"We Don't Trust Banks in Congo": A First-Hand Account

In the heart of Kinshasa, in the midst of the hustle of crowded streets and the lively exchange of goods, lies a stark reality—one that many outsiders may not fully grasp.

Trust in financial institutions, particularly banks, is fragile at best in the Democratic Republic of Congo (DRC).

A country rich in natural resources, yet plagued by political instability and a lack of modern infrastructure, has left its citizens skeptical of banking services that most of the world takes for granted.

One man, who agreed to speak under anonymity, represents a widespread sentiment shared by millions of Congolese citizens. He told us bluntly, "We don't trust banks here." His words carried the weight of years of mistrust, fear, and lost savings.

His story, like many others, is shaped by a history of failed institutions, economic instability, and a banking system that simply doesn’t meet the needs of the people. But why do so many Congolese citizens avoid banks, and what can be done to change this?

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Trust Issues in the Congolese Banking System

In many countries, banks are seen as safe havens for money, a place where savings grow and can be accessed through a tap on a phone. But in the DRC, things are different. For many, the bank is seen as a risky gamble.

The man we spoke to is one of many who remembers the collapse of BIAC bank—a once-trusted institution that left thousands of citizens without access to their funds overnight. Since that time, the people’s relationship with banks has soured significantly.

The first-hand accounts of mistrust in the DRC are not limited to isolated incidents. In fact, they are a reflection of systemic issues that go back decades.

These include a lack of regulatory frameworks, political interference, land a history of bank failures with no recourse for the consumers that have left many citizens wary of entrusting their hard-earned money to any institution.

The BIAC Bank Saga – Still Haunting Many

The collapse of BIAC in 2016 is a critical chapter in the story of banking mistrust in the DRC.

BIAC was once one of the largest and most respected banks in the country, handling deposits for thousands of individuals, businesses, and even government bodies.

However, due to mismanagement, economic turmoil, and political interference, the bank collapsed, freezing accounts and rendering customers unable to access their funds. Overnight, people’s life savings were gone, and many were left financially devastated.

This incident served as a painful reminder of the fragility of the Congolese banking system.

To this day, the BIAC collapse is cited as a primary reason for the widespread mistrust in banks. When a major institution fails and the government fails to compensate or protect its citizens, it leaves a lasting scar—one that is difficult to heal.

The people’s wariness of banks, as a result, is not just emotional; it’s based on real, lived experiences of loss.

Related Article : DRCCentral Bank opposes BIAC dissolution

The Loss of Homes and Livelihoods: A Story of Betrayal and Fear

A Decade-Long Legal Battle: One Man's Fight for Justice

In the early 2000s, a wave of financial ruin swept through the fuel station owners in the Democratic Republic of Congo, leaving many devastated.

One of the most heartbreaking aspects of the ordeal was that many had used their personal properties as guarantees for loans to fund their stations.

These owners had signed agreements with a local company, paying large sums through an international bank, only to be blindsided by the collusion between the acquirer and the bank.

When the acquirer, in partnership with the bank, reneged on the original agreements, these station owners found themselves in a precarious financial position.

With their businesses now at risk and no support from either the company or the bank, many saw their personal properties—homes, land, and other assets—seized to cover the outstanding debts.

These assets had been used as collateral, and with the agreements dishonored, the financial institutions swiftly moved to take possession.

One of the station owners, who speaks to us under the condition of anonymity for fear of reprisal, shared his devastating story. "I trusted them," he said. "I put everything I had on the line. My home, my land—everything. They promised a future of stability, but instead, they took it all away."

His story is just one of many, reflecting how this orchestrated betrayal by the acquirer and the bank not only robbed people of their businesses but also left them with nothing to show for their years of hard work and investment.

The fear of speaking out is palpable.

Many of these former station owners, who once operated thriving businesses, now live in fear of further repercussions. They feel abandoned, not only by the companies they trusted but also by the financial systems that were supposed to protect them.

This ordeal has only deepened the already ingrained mistrust that many Congolese citizens have toward banks, particularly those that seem to prioritize profits over people’s livelihoods.

One station owner, however, stood out from the rest. Despite the overwhelming odds, he chose to fight back through the legal system. His court battle, which lasted almost a decade, was a grueling process.

He faced not only financial challenges but also the mental strain of going up against powerful institutions.

After years of persistence, he finally succeeded in reclaiming his assets—his home, land, and what remained of his investments. Unfortunately, he was the only one among over ten other station owners who managed to recover anything, as many of his peers were left destitute with no recourse.

His victory, though bittersweet, highlights the challenges of navigating a system where justice is slow and, for many, unattainable.

His story is a rare example of resilience, but it also serves as a reminder of how vulnerable business owners can be when institutions fail to uphold their promises.

Related Article : Bank Scandal in Congo

Cash Still Dominates the DRC Economy

Despite global trends moving toward a digital economy, the DRC remains firmly entrenched in cash-based transactions.

Walk through the busy markets of Kinshasa, and you'll witness firsthand how cash is exchanged for everything, from daily groceries to larger items like electronics or livestock. The familiarity and tangibility of cash give people a sense of security that digital transactions simply cannot provide.

Many Congolese citizens prefer to handle physical money because it’s something they can control. Unlike a bank account that could disappear overnight, cash is something they can hold onto.

In an economy where access to reliable financial services is scarce, cash becomes the default option, even though it may not be the most secure or efficient means of handling finances.

The Reluctance to Use Bank Cards

If you ask the average Congolese citizen about using a bank card, you'll likely be met with skepticism or outright refusal. The use of debit and credit cards is still extremely rare in the DRC. Why? The answer is simple: people don’t trust them.

Stories of card malfunctions, ATMs running out of cash, or systems failing during transactions are common. Worse yet, some fear that their money could vanish into thin air due to technological glitches or bank mismanagement.

For many, the question isn’t, "Why should I use a card?" but rather, "Why would I risk it?"

When banks have failed in the past, as with the BIAC collapse, people feel justified in their reluctance to adopt banking tools that they perceive as risky and unreliable.

Limited Banking Services

Lack of Cellphone and Internet Banking

While most of the world has embraced the convenience of online and mobile banking, the DRC lags far behind. The infrastructure needed to support widespread cellphone and internet banking simply doesn’t exist. Most citizens don’t have reliable internet access, and those who do often face high costs and inconsistent service.

For the majority of Congolese citizens, the idea of transferring money or checking their balance via an app is out of reach.

This lack of technological advancement in the banking sector not only reinforces the reliance on cash but also keeps the DRC economically disconnected from the rest of the world.

While countries like Kenya have revolutionized their banking systems with mobile money services like M-Pesa, the DRC is still grappling with the basics.

Comparing Global Trends to the DRC Banking System

Globally, there has been a significant shift towards digital and mobile banking, with countries like the U.S., China, and even Kenya leading the way. However, the DRC has not followed suit. For example, in Kenya, mobile money services have allowed even rural farmers to access banking services. Yet, in the DRC, the lack of basic banking infrastructure, combined with widespread mistrust, has made such progress nearly impossible.

The Role of Mobile Money

Mobile Money Services: Airtel, M-Pesa, Orange Money

One area where the DRC has seen some progress is in mobile money services. Airtel, M-Pesa, and Orange Money have gained significant traction, providing an alternative to traditional banks. These services allow people to send and receive money, pay bills, and even save, all without needing a bank account. For many Congolese, these mobile money platforms offer a level of convenience and reliability that banks have failed to provide.

Mobile money’s success in the DRC can be attributed to its simplicity and accessibility. With a basic mobile phone, individuals can manage their finances without worrying about the risks associated with traditional banks. Additionally, mobile money is more widespread than banking branches, making it easier for those in rural areas to access financial services.

Telcos vs Banks: Why Mobile Money is Gaining Ground

Telecom companies like Airtel and Orange have stepped into the gap left by banks, offering mobile money services that are more trusted and easier to use than traditional banking products. Unlike banks, which require extensive paperwork and charge high fees, mobile money services are straightforward, accessible, and designed for the everyday user.

This shift toward mobile money reflects a broader trend in the DRC, where trust and convenience trump traditional financial services. People trust their mobile service providers more than banks because they have consistently delivered reliable services—something banks have failed to do.

Fintechs and Banks Struggling

Why Fintechs and Banks Struggle to Gain Ground

While mobile money services have gained popularity, fintech startups and traditional banks still face significant challenges in gaining a foothold in the DRC.

One of the primary reasons is the lack of trust. Banks and fintech companies alike must overcome the legacy of failed institutions like BIAC, as well as the broader mistrust of formal financial systems.

Moreover, many fintech solutions are designed for more advanced banking environments, where customers are already accustomed to digital services.

In the DRC, where the majority of the population still relies on cash, these solutions often feel disconnected from the realities on the ground.

Trust and Convenience: The Key Barriers

For banks and fintech companies to succeed in the DRC, they must address two fundamental issues: trust and convenience. Without trust, people will not deposit their money into a bank or use a digital service. And without convenience, people will continue to rely on cash and mobile money. Addressing these barriers will require significant investment in infrastructure, customer education, and regulatory reform.

How Marketing Can Build Trust and Convenience in the DRC's Financial Sector

Marketing plays a pivotal role in addressing the trust and convenience issues that banks and fintech companies face in the Democratic Republic of Congo (DRC). To succeed in a market where mistrust of financial institutions is rampant, effective marketing can help bridge the gap by educating potential customers and shifting perceptions.

1. Building Trust Through Transparency and Education:

Marketing strategies should focus on transparency, showing people how banks and fintech companies are addressing the root causes of their distrust. By clearly communicating measures such as stronger security protocols, regulatory compliance, and customer protection, financial institutions can demonstrate their commitment to safeguarding customers' assets. Educational campaigns that teach people how banking works, and how it protects their money, can go a long way in reshaping how the public views these institutions.

For example, banks could use marketing campaigns to highlight success stories of customers who have benefitted from their services. By featuring real-life testimonials from people who have had positive experiences, especially in recovering lost assets or successfully using digital banking, financial institutions can start to rebuild trust.

2. Promoting Convenience and Digital Solutions:

Marketing should also highlight the convenience that banks and fintechs offer over traditional cash-based systems. For many Congolese, mobile money services have already gained ground because they offer an easier way to handle everyday transactions.

Banks can leverage this momentum by promoting their digital services, such as online banking or mobile apps, that make transactions, savings, and financial management more convenient.

By demonstrating the ease of using these services through digital marketing, tutorial videos, or even partnerships with influencers or local community leaders, banks can make these solutions more relatable and accessible.

Creating marketing messages that focus on how these services can save time, reduce risk, and help people manage their finances more effectively will be key to driving adoption.

3. Addressing the Emotional Barriers:

Marketing can also help financial institutions tap into the emotional reasons behind people’s decisions. Many Congolese still associate banks with past betrayals, such as the BIAC saga, which led to financial losses for thousands.

By acknowledging these pain points in their messaging and showing concrete steps taken to prevent such occurrences, banks can start to repair their damaged reputation.

For fintechs, it’s about marketing themselves as the alternative—something new and different from the banks that have failed them before.

Messaging that emphasizes reliability, innovation, and a fresh start can resonate with a population ready for change.

Many banks and financial service providers often miss the mark in their marketing strategies by focusing solely on promotion, which only targets the small 3% of the market that already understands and values the importance of banking. This approach leaves the vast majority—97% of the population—unengaged and uninterested.

These marketing campaigns tend to emphasize features, services, and benefits that resonate with those who are already financially literate, while neglecting the larger portion of the population that remains skeptical or uninformed about how banking can improve their lives.

To bridge this gap, banks need to shift their focus from mere promotion to education, awareness, and trust-building, addressing the specific pain points and fears that keep people away from the banking system.

By crafting messages that speak to the 97%, explaining how banking can provide security, convenience, and opportunities for growth, financial institutions can tap into a much larger market and foster long-term relationships with new customers.

At Wizz Digital Marketing, we excel in bridging the gap that many financial institutions overlook.

Our expertise lies in transforming traditional promotional strategies into comprehensive, educational marketing campaigns that resonate with the majority of the market. By focusing not just on the 3% who already understand banking but on the 97% who may be skeptical or uninformed, we craft strategies that educate, engage, and build trust.

Our approach is designed to address the specific concerns and needs of potential customers, demonstrating how banking services can offer real, tangible benefits. Through targeted messaging, compelling storytelling, and strategic outreach, we help banks and financial service providers connect with a broader audience, fostering deeper relationships and driving greater market adoption.

Impact of Political Instability

The Effect of Political Unrest on Financial Institutions

Political instability is another major factor that has eroded trust in the DRC’s banking system. In a country where government leadership can change overnight, and where economic policies are often unpredictable, people are understandably hesitant to rely on financial institutions that could be affected by political decisions.

During times of political unrest, banks may be forced to close their doors, restrict access to funds, or even collapse entirely. For many Congolese citizens, this uncertainty makes banking seem like a gamble not worth taking.

Why put your money in a bank if it could be inaccessible tomorrow due to political turmoil?

How Uncertainty Fuels Mistrust in Banking

This uncertainty extends to the broader economic environment as well. When a nation’s political landscape is unstable, its economy often suffers, leading to inflation, currency devaluation, and financial crises.

For the average Congolese citizen, the unpredictability of the political climate only fuels their reluctance to trust banks. Many feel safer keeping their savings in cash, hidden away from the reach of financial institutions that could be subject to the whims of the government.

The lack of confidence in the banking system becomes a survival mechanism in such an environment. People hold onto their money, literally, because it feels like the only way to maintain control amidst uncertainty.

This mistrust has led to an enduring cash economy, even in urban areas, where modern banking should ideally thrive.

The Growing Demand for a Congolese-Owned Bank: A Symbol of Economic Patriotism

There is a growing need for a Congolese-owned bank, driven by a rising sentiment of economic patriotism among the people. Many Congolese citizens are beginning to feel that the dominance of foreign-owned banks in the country does not serve their best interests, leading to a desire for a homegrown financial institution.

This same sense of pride is already visible in the consumption of locally produced goods, such as Pepsi manufactured in Congo and products from local breweries, which are increasingly preferred over imports.

The Congolese are showing a stronger inclination towards supporting businesses that contribute to national growth, viewing it as an act of patriotism.

A Congolese bank, created by Congolese for Congolese, could successfully leverage this sentiment, positioning itself as not just a financial institution but a symbol of national pride. By aligning with this growing trend of patriotic consumption, such a bank could establish a strong foothold in the market, gaining the trust and support of the people.

The Role of International Banks in the DRC

Are Foreign Banks the Answer?

Some international banks have entered the DRC market, hoping to bring stability and modern financial services to the country.

These banks are often seen as more trustworthy due to their international reputation and regulatory oversight. However, their presence alone has not been enough to sway public opinion.

One reason for this is that these banks often cater to larger corporations and wealthy individuals, leaving the average Congolese citizen feeling left out. The high fees and strict requirements for opening accounts also deter many potential customers.

Without addressing the specific needs and concerns of the broader population, even international banks struggle to build the kind of trust required to encourage widespread adoption.

Why Foreign Banks Struggle to Gain Traction

Additionally, foreign banks face the same infrastructural challenges as their domestic counterparts.

The lack of widespread internet access, reliable power, and banking infrastructure makes it difficult for them to operate effectively in the DRC.

While their presence may provide some level of confidence to foreign investors or large corporations, they do little to address the fundamental issues that prevent everyday Congolese citizens from trusting the banking system.

Rebuilding Trust in the Banking System

Rebuilding trust in the banking system will require more than just the introduction of new financial products or services. It will require systemic change, beginning with stronger regulatory oversight and more accountability from both the government and the banks themselves.

Banks need to prove that they are stable, secure, and capable of protecting their customers' funds—even in times of political or economic turmoil.

One way to rebuild trust is through better communication. Banks need to be more transparent about how they operate, what protections are in place for customers, and how they are working to prevent another collapse like BIAC.

Providing education on how banking services can benefit individuals and businesses could also help bridge the gap.

The Role of Financial Education

Financial literacy is another critical area where improvements could help rebuild trust. Many Congolese citizens are unfamiliar with how banking systems work, the benefits of saving in a bank, or how digital financial tools can improve their lives.

A comprehensive financial education campaign, spearheaded by both the government and financial institutions, could help demystify banking and show citizens that there are safe, reliable ways to manage their money beyond cash.

Banks need to be proactive in reaching out to communities, particularly those in rural areas, where access to financial services is even more limited. Offering workshops, informational sessions, and user-friendly banking options could go a long way in rebuilding trust.

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The Future of Banking in the DRC

A Roadmap to Trust and Accessibility

Looking forward, the future of banking in the DRC hinges on the ability of financial institutions to adapt to the unique challenges and needs of the Congolese population. This will require not only technological innovation but also a deep understanding of the social and economic context in which these banks operate.

Banks and fintech companies will need to work together to create products that are accessible, affordable, and above all, trustworthy. This might include developing mobile banking platforms that don’t require constant internet access, creating lower-fee structures for basic banking services, and ensuring that deposits are protected even in times of crisis.

Leveraging Mobile Money as a Bridge

Mobile money has already proven to be a valuable tool in bringing financial services to the masses. By expanding mobile money services and integrating them with more formal banking systems, the DRC can begin to transition from a cash-based economy to one that embraces digital finance. This will require investment in both infrastructure and education, but the groundwork has already been laid.

Mobile money services like Airtel, M-Pesa, and Orange Money have shown that Congolese citizens are willing to adopt new financial technologies if they are accessible, reliable, and easy to use. Banks can learn from these services and find ways to integrate similar technologies into their offerings.

Conclusion: A Path Forward

The DRC faces significant challenges in building a trustworthy and modern banking system, but there is hope for the future. The mistrust in banks is not unfounded—it’s rooted in a history of instability, failed institutions, and a lack of reliable financial services. However, with the right reforms, increased transparency, and a focus on rebuilding trust, the Congolese banking sector can evolve.

Key to this transformation will be addressing the very real concerns that citizens have about the security of their money. By strengthening regulatory oversight, offering more accessible banking services, and continuing to expand mobile money platforms, the DRC has the potential to move beyond its cash-based economy and build a financial system that works for everyone.

About The Author

Tanya Kabuya is an international speaker and skilled entrepreneur specializing in revenue growth and sustainable business scaling for tech-enabled companies. As the founder and CEO of a firm focused on revenue optimization, she helps businesses achieve profitable growth through effective strategies and high-performing teams.

She is also the Editor-in-Chief of Business Creed Magazine, a LinkedIn Influencer, and founder of the Afripulse MSMEs Network, A peer-to-peer community and an alternative investment club where entrepreneurs of African descent, their allies, and friends converge to ignite innovation and drive growth in the Micro, Small, and Medium Enterprises (MSMEs) as well as in the tech ecosystems in Africa and the diaspora.

Her work promotes economic development in Africa and her commitment to showcasing Africa's rich culture

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