offices in South Africa, Dubai, London, and Beijing. We are a gateway for all entities in the mining sector and can assist them with their repatriation needs. We can have the domiciliation for the off-takers and also offer all services locally, including working capital needs if the need arises. We also finance the different phases of expansion in the mining sector to increase production level.

Besides mining and extractive industries, what will be the next hot topic of finance and corporate deals in the DRC?

In mining sector, reliable access to energy is still an issue for major industries. In terms of infrastructure, even Kinshasa faces a shortage of major infrastructure. Agriculture remains a key sector, and we believe there will be significant development in that sector given that the country has about 80 million hectares of arable land but we still imports most of our products . For example, we can locally produce maize, cassava, fish, and flour and create value-added industries here rather than importing them. We believe these are all key opportunities for growth in the DRC.

How do Ecobank’s offices around the world attract investment into and promote the DRC?

Typically, the first point of contact for such investors is the office in Dubai. From there, we can link up with them and share all the information they may require before visiting the country. The same is true for any of our offices, even in Beijing. We usually share any information that an investor might need and also look into how we can accompany them to navigate local formalities and challenges.

What is Ecobank’s approach to solving the problem of the unbanked population?

We have an account called Express that allows the unbanked population to be quickly onboarded with just their telephone numbers. We create a digital bank account that enables them to conduct any transactions they might need, including receiving money, sending money from their bank accounts to their online wallets, and much more.

Do you offer B2B solutions?

We have an initiative called Ellevate for women in business whereby we onboard all sole proprietorship companies in the commercial banking sector. We also have a program where we bring together entrepreneurs with lawyers or tax advisors to offer them advice or help them move from the informal sector to the formal sector. We also counsel them on the various taxes that are related to their activities and how they need to comply with them. In addition, we have Ecobank Pay, a solution that works with a QR code. This enables our clients’ customers to transact with them, even if the customers do not have an account with us. Furthermore, we have direct sales agents on the ground in partnership with external entities. These agents help us to onboard large numbers of new accounts by conducting face-to-face interactions. Typically, a bank cannot just wait for new customers to come to the bank and open an account. Many erroneously believe they are not yet at the level where they can come to the bank and open an account.

Ecobank was one of four banks that agreed to finance the Congolese government’s oil debt. Can we expect more such cooperation in the financial sector?

This is an overall positive sign. Around the world, reselling and sharing risks are normal processes. When it comes to financing energy, no one bank has the capacity to finance the sector. It therefore makes sense for us to come together, even external banks. Currently, we are in talks with our partner Nedbank based in South Africa because it is also one of our shareholders at group level. Such partnerships will accelerate the execution of both private and public-sector projects. Now, there are about eight banks that are interested in phase two of this initiative, and they have already sent the term sheets to the public sector. Different banks are putting their minds together and finding solutions around the financing of the different projects in the country. This can only be a positive thing for the economy moving forward.

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