New partnership agreement between FPM – VisionFund DRC
FPM, Fund for Financial Inclusion in DR Congo has organized last Friday, March 15, 2019 in its enclosure, the signing ceremony of the partnership agreement with the microfinance institution VisionFund DR Congo, a subsidiary of the VisionFund Group International.
As part of its mission, which is part of the national microfinance policy and strategy in the Democratic Republic of Congo, FPM contributes to the reduction of poverty in the DR Congo by promoting the development of a sustainable offer of financial services accessible to Micro, Small and Medium Enterprises (MSMEs) and low-income populations.
To achieve this, FPM relies on financial institutions to provide technical assistance and financing. Technical assistance services include the following:
– Direct technical assistance for the benefit of partner financial institutions;
– Forums and training for Congolese financial market professionals;
– Market studies to improve financial inclusion.
For this first partnership, the intervention of FPM ASBL aims essentially to support VisionFund DR Congo in its phase of institutional growth after a period of institutional restructuring initiated in September in 2016. To do this, the support of FPM will cover three aspects: (1) Support for regional extension process in South Ubangi province, (2) Development of the banking agent network in that province, and also (3) Implementation of responsible finance standards. The overall budget for this intervention is around 335,000 USD.
VisionFund RD Congo has been operating in the DR Congo since August 2016. This institution, which is aware of its social role, mainly supports low-income populations in rural areas of the city of Kinshasa. Thanks to these loans for income-generating activities, VisionFund increases the economic activity of its customers and thus contributes to improving the conditions of the communities. The institution currently has 7 agencies in the city of Kinshasa. Its financing targets productive sectors with high added value: agriculture. The institution plans to open two branches in two provinces other provinces over the next two years.