The Democratic Republic of Congo (DRC) has launched a pilot program to regulate alternative financing for small and medium-sized enterprises (SMEs), officials said Friday, aiming to expand access to capital for young companies in a market dominated by limited bank credit.
On March 24, Minister of Entrepreneurship and SME Development, Justin Kalumba Mwana-Ngongo, signed a ministerial order implementing a pilot project under Ordinance-Law No. 22/030 of September 8, 2022, which establishes crowdfunding, crowdlending, and crowdinvesting as recognized financing instruments for businesses.
Bank credit in the DRC accounts for only about 7 percent of GDP, compared with an average of more than 45 percent across sub-Saharan Africa, according to a 2019 FINACTU report. A 2024 World Bank survey showed that 84 percent of business investments are funded through internal resources, while only 8 percent come from banks. Access to credit is uneven: 6 percent of small businesses hold bank loans, compared with 18 percent of medium-sized firms and 51 percent of large companies.
The pilot project is designed to diversify financing sources, mobilize local and international investors including members of the diaspora and develop an ecosystem to support startups and SMEs.
FOGEC at the center of the initiative
The program is built around two main pillars: participatory financing platforms and business angel investment. Crowdfunding allows entrepreneurs to raise capital from a broad public through digital platforms, while business angels provide both funds and expertise.
In the DRC, the market for alternative financing is underdeveloped, largely due to the absence of a regulatory framework. A 2025 Deloitte study identified the legal gap as a major barrier and recommended establishing clear rules to protect investors and regulate platforms. The pilot aims to test an operational framework before a nationwide rollout.
The Fonds de garantie de l’entrepreneuriat au Congo (FOGEC) will serve as the key intermediary between entrepreneurs, investors, and regulators. The institution is expected to partially guarantee financing to reduce risk for investors, structure and validate projects, and coordinate with the central bank and financial partners, including the diaspora.
“Innovative financing represents an opportunity to mobilize local and international savings for the benefit of SMEs,” FOGEC officials said.
Financial inclusion in the DRC remains low. Only 12 percent of adults have a bank account, and more than half of the population is excluded from formal financial services, highlighting the importance of alternative financing mechanisms to support economic growth.
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Pilot as a testing ground for broader reform
The success of the pilot will depend on several factors, including the establishment of effective digital platforms, investor confidence, and FOGEC’s ability to ensure secure operations and develop the ecosystem. The initiative also aims to provide legal clarity, transparency, and risk mitigation, which experts say are essential for attracting both local and international investment.
By introducing regulated crowdfunding, crowdlending, and crowdinvesting, the Congolese government hopes to unlock new sources of capital for SMEs, bridging the financing gap that has long constrained growth in the country’s private sector.
If successful, the program could serve as a model for broader adoption of alternative financing mechanisms in the DRC, potentially reshaping how small businesses access credit in one of Africa’s most underbanked economies.
