What have been the main developments at Standard Bank in the past 12 months, and what is your vision as newly appointed CEO?

Africa is our home, and we are focused on driving the growth of the continent. Standard Bank has been present in the DRC for three decades and we are here to support multinationals, the government, and local corporates. Over the three decades, we have been able to develop a wealth of experience in different sectors. Mining is one where we have experience on the ground and at the group level, and we leverage group support to be a partner to our mining clients. 

How does Standard Bank support and develop the mining industry within the DRC?

Standard Bank DRC is part of the Standard Bank Group, which is the largest financial services organization on the continent by the size of its assets. We can leverage the financial strength of the Group, and the partnership we have with the Industrial and Commercial Bank of China Limited (ICBC). Over the past year, Standard Bank has injected hundreds of millions of dollars into the mining industry. With a presence since 1992, we have made considerable investments in the country in terms of capital, infrastructure, technology, and human resources. 

In terms of digital products, Standard Bank offers innovative and interactive products through our mobile banking platform. Our host-to-host solution is a direct system-to-system integration between our clients’ ERP systems and the bank, with no user intermediary involved, so that clients can manage their working capital more effectively. Another innovation is that we have integrated our digital platform with our mobile banking platform, and this is a means for us to reach the beneficiaries of payments coming from our corporate clients.

What are the main trends driving the banking sector in the DRC?

Each bank in the country has its strategy regarding the type of clients it wants to attract. That said, we all need to develop digital solutions to bridge the gap as the DRC is vast, and we will not be able to efficiently reach all clients by building different branches or agencies all over the country. For us, the solution is digital platforms that both individuals and corporations can utilize, as well as integrating these digital solutions with mobile solutions that are being offered by the telecom and fintech sectors. By building a bridge between those two types of solutions, we will be able to touch more than 10% of the population that is in the formal banking sector. Standard Bank is continuously leveraging new technologies to allow more people to benefit from our services. 

What makes the DRC an attractive destination for foreign direct investments?

The size of the various mineral reserves in the DRC is impressive, ore grades are high, and there are significant yields that mining operations can generate. Production costs are quite low compared to the global average. The DRC and Zambia are on the same copper belt, but there are much higher grades of copper ore in the DRC than what Zambia can deliver. The DRC has one of the largest lithium reserves in the world, is the largest cobalt producer in the world, and the largest copper producer in Africa. These three minerals are highly demanded in the green transition, and it is important now for the DRC government and investors to sit together, agree on the way forward, and start acting to aggressively move towards a green economy.  

Is the DRC doing enough to move from an extractive-based model to a local content value-added one? 

We need the government to be deliberate when it comes to setting policies and ensuring that the industry complies with the rules, but the government also needs to give the private sector the means to comply with regulations. For example, if you want to transform and process minerals you need energy, but there is a significant energy supply deficit in the DRC, however, the country has great hydropower potential with the Grand Inga project. It is a matter of being willing to set up required stable power supply to give the private sector the means to process minerals and being deliberate in terms of actions. 

What are Standard Bank’s main priorities and objectives in the DRC for 2024 and beyond?

Standard Bank has been operating in the DRC for over 30 years, and we will continue to support growth in the country.