Rawbank

Last updated

Rawbank
Company type Private company
Industry Financial services
Founded2002;22 years ago (2002)
Headquarters
Kinshasa
,
Democratic Republic of the Congo
Key people
Mazhar Rawji (Chairman), Mustafa Rawji (Managing Director)
ProductsCorporate, SME, Retail lending, Transaction Banking, Savings, Investments, Syndications
RevenueIncrease2.svgAftertax: US$362 million (2022) [1]
Total assets US$4.14 billion (December 2022) [1]
Number of employees
1,800+ (2019)
Parent Rawji Group of Companies
Website www.rawbank.com

Rawbank is a regulated financial institution based in the Democratic Republic of the Congo (DRC). The bank was created on 2 May 2002, and has grown to become the DRC's largest universal bank with total assets of US$4.14 billion as of December 2022. [1]

Contents

As of 2018, the bank had over 1,800 employees, and serviced over 500,000 corporate, SME, and retail clients through its network of 110 branches, 400+ ATM's, as well as its digital banking platforms and applications. [2]

History

Rawbank was launched in 2002 by the Rawji family, which have a diversified set of business interests in the Democratic Rep. of Congo, that is commonly called Rawji Group. The family traces its roots in the DRC since 1902, and is owned by the Rawji brothers, namely Mushtaque, Zahir, Mazhar, Aslam and Murtaza. The history of the Rawji group begins at the beginning of the 20th century, when Merali Rawji (father of the Mushtaque siblings) settled in Kindu, then in Kalemie and later in Kisangani, in the eastern part of what was then the Belgian Congo. The family was initially heavily involved in the coffee and cocoa trading, which was a predominant export from Eastern Congo. In 1966, the family acquired Beltexco, a textile products distribution entity which had a national presence.[ citation needed ]

The directors of this group of companies are descendants of the founder (Merlan Rawji). They grew up in the Belgian Congo, and went to Europe to complete their education. In the early 1990s, the war rocked the Democratic Republic of the Congo (DRC), but the Rawji group continued to maintain & expand their business activities. They set up in the capital, Kinshasa, and continued to diversify their portfolio of activities with the following;

Operations

Rawbank is a universal bank catering to multi-nationals, local corporates, SMEs, retail, and public institutions. It is a member of the SWIFT interbank network. Rawbank currently has 110 branches geographically spread throughout the country, hosts a network of 400+ ATMs, and is a principal member of the Visa & MasterCard, and represents Moneygram International in the DRC. Rawbank SA remains committed to providing financial services through traditional distribution channels, as well as through its digital channels. Its five-year strategy is centered on a digital-first strategy, to ensure it meets its targets of financial inclusion to the underserved population of the DRC. [3] [4]

As of March 2020, Rawbank was the largest commercial bank in DR Congo, with 28 percent of banking assets in the country and a customer base of nearly 300,000 accounts. [5] Rawbank was the first financial house in DR Congo to offer mortgages to the public in 2015. [6] Rawbank offers specifically adapted products and services for each of its market segments, as well as providing the latest technologies for its clients. With the advent of mobile wallets, Rawbank launched IllicoCash a fast growing mobile payments application in the DRC market enabling financial inclusion in urban and rural areas.

Rawbank has a unique program named Lady's First, a program dedicated to supporting women in business by providing tailor made training, mentoring groups, and financial capabilities in order to scale businesses managed by women. This program supports the growth of women-led SME's but also has created partnerships with micro-finance institutions that are dedicated to gender empowerment for those that are the bottom of the pyramid.

Rawbank's international financial partners include the International Finance Corporation, Trade Development Bank, African Export-Import Bank, Arab Bank for Economic Development, & African Development Bank.

Branch Network

As at the end of 2021 Rawbank operated 110 branches (includes branches and sub-branches), across the Democratic Republic of Congo. [2] as well as 400+ ATM's.[ citation needed ]

See also

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References

  1. 1 2 3 35Nord (13 July 2023). "Rawbank Announces Strong growth in 2022 Operating Results and Increases Loans by 39%" (Via AllAfrica.com). 35Nord. Paris, France. Retrieved 15 July 2023.{{cite web}}: CS1 maint: numeric names: authors list (link)
  2. 1 2 Press Release (26 March 2018). "Congo-Kinshasa: RAWBANK confirms its position as the Best Bank in the Democratic Republic of Congo in the new 2018 ranking recently published by US magazine Global Finance". 35° Nord (Paris) via AllAfrica.com . Retrieved 26 March 2018.
  3. ↑ Thomas Wilson (8 May 2017). "Biggest Congo Bank Plans Home-Market Drive Before Regional Entry". Bloomberg News . Retrieved 26 March 2018.
  4. ↑ Thomas Wilson (27 July 2017). "Congo Is About to Destroy the State Monopoly on Insurance". Bloomberg News . Retrieved 26 March 2018.
  5. ↑ Ecofin Agency (14 March 2018). "DR Congo: AfDB lends $15 million to Rawbank to support the private sector". EcofinAgency.com. Retrieved 26 March 2018.
  6. ↑ Mthembu-Salter, Gregory (21 October 2015). "Democratic Republic of Congo: Banking on the little guy". Paris: The Africa Report . Retrieved 26 March 2018.
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