Access Bank RDC, the Congolese subsidiary of Nigeria’s Access Bank Group, is stepping up its support for small and medium-sized businesses (SMEs) with a new financing program. The bank plans to inject $25 million into SME lending in the Democratic Republic of Congo during the second half of 2025.

The plan, outlined in the bank’s Pillar 3 report published on May 5, 2025, took a key step forward on June 28, when Access Bank signed a memorandum of understanding with the Agency for the Promotion of the Congolese Middle Class (Aprocm).

To limit risk, Access Bank will rely on Aprocm’s database, which contains detailed information on registered SMEs. The goal is to identify the most reliable businesses and tailor offers ranging from loans to cash management and training programs. Aprocm will support SMEs with technical assistance and help raise awareness about the financing opportunities available.

Aprocm, established in 2021, works to develop an entrepreneurial middle class in the DRC. It manages the platform created under the Support Project for the Development of Micro, Small, and Medium Enterprises (PADMPME), which connects entrepreneurs with specialized service providers.

Access Bank aims to expand its footprint in the Congolese banking sector. In 2024, its total assets stood at $409.8 million, falling short of its initial target of $524 million. The bank now targets $750 million in assets by 2025, representing a 7.6% increase over its 2024 projections.

The Pillar 3 report did not specify how much the SME segment is expected to contribute to this growth. However, it shows that outstanding SME loans stood at 43.4 billion Congolese francs in 2024, equivalent to $15.4 million based on the average annual exchange rate.

• Wheat flour cost jumps from 120,000 to 180,000 Congolese francs since late June.
• Kinshasa supply disruptions trigger cascading shortages in Maï-Ndombe province.
• Bakeries scale back or shut down, deepening food insecurity.

Bread has become increasingly scarce in Inongo, the capital of Maï-Ndombe province, as wheat flour prices have surged 50% since late June, local traders said on Tuesday.

A 50kg sack of flour now costs 180,000 Congolese francs ($63), up from 120,000 francs, due to supply shortages in Kinshasa, the region’s main distribution hub. “We are experiencing the domino effect of the scarcity in Kinshasa. Our warehouses have been empty for days,” said Rodrigues Mbolia, manager of Super Mima depot, according to the Congolese Press Agency.

Even before the latest spike, Inongo’s markets were under strain. Since April, staples such as cassava and fish have been in short supply amid disputes between city hall and vendors accused of speculative pricing. Authorities imposed price caps that were later relaxed—up to 50% margins to account for logistics—but the measures disrupted distribution networks.

Some producers were instructed to sell directly at markets, bypassing intermediaries and fueling tensions along the supply chain.

Bread, a staple food, has now become hard to find. Many bakeries have cut production or closed temporarily, citing lack of flour and poor profitability. The situation has worsened food insecurity in a city already grappling with inflation and falling purchasing power.

Local authorities have urged residents to remain patient while awaiting new deliveries, but no timeline or logistics plan has been announced, leaving uncertainty over when supplies will stabilise.

This article was initially published in French by Boaz Kabeya (intern)

Edited in English by Ola Schad Akinocho

IXM, the metals trading unit of China Molybdenum (CMOC), declared force majeure on its cobalt supply contracts on June 30. This decision followed the Democratic Republic of Congo’s (DRC) extension by three months of the cobalt export ban, which was initially imposed on February 22, 2025.

IXM explained that the extended export ban makes it both legally and practically impossible for its suppliers—including Tenke Fungurume Mining and CMOC Kisanfu Mining—to export cobalt-based products from the DRC. This situation directly affects IXM’s ability to fulfill its contractual obligations. The company emphasized that despite the increased volatility in the global cobalt supply chain, it remains committed to managing this disruption responsibly while respecting all contractual and regulatory frameworks.

According to S&P Global Ratings, a European market participant noted that the suspension was inevitable and expressed surprise that it had taken this long to occur. Earlier in March, Telf AG, which markets cobalt for Eurasian Resources Group (ERG), had already declared force majeure to its clients. Glencore, another major player active in the DRC, publicly supported the extension of the export embargo.

IXM’s announcement is likely to unsettle markets amid growing uncertainty about global cobalt supplies. The suspension of exports particularly impacts Chinese refiners, who depend heavily on cobalt hydroxide imports from the DRC.

Behind this export ban, the Congolese government seeks to capture more value from cobalt, a strategic mineral currently sold in raw form on global markets. The country’s mining code imposes a special 15% royalty on cobalt due to its strategic importance. Moreover, the government may impose a superprofit tax if the selling price exceeds the projections made in companies’ feasibility studies.

A Risky Strategy

The public Enterprise Générale du Cobalt (EGC) now manages a significant portion of artisanal cobalt mining. This state entity aims to improve revenue collection from a sub-sector that has long operated informally.

Cobalt prices stood at $33,335 per ton on June 30, 2025, according to Trading Economics. This price represents a 61.7% increase since the initial export suspension was announced. However, it remains well below previous peaks of $79,191 in April 2022 and $95,856 in March 2018.

Market observers warn that the DRC’s hardline approach could discourage mining companies from investing or continuing operations in the country. On a global scale, the export ban could accelerate the development of alternative cobalt projects in countries such as Indonesia, Australia, and Canada.

In 2024, the DRC accounted for 73.6% of the world’s cobalt supply. However, S&P Global Market Intelligence projects that this share could decline to 57% by 2035 due to the gradual depletion of ore reserves and Indonesia’s expanding refining capacity using high-pressure acid leaching (HPAL) technology.

Facing these uncertainties, manufacturers of batteries and electric vehicles—who rely heavily on Congolese cobalt—are accelerating their diversification efforts. These efforts include securing long-term supply contracts with other countries, investing in battery recycling technologies, and developing cobalt-free energy storage solutions. Producers of consumer electronics are pursuing similar strategies.

Georges Auréole Bamba

The Executive Board of the International Monetary Fund (IMF) is set to meet today, July 2, 2025, to discuss the first review of the Democratic Republic of Congo's (DRC) three-year economic program. The program is supported by the IMF's Extended Credit Facility (ECF). Sources close to the matter expect the Board to issue a favorable opinion.

The DRC has already met the first key requirement for this review. "The IMF mission and the DRC authorities have reached a staff-level agreement," confirmed Calixte Ahokpossi, the IMF's mission chief for the DRC, following his visit to Kinshasa between April 30 and May 13.

Upon the Board's approval, the DRC expects to receive a $266.7 million disbursement, the second installment under the $1.729 billion program. The first payment, totaling $266.14 million, was approved in January 2025 when the program launched.

Congolese officials are keenly awaiting these funds. The financing has already been incorporated into the 2025 budget as part of a revised finance bill, which Parliament approved in May. The funds are expected to help lessen the impact of the ongoing security crisis in the country's eastern areas. This crisis led to a 1.7% cut in the original budget, now set at $17.2 billion.

Despite facing a challenging environment, the IMF observed that Congolese authorities have continued to implement the agreed reforms. Encouraging signs for regional stability include a peace agreement between the DRC and Rwanda, as well as ongoing mediation with M23 rebels, facilitated by Qatar.

The ECF-supported program is designed to bolster macroeconomic stability, enhance public financial governance, and fund a portion of the budget deficit. The IMF is also closely tracking the management of state-owned enterprises and public debt trends. The program's framework includes periodic reviews tied to the nation's economic performance and progress on structural reforms.

This current initiative follows a prior assistance cycle that ran from 2021 to 2024. That cycle resulted in several disbursements linked to measures promoting budget transparency, disclosure of mining contracts, and reforms of fuel subsidies.

Written in French by Georges Auréole Bamba,

Translated and Adapted into English by Mouka Mezonlin