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Central Bank of Congo (BCC) launches its national payment switch

After a reform phase aimed at modernising payment systems in the Democratic Republic of Congo, the Central Bank of Congo (BCC) launched its National Switch. It was in Gombe (Kinshasa) that the launch took place in the presence of BCC’s Governor, Déogratias Mutombo Mwana Nyembo, who made a withdrawal from one of Bank of Africa's (BOA) automatic teller machines (ATM) successfully.

BPC is proud to participate in the establishment of this national system which represents a strong impact for a nation of more than 90 million inhabitants and the largest territory of sub-Saharan Africa thus, contributing to the development of its economy. The SmartVista solution has become the platform of choice for central banks wishing to modernise their payment systems. The solution has indeed been adopted by more than 20 national systems around the world and amongst other things, it allows to manage instant payments. In the Democratic Republic of Congo, the BCC uses SmartVista to manage its national system, issue payment cards, connect all payment terminals (TPE) as well as automatic teller machines (DAB) and create a collaborative community ecosystem with the participating banks.

For the Congolese, this announcement represents a transition from cash payments to digital transactions. This transition will be carried out in stages, the final objective being that electronic money will one day position itself as the preferred means of payment for the Congolese to the detriment of cash. As for the Mosolo card (Mosolo means money), a card in Congolese franc and multi-currency, it will allow the natives to travel or trade internationally with confidence.

For the financial institutions present in the DRC, the National Switch brings new opportunities for the development of electronic payments and a collaborative environment to, together, meet the needs of the Congolese. The National Switch will transform the current landscape, which is characterised by segregated and privatised electronic payment solutions, by offering interoperability between the various economic players in the country.

The switch to electronic payment has altered the agenda of governments, which must consider the hygienic risks associated with the handling of currency in the context of the COVID-19 pandemic. The launch of a new national electronic payment switch, eagerly awaited by the Congolese population, should be characterised by greater use of payment cards as well as an increase in the banking rates, as well as mobile network operators.