News (731)
The North Kivu provincial government, in collaboration with banking institutions, is planning to shift banking operations from Goma to Beni, the province's temporary capital. This decision was announced following a meeting on March 4, 2025, between North Kivu’s military governor, Major General Évariste Somo Kakule, and representatives of local banks.
The move comes in response to the closure of banks in Goma after the city fell under the control of M23 rebels and their Rwandan allies. The occupation has disrupted financial services, making it difficult for the government to pay salaries to civil servants and bonuses to soldiers stationed on the front lines. To address this issue, authorities and banking institutions are exploring ways to facilitate payments from Beni.
"Most of the institutions active in Goma are also here in Beni. We are looking at ways to have agents previously paid by banks absent in Beni to continue receiving payments here" said Reagan Dikoma, manager of Equity BCDC, speaking on behalf of the banks.
Paying salaries and bonuses remains a pressing concern for the central government. During the 32nd Council of Ministers meeting on February 21, 2025, Prime Minister Judith Suminwa highlighted this issue, which had been discussed earlier at the Economic Context Committee meeting on February 19. However, no definitive solution has yet been reached. During the Council, ministers were tasked with “thinking of practical modalities for salary disbursement in North and South Kivu.”
This article was initially published in French by Ronsard Luabeya (intern)
Edited in English by Ola Schad Akinocho
On March 4, 2025, the German government announced sanctions against Rwanda over its alleged support for the M23 rebels who recently invaded eastern Democratic Republic of Congo (DRC). Germany decided after the rebels overtook several cities, including Goma and Bukavu.
"We will suspend new financial commitments, review existing development cooperation with the Rwandan government, and suspend high-level participation in development policy events of the Rwandan government," Germany’s Ministry for Economic Cooperation and Development (BMZ) stated.
Germany had initially earmarked €93.6 million ($98 million) in funding for Rwanda for the 2022-2024 period, but these funds will no longer be disbursed.
Rwanda called the move "wrong and counterproductive," arguing that such unilateral sanctions undermine regional stability.
The sanctions come amid growing calls from Western nations for Rwanda to stop supporting the M3 rebels. However, Rwandan leader Paul Kagame keeps claiming that his troops are merely there to secure borders.
This article was initially published in French by Boaz Kabeya (intern)
Edited in English by Ola Schad Akinocho
Over the past year, Vodacom RDC, the Congolese subsidiary of South Africa’s Vodacom Group, had 6.4 million active mobile money or M-Pesa users. According to official documents reviewed by Bankable, the figure is 28.4% more than in 2023 when the number of M-Pesa users stood at 5.88 million. Active users regroup users who utilized the service at least once during the previous month.
The surge in M-Pesa active users highlights the Democratic Republic of Congo (DRC) as a strategic market for the service outside Kenya. It also contributed significantly to Vodacom’s financial performance. Preliminary results for Vodacom’s financial year (April 2024 to March 2025) indicate that M-Pesa transactions in the DRC generated R2.67 billion—approximately $145.8 million at an average exchange rate of 17.8 rand per dollar. These figures await confirmation through audited data.
Vodacom dominates the DRC’s mobile financial services market, holding over 53% market share with 13.1 million subscribers (including inactive accounts) as of mid-2024, according to data from the telecommunications regulator.
During this period, M-Pesa recorded $85 million in revenue, making it the most profitable service in the sector, outpacing competitors like Orange Money, Airtel Money, and Afrimoney, which collectively generated $89.2 million.
Despite its dominance, Vodacom faces intensifying competition. In Q2 2024, M-Pesa’s revenue declined by 4.19% compared to Q1, while rivals gained ground. Airtel Money posted $31.9 million in revenue a 6.5% increase while Orange Money grew by 12.3%.
The DRC’s mobile financial services market remains underpenetrated with a usage rate of just 25.7%, offering significant growth potential for all players.
This article was initially published in French by Georges Auréoles Bamba
Edited in English by Ola Schad Akinocho
The majority shareholders of the Kamoa-Kakula copper complex have committed $200 million to modernize and stabilize the power grid in the southern part of the Democratic Republic of Congo (DRC). According to official documents reviewed by Bankable, the modernization project began in late 2024.
The project focuses on boosting the transmission capacity between the Inga II hydroelectric power station and Kolwezi, Lualaba province’s mining hub. Key upgrades include installing a harmonic filter at the Inga converter station and a static compensator at Kolwezi’s substation.
Additional measures involve replacing aging power cables, repairing direct current (DC) infrastructure, and establishing maintenance contracts with SNEL (Société Nationale d’Électricité), the DRC’s state-owned electricity operator. These efforts are being spearheaded by Ivanhoe Mines Energy DRC, under the financing of Kamoa Holding a joint venture between Ivanhoe Mines and Zijin Mining.
Stable power is a critical performance factor for mining operations, particularly for Kamoa-Kakula, which is ramping up its Phase 3 operations. The project plans to commission a third smelter powered primarily by renewable energy, reducing production costs while increasing refined copper output.
178 MW more incoming
However, these benefits depend on the commissioning of Inga II’s fifth turbine, which was installed in 2024 and is expected to add 178 MW of hydropower capacity. Starting in mid-2025, Kamoa-Kakula will receive an initial 70 MW of this capacity, gradually increasing to 178 MW by 2026. Until then, the mine will continue relying on imported electricity and diesel generators.
Kamoa-Kakula is not alone in addressing DRC’s energy challenges. Chinese mining giant CMOC, which operates the Tenke Fungurume and Kinsfu Mining projects, announced plans in 2024 to generate at least 600 MW of solar power to support its operations.
This article was initially published in French by Georges Auréoles Bamba
Edited by Ola Schad Akinocho
Pan-African banking group Ecobank Group and China’s top B2B cross-border trade payment platform XTransfer have signed a landmark memorandum of understanding to revolutionize cross-border payments between Africa and China, targeting small and medium-sized enterprises (SMEs) engaged in foreign trade. Ecobank announced the deal on February 6, 2025.
The collaboration comes at a time when trade between China and Africa reached a record $282 billion in 2023, with $18.75 billion attributed to flows between China and the Democratic Republic of Congo (DRC). This positions the DRC as China’s fourth-largest trading partner in Africa, making it a key market for Ecobank, which has a strong local presence.
Through the memorandum, Ecobank and Xtransfer aim to tackle the persistent challenges of international transactions, such as high costs, currency exchange risks, lengthy remittance times, and regulatory hurdles.
In the DRC, banks currently charge transfer fees ranging from 0.75% to 1% of the amount transferred, with a minimum of 45 to 50 USD. Processing times can range from three days to a week or more, and some transactions are subject to restrictions that further slow down the process. Another major issue is the constant depreciation of the Congolese franc. In 2024, according to the Central Bank of Congo (BCC), the local currency depreciated by 0.12% on the official market and 0.39% on the parallel market against the US dollar.
Better fees
“XTransfer will leverage Ecobank’s extensive network across Africa, enabling its Chinese clients to collect funds in local African currencies while assisting African SMEs in making payments in their local currencies to negate foreign exchange issues,” Ecobank indicates on its website. “By integrating XTransfer's cutting-edge solutions with our pan-African payment platform, we simplify payments, reduce transaction costs, and enable African businesses to thrive in global trade,” said Ecobank’s CEO, Jeremy Awori.
XTransfer’s competitive pricing model also stands out. Payments to supplier accounts in China are capped at 0.4%, while transfers between two XTransfer accounts are free and instantaneous. It remains to be seen how this pricing will evolve under the partnership with Ecobank.
“Leveraging Ecobank’s extensive payment network in Africa will accelerate our business expansion in the region,” commented Xtransfer CEO and Founder, Bill Deng.
For Ecobank, this partnership aligns with its broader strategy to drive financial integration across Africa while boosting its net banking income. In 2023, the bank ranked sixth in the DRC with $61 million in net banking income, far behind market leader Rawbank at $461 million.
While the collaboration with XTransfer should help Ecobank be more competitive, the two partners must overcome various hurdles, including banking regulations, especially in the DRC. In its latest report on banking in the DRC, issued in December 2024, Deloitte revealed that the Central Bank of Congo (BCC) has been tightening the sector, introducing stricter rules to enhance transparency and combat money laundering.
This article was initially published in French by Timothée Manoke (intern)
Edited in English by Ola Schad Akinocho
The price of cobalt oxide on the Shanghai Metals Exchange rose to €16,640 per tonne (excluding tax) on February 28, 2025, up 1.46% over five days. The dynamic, reviewed by Bankable, was also observed on the London Metal Exchange, where April 2026 cobalt oxide contracts climbed 5%, trading at $22,246.19 per tonne, up from the current $21,153.
This surge follows the Democratic Republic of Congo's (DRC) announcement on February 22 of a four-month suspension of cobalt exports, a move aimed at addressing oversupply and stabilizing prices.
The DRC, which supplies 75% of the world’s cobalt oxide, has triggered market uncertainty with this decision, as buyers anticipate tighter supply amid growing demand. Analysts at the Shanghai Metals Exchange attribute the price acceleration to reactions from cobalt processing industries, which temporarily halted refined cobalt bids to assess raw ore availability. S&P Global had already forecasted a reduction in surplus cobalt stocks for 2025, but the Congolese export suspension has amplified this upward price correction.
No Supply Deficit before 2030?
The recent suspension is part of broader efforts by the Congolese Regulator of Strategic Minerals Markets, ARECOMS, to influence global supply-demand dynamics. The watchdog plans to assess the measure’s impact in three months to determine whether to maintain, adjust, or lift it. Meanwhile, observers anticipate the reaction of major producers like China’s CMOC, whose investments in the Kisanfu mine have contributed significantly to the global oversupply of copper.
The DRC earns a lot from selling its minerals and taxes and royalties from its mining assets. Therefore, higher cobalt prices are critical for meeting the country’s budgetary revenue targets and financing development ambitions.
However, at the end of 2024, some observers had projected that it would take some time for prices to rise sustainably. They said there should be no supply deficit before 2030. Last December, Joel Crane of S&P Global, predicted that while electric vehicle demand will drive an 11% annual increase in cobalt consumption through 2030, supply growth will lag at just 4% annually due to limited new exploration projects in the DRC. “Although the DRC has added 60,000 tonnes of cobalt since 2022, its contribution is expected to gradually decline,” Crane noted. Nick Burroughs, Sales Director at Benchmark Mineral Intelligence, shares this view.
EGC Steps Up
While the impact of the recent forecasts on prices in the market for direct cobalt purchases, especially artisanal mining, this sector could face supply chain-related challenges. Artisanal mining contributes 15-30% of the DRC’s cobalt production.
According to several media outlets, the ARECOMS has recently clarified that even after the export suspension is lifted, artisanal cobalt can only be sold to Entreprise Générale de Cobalt (EGC), a state-owned subsidiary of Gécamines. With this in mind, EGC’s managing director Éric Kalala, quoted by Bloomberg, said the firm plans to purchase artisanal cobalt during the suspension to support miners and strengthen EGC’s role as an exclusive buyer. At the same time, the state-owned entity is committed to fostering a fairer supply chain while boosting its revenues. However, questions remain about whether EGC has the resources and capacity to manage these operations effectively in a market that demands immediacy. Indeed, artisanal miners often want to quickly sell and regularly request advances to finance their activities.
This article was initially published in French by Georges Auréole Bamba
Edited in English by Ola Schad Akinocho
On February 24, 2025, Ivanhoe Mines announced a $50 million investment in exploration activities at its Western Forelands copper project in the Democratic Republic of Congo (DRC). This is about two-thirds of the company's total exploration budget of $75 million for 2025.
This year, Ivanhoe plans to implement an ambitious program that includes 102,000 meters of diamond drilling and 18,000 meters of reverse circulation drilling at Western Forelands. The project will build on last year’s progress, including the expansion of the mineralized zone of the Makoko deposit and the discovery of the Makoko West zone.
The company is also set to update its mineral resource estimate for Makoko in the second quarter of 2025. This update should include initial resource estimates for Makoko West and Kitoko, a high-grade copper zone discovered in 2023.
The first estimate for the deposits that currently comprise Western Forelands Kiala and Makoko revealed that the project contains 21 million tonnes of indicated mineral resources with a copper grade exceeding 3%. Encouraging drilling results position Ivanhoe Mines to potentially develop its second copper mine in the DRC. A few kilometers away, Ivanhoe operates Kamoa-Kakula, the country’s largest copper mine.
While 2025 could be a pivotal year for Western Forelands, significant challenges remain before construction begins. Among others, Ivanhoe must confirm the project's mineral resources and conduct comprehensive studies to assess its economic viability. Only after these steps will the company consider raising funds for eventual mine development.
The positive outlook for copper demand and prices may help attract investors as Ivanhoe advances its exploration efforts in this promising region.
This article was initially published in French by Emiliano Tossou
Edited in English by Ola Schad Akinocho
Last year, at the beginning of the 2024-2025 academic year, the Democratic Republic of Congo (DRC) started building “a unified national database for higher and university education”. The system tracks students from enrollment to graduation and academic staff from recruitment to retirement.
According to a circular dated February 12, 2025, the database will be managed through the PathAcademia digital platform, developed by Hope Systems and Finance. The circular was signed by Marie-Thérèse Sombo Ayanne, Minister of Tertiary and Higher Education (ESU).
The same note indicates that the "ESU Digital Solution" fees will be paid to Hope Systems at $20 per student. With approximately 564,000 students enrolled in higher education in 2019-2020, this partnership is projected to generate over $11 million in revenue for Hope Systems in 2025, potentially increasing with annual student growth. However, it remains unclear whether this payment will be recurring or a one-time settlement.
The contract between the Ministry and Hope Systems has not been publicly disclosed, making it difficult to determine the full scope of services the company is expected to provide. Nonetheless, the circular indicates that the PathAcademia platform should be capable of storing historical data, integrating bank payment systems, and interfacing with existing digital management models within educational institutions. Typically, such services also include data storage and protection, platform maintenance, and user training.
For now, little is known about Hope Systems and Finance, as its website is currently under maintenance and the company does not appear to be active on social media. During a recent meeting with the Minister of ESU, the company's operations manager, Alex Mukadi, described it as an IT specialist firm.
Pierre Mukoko and Boaz Kabeya (intern)
Mining companies invested $130.7 million in exploration activities in the Democratic Republic of Congo (DRC) in 2024. S&P Global Market Intelligence disclosed the figure in a report issued on February 21, 2025. Over the year reviewed, $1.3 billion was invested in Africa, and the DRC was the leader in mining exploration investment.
The investments in the DRC were predominantly focused on copper, with $71.5 million allocated to this sector. This strong performance propelled the DRC to ninth place globally, just ahead of Zambia, Africa's second-largest copper producer, which attracted $65.5 million in 2024.
In the cobalt sector, exploration spending in the DRC reached $8.3 million, securing the country's position as the second-largest recipient of cobalt exploration funding worldwide, behind Australia, which received $15.2 million.
The report does not provide the amount invested in gold, coltan, tin, and zinc, despite the country having significant reserves. The DR Congo hosts one of the largest gold mines in Africa, the Kibali mine.
The DRC's dominance in copper and cobalt exploration is likely driven by its vast mineral reserves. The country holds approximately 50% of the world's cobalt reserves and accounts for over 70% of global cobalt production. It is also the world's second-largest copper producer, responsible for 65% of newly announced copper reserves globally in 2023. Both metals are crucial for the energy transition, with copper demand projected to reach 50 million tonnes by 2050, up from 32 million tonnes now.
Chinese companies currently dominate the mining sector in the DRC, in the copper and cobalt sub-sectors especially. They control about 80% of the country's mines. To change this dynamic, Kinshasa has been seeking new partnerships with countries like Saudi Arabia and the United States.
This article was initially published in French by Emiliano Tossou
Edited in English by Ola Schad Akinocho
On February 24, 2025, the European Union's Foreign Affairs Council announced a review of its Memorandum of Understanding (MoU) with Rwanda on strategic minerals, signed in February 2024. This decision, communicated by EU High Representative Kaja Kallas, is part of broader efforts to pressure Rwanda to respect the territorial integrity of the Democratic Republic of Congo (DRC).
"Consultations on defense issues with Rwanda have been suspended. There is also a political decision to apply sanctions, depending on developments on the ground. We have asked Rwanda to withdraw its troops from DRC territory. Finally, the memorandum of understanding with Rwanda on critical raw materials will be re-examined," said Kallas, Vice-President of the European Commission.
The move follows a surge in violence in eastern DRC, where M23 rebels and Rwandan troops have been advancing since January, occupying key cities like Goma and Bukavu. On February 24, Congolese Prime Minister Judith Suminwa Tuluka reported that the conflict has claimed over 7,000 lives since the start of the year.
Supply Chains Contaminated
The EU-Rwanda MoU aims to “foster sustainable and resilient value chains for critical raw materials”, and secure the EU’s supply of strategic minerals such as coltan, essential for sustainable development and the energy transition. It also highlights both parties’ commitment to promoting responsible mining practices and building local capacity in Rwanda.
However, UN experts have revealed that Rwanda is mixing minerals from M23-controlled areas with its resources, leading to “the largest contamination of mineral supply chains in the Great Lakes region.” The DR Congo government has criticized this partnership, arguing it facilitates Rwanda’s plundering of Congolese resources.
On February 12, 2025, the DRC declared all mining sites in the Masisi and Kalehe territories "red," prohibiting exploitation in coltan and tin ore areas. The measure concerns 38 mining concessions, notably in the Rubaya and Nyabibwe sectors, rich in coltan and cassiterite (tin ore).
According to data gathered by the Ecofin Agency, Rwanda's coltan exports surpassed those of the DRC in 2023, with Rwanda exporting 2,070 tonnes, a 50% increase, compared to the DRC's 1,918 tonnes.
This article was initially published in French by Ronsard Luabeya (intern)
Edited in English by Ola Schad Akinocho
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A week ago, Ahmed Mukuna, the quaestor of the Haut-Katanga provincial assembly, led a delegation to a Coordination Unity of the Transforme Project. Mukuna went to find out why Lubumbashi was excluded from the program. This initiative, which supports small and medium-sized enterprises (SMEs), overlooked the capital of Haut-Katanga, despite its participation in the pilot phase of the project, the PADMPME.
Alexis Mangala, the project's National Coordinator, explained that the financing agreement signed with the World Bank in June 2022 dictates which towns will benefit. Currently, only Bukavu, Bunia, Goma, Kananga, Kinshasa, Matadi, Mbuji-Mayi, and the Kasangulu-Muanda Corridor are included.
During the visit, the Haut-Katanga delegation said it would keep pledging its case with the Minister of Finance and the World Bank. They emphasized that this support is crucial for local SMEs, which have protested against the exclusion.
This appeal comes at a time when several cities involved in Transforme have been affected by renewed tensions following an offensive by M23 rebels and their Rwandan allies that began in January 2025. Bukavu and Goma, the capitals of South and North Kivu respectively, are currently under rebel control, threatening economic activities. Meanwhile, Lubumbashi is stable and seems like a viable alternative for the project. However, incorporating Lubumbashi into Transforme would necessitate a revision of the existing financing agreement with the World Bank.
The program directly supports businesses and aims to foster a sturdier entrepreneurial ecosystem. Beneficiaries will be selected through a business plan competition, with three competitions planned between September 2024 and June 2027 to support 800 SMEs and establish 3,050 new businesses. The initiative also aims for 60% female participation among winners and partly focuses on climate resilience.
This article was initially published in French by Boaz Kabeya (intern)
Edited in English by Ola Schad Akinocho
The price of Arabica coffee, a key export for the Democratic Republic of Congo (DRC), has surged on international markets. According to Reuters, As of February 12, 2025, Arabica futures were trading at approximately $4 per pound, or $8.80 per kilogram.
The surge is mainly attributed to rising transaction costs on the ICE exchange, where margins have been raised by 10% to $10,410 per contract nearly double what they were a year ago. As a result, many traders have liquidated their positions, further driving up prices.
The DRC's Ministry of Foreign Trade reported a 7.89% rise in the price of a kilogram of Arabica coffee on international markets. Between February 10 and 15, 2025, the price climbed to $7.38, up from $6.84 the previous week.
A study by the University of Liège in Belgium suggests that higher international coffee prices could benefit Congolese producers. However, the country’s eastern region, where most coffee is produced, is currently at the heart of conflicts opposing the Congolese army to invaders–M23 rebels and their Rwandan allies. The storm threatens the Arabica coffee-producing areas in North and South Kivu and Ituri. The invaders have already taken over Bukavu and Goma, the provincial capitals of South Kivu and North Kivu.
Beyond the conflict, the coffee sector grapples with numerous challenges including low productivity, deteriorating infrastructure, and rampant illegal exports. In Ituri province alone, over 80% of the coffee produced is clandestinely exported to neighboring countries, according to recent data from the Office National des Produits Agricoles du Congo (ONAPAC), limiting potential income for the DRC.
The country produced 12,422 tonnes of coffee in 2023, up from 10,729 tons in 2022. According to the data, disclosed by the Central Bank of Congo (BCC), Robusta made up over 70% of the output in 2023, and the rest was Arabica.
This article was initially published in French by Boaz Kabeya(intern)
Edited in English by Ola Schad Akinocho
The projected value of measured copper and copper reserves of the Mutanda mine in the Democratic Republic of Congo (DRC) is $72 billion. Glencore, the Anglo-Swiss multinational commodity trading and mining company, recently disclosed the estimate in its 2024 reserves and resources report.
Based on estimated potential, mineral deposits fall under three classifications: measured reserves, which offer high reliability; indicated reserves, which are reliable but require further confirmation; and inferred reserves, which are less certain.
According to Glencore's latest report, Mutanda boasts measured reserves of 197 million tonnes of ore with a copper grade of 1.94%, yielding a total of 3.8 million tonnes of copper. The cobalt grade in this category is 0.61%, translating to approximately 1.2 million tonnes. By applying the market value of mineral contracts deliverable in one year (February 2026) to these measured reserves, Glencore estimates $41 billion for copper and $31 billion for cobalt, totaling $72 billion.
These projections could change, based on factors like actual resource extraction, complex financial modeling, and the terms of sales contracts over time.
The Mutanda mine is 40 km from Kolwezi, the capital city of Lualaba Province in the southern part of the DRC. Glencore owns 95% of the asset, against 70% of the Kamoto project. The Anglo-Swiss firm has secured two permits valid until 2037 for Mutanda, with the mine's lifespan potentially extending to 20 years pending further investment.
In contrast, the latest report from Kamoto does not mention measured resources but reveals indicated resources that still require further study estimated at 10.4 million tonnes of copper and 1.5 million tonnes of cobalt suggesting a potential mining life of around 15 years.
The figures could spark local stakeholders’ interest, including the Congolese government, which collects taxes and royalties on industrial mines. After smelling opportunity, subcontractors and suppliers linked to Glencore's regional operations could also flock to the project.
This article was initially published in French by Georges Auréole Bamba
Edited in English by Ola Schad Akinocho
The long-awaited Mbombo hydropower station project is underway. Construction works for the station were kicked off on 15 February 2025 by Joseph Moïse Kambulu Nkonko, governor of the Kasaï-Central province which houses the station.
Located on the Lulua River, about 9.3 miles (15 km) from downtown Kananga, the station should have an installed capacity of 10 MW. It will enable more people in the region to have electricity. For now, it is not officially known how many direct and indirect jobs the project will create, nor how many people it will benefit.
Set to cost up to $35 million, the plant will be managed by the Agence Nationale de l'Électrification et des Services Énergétiques en Milieux Rural et Périurbain (ANSER). Established in 2016, ANSER is responsible for electrifying areas that lack private funding.
The project should be completed in under 24 months, with a target delivery date in February 2027. Provincial authorities urge residents to follow the plant’s construction, closely. Governor Kambulu emphasized that the project's success hinges on community vigilance and commitment, highlighting the importance of transparency and diligence in implementing this vital infrastructure.
This article was initially published in French by Boaz Kabeya (intern)
Edited in English by Ola Schad Akinocho