First Bank aims to have 100,000 banking agents in the Democratic Republic of Congo  (DRC) by 2029. Disclosed in the lender’s 2024 Pillar 3 report, the goal is central to First Bank’s strategy to cement its role as a major player in the DRC.

According to the Banque Centrale du Congo, a banking agent is an individual or entity authorized to conduct commercial activities on behalf of a financial institution. They handle basic operations, like account opening, deposits, and withdrawals.

First Bank has around 2,800 agents in the DRC now, according to data available on the bank’s website. It thus needs to recruit over 70,000 more agents to achieve its 2029 target. The project is bold, given that all banks and microfinance institutions in the DRC together counted just 11,431 agents in 2022, according to the Ministry of Finance’s National Strategy for Financial Inclusion 2023-2028 (SNIF).

Employment Boost

Under the new strategy, First Bank also eyes annual revenue growth of 44% over the next three years, with a focus on expanding its customer base and deepening its presence in the mining sector, which accounted for nearly half of its loan portfolio in 2024.

The bank claims its strategy is grounded in a careful analysis of market realities. As Deloitte notes, agency banking—shifting from fixed branches to mobile agents—fits the Congolese landscape, where infrastructure is limited and rural communities often lack access to traditional banks. Supporting this, Finca RDC SA, a microfinance institution, reported that 70% of its 2024 transactions were conducted via agents.

First Bank’s move also offers a significant employment opportunity. Agents earn commissions on customer transactions, with monthly incomes averaging 800,000 Congolese francs (CF) and sometimes peaking at 1,500,000 CF—over $500 at current rates. Many agents represent several institutions at once, ranging from telecom companies to banks.

This article was initially published in French by Timothée Manoke (intern)

Edited in English by Ola Schad Akinocho