United Bank for Africa inaugurated a branch in Kolwezi, capital of Lualaba province, on May 20, 2025, marking its entry into one of the Democratic Republic of Congo's most strategic mining regions.

The opening is part of UBA's expansion strategy in the DRC under its 2024-2028 strategic plan. In its Pillar 3 report published in March 2025, the Congolese subsidiary of the Nigerian banking group said it plans to expand its network from three branches in 2024 to 21 by 2028.

The strategy aims to strengthen the bank's presence in the country's main economic hubs, particularly mining, commercial and port areas, while increasing customer deposits. By establishing itself in Kolwezi, UBA is seeking to attract more funds generated by mining operations and subcontracting firms active in Lualaba, a province driven by copper and cobalt production.

The bank aims to raise deposits to $1.8 billion by 2028, up from about $269 million in 2023. UBA DRC's strategic plan projects average deposit growth of 30% in fiscal years 2024 and 2025, accelerating to 40% in subsequent years.

Figures published by the bank show the strategy initially produced strong growth. Customer deposits rose from 236.3 billion naira in 2023 to 476.3 billion naira in 2024, representing a year-on-year increase of 101.6%.

Profitability Under Pressure

That momentum reversed in 2025, with deposits falling 19.9% to 381.5 billion naira. The bank attributed the decline to slower commodity-related flows and more cautious liquidity management by some large mining-sector clients.

Despite the decline, deposit levels remain above those recorded in 2023, reflecting the continued expansion of UBA's presence in the Congolese market.

With new branches in Matadi and now Kolwezi, the bank appears to be pursuing a medium-term growth strategy focused on the country's main economic corridors. It aims to gradually increase its market share in a banking sector still dominated by Rawbank and EquityBCDC.

The expansion drive has weighed on the bank's financial performance. According to data published for fiscal year 2025, UBA's DRC subsidiary posted a pre-tax profit of 14.8 billion naira, down from 22.8 billion naira in 2024, a decline of 35.1%. Net profit fell 43.3% to 11.9 billion naira from 20.9 billion naira a year earlier.

The bank said the decline in profitability was partly due to a 12.9% year-on-year increase in operating expenses. According to the financial report, the rise was driven by investment in digital infrastructure and costs linked to expanding the bank's branch network in a country with significant logistical constraints.

Timothée Manoke