Rawbank

Rawbank is a commercial bank of the Democratic Republic of the Congo. The bank was created in 2001, is based in Kinshasa and began commercial operations in 2002, with 10 employees.[2] As of 2015 the CEO of the bank was Thierry Taeymans and the Chairman of the bank was Mazhar Rawji. Rawbank is the largest bank operating in the Democratic Republic of the Congo with a balance sheet of $1.08 billion at financial year-end 2015. The bank had a staff of more than 1,600, as at 31 December 2017.[2]

Rawbank
Private company
IndustryFinancial Services
Founded2001 (2001)
Headquarters
Kinshasa
,
Democratic Republic of the Congo
Key people
Mazhar Rawji (Chairman), Thierry Taeymans (Managing Director)
ProductsLoans, Transaction accounts, savings, investments
Revenue Afertax:
Total assetsUS$1.7+ billion (December 2018)[1]
Number of employees
1,600+ (2017)
ParentRawji Group of Companies
WebsiteHomepage

Operations

Rawbank offers retail banking and commercial banking services. It offers internet banking, prepaid bank card, debit card and MasterCard credit card services. It is a member of the SWIFT interbank network. Rawbank was started by five brothers. The conglomerate that owns the bank is called Groupe Rawji (Rawji Group of Companies), one of DR Congo's leading conglomerates, jointly owned by brothers: (a) Mazhar Rawji (b) Mushtaque Rawji (c) Aslam Rawji and (d) Murtaza Rawji.[3][4]

As of March 2018, Rawbank was the largest commercial bank in DR Congo, with 24 percent of banking assets in the country and a customer base of nearly of 300,000 accounts.[5] Rawbank was the first financial house in DR Congo to offer mortgages to the public in 2015.[6]

As of August 2014, sixty percent of Rawbank's customers maintained retail accounts. The introduction of mobile money accounts has enabled the bank to attract clients in remote locations, as has the introduction internet banking. The bank is growing its clientele by focusing on (i) the un-banked population (b) young people (c) small to medium sized businesses and (d) businesses owned by women.[7]

Branch Network

As at the end of 2017 Rawbank operated 90 points of contact (includes branches and sub-branches), across the Democratic Republic of Congo.[2]

See also

References
  1. Hakeenah, Njenga (27 December 2018). "Congo-Kinshasa: AfDB Boosts Congo SMEs Through Rawbank". The Exchange via AllAfrica.com. Dar es Salaam. Retrieved 29 December 2018.
  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. Wilson, Thomas (8 May 2017). "Biggest Congo Bank Plans Home-Market Drive Before Regional Entry". Bloomberg News. Retrieved 26 March 2018.
  4. Wilson, Thomas (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.
  7. The Africa Report (1 August 2014). "DRC's Rawbank continues to grow despite weak markets". Paris: The Africa Report. Retrieved 26 March 2018.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.