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The DRC is implementing an interbank telecommunications network through fiber optic

Infrastructure and Finance

The interbank telecommunications network through fiber optic was installed Tuesday, February 2 at the headquarters of the Central Bank of Congo. The coordinator of the unit responsible for the implementation of this project, Alain Lungungu says that this infrastructure will notably reduce time for financial transaction between the DRC and abroad.

He said it will also improve the business environment and the daily lives of investors.

“There are payments we make to customers who are outside the country. We receive many complaints regarding delays. The transfer can take up to a week or more. This is the case of a transfer between Kinshasa and Paris. With the establishment of this network, the time will be significantly shortened. The transfer will be done the same day,”says Aain Lungungu.

This network is connected to 19 licensed commercial banks, treasury management and management of scheduling at the Ministry of Finance.

It will also allow the establishment of a national payment system in the Democratic Republic of Congo.

The interbank telecommunications network is a component of the proposed development of financial infrastructure and market. It is funded by the World Bank to the tune of USD $30 million.

The government project is part of the modernization of the payment system infrastructure for inclusive finance.

The second phase of the project which includes the implementation of the electronic interbank banking is currently underway. The fiber optic network that will ensure communication between commercial banks is built by Standard Telecom.

Source: Radio Okapi

This post is also available in: French

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