Flash International and FINCA sign a landmark strategic partnership
Flash International (“Flash”), the largest fintech and payments aggregator in the Democratic Republic of Congo (“DRC”) and with operations in the Republic of Congo (“ROC”) and Cote d’Ivoire, has entered into a strategic partnership with the DRC subsidiary of FINCA Impact Finance, FINCA DRC (“FINCA”). This partnership leverages their respective platforms and provides greater access to a full suite of financial services to a significantly underbanked population. The World Bank estimates that only 26% of the DRCs population of approximately 90 million have access to financial services in spite of a 44% mobile phone penetration rate and 23% data penetration rate (Sources: IMF and Datareportal).
Flash, through its network of 3,500 agents and network of 90 branches, serves more than two million customers and holds a significant market share of digital financial services in the DRC and ROC. Through its mobile application “FlashApp” (its agent platform) and branches, Flash provides remittance services (including its proprietary Flash Cash service), payments services, merchant payment services, and a growing number of value-added services (“VAS”). On a monthly basis, Flash processes more than half a million transactions having a gross transaction value (“GTV”) of more than USD 40 million through its payment services, including school fee payments, mobile airtime top-ups (for all networks), tax payments and mobile money transfers (mPesa, Orange Money, Afrimoney, and MTN Money) and processes more than 40,000 satellite TV subscription transactions through its VAS services. An innovator in the market, Flash is continuing to broaden the scope of services it provides to business, consumers, and government.
FINCA is the leading microfinance institution in the DRC and serves more than 450,000 clients through 21 branches and 1,600 agents across the country. Through the partnership with Flash, FINCA clients and agents will now be able to access their accounts and services (including deposits and withdrawals) through the Flash App as well as branch and agent network. Likewise, Flash clients and agents will be able to access FINCA’s products and services. This partnership is truly ground-breaking in the DRC market.
Verdant Capital serves as financial advisor to Flash International.