“Our profitability remains one of the strongest on the continent”
In this exclusive interview published in Financial Afrik magazine issue 122, Mustafa Rawji, CEO of Rawbank, discusses the exceptional results of the leading Congolese bank in 2024, its positioning in structured finance, the growing importance of the Illicocash application, the impact of the “20,000 SMEs” program, and the ESG ambitions of the institution. With a tone that is both direct and rooted in the Congolese reality, he advocates for a vision of a strong, inclusive bank focused on the future.
Rawbank recorded a net banking income of 514 million USD and a net profit of 212.7 million USD in 2024. What were the key strategic drivers in achieving these results in a still challenging economic environment?
It’s not a miracle. It’s hard work, consistency, and a clear vision. Despite inflation and tight monetary policy, we managed to stay on course. Net banking income increased by over 6% and our profitability remains one of the highest on the continent, with an ROE of nearly 33%. What we did was strengthen the foundations: controlled organic growth, rigor in margins, risk cost control (0.47% in Net NPL), and a real boost in digital with Illicocash. But ultimately, what made the difference was our commitment to serving the real economy. We don’t engage in abstract finance. Every dollar of credit must have an impact on the ground. And that’s what makes us legitimate. With a Basel III equity ratio of 20.44%, Rawbank demonstrates a rare financial strength in the regional banking landscape.
Does this margin allow you to consider new external growth operations or regional expansion in the short term?
When you have a solid foundation, you can start thinking bigger. This ratio is a cushion of trust, built over time, through the work of teams and the trust of our clients. It’s not a given, it’s a responsibility. Yes, we look beyond borders. But we do so with caution, humility, and clarity. We think like bankers, not adventurers. Every step we take must be useful, coherent, aligned with who we are: a local bank, born here, serving a sustainable transformation of our economies.
The new logo we presented in 2024 is not just a rebranding. It’s a way of saying that Rawbank is entering a new phase, with more ambition, but also more rigor and maturity. We don’t claim to do everything or know everything, but we move forward, rooted in the DRC, open to the world, and attentive to our time.
The $400 million syndicated loan for the development of KamoaKakula positions Rawbank as a major arranger. Is this the beginning of a repositioning of the bank in the international structured finance segment?
This deal is a turning point, yes, but above all a strong signal. Taking the lead on a $400 million syndication for the development of KamoaKakula, alongside key players like Africa Finance Corporation, Absa, or FBN Bank, is significant. It proves one essential thing: a Congolese bank can now inspire confidence internationally, handle complex operations, and establish itself as a leading arranger for global financing. For us, it’s a recognition of the seriousness of our work, our financial discipline, and our keen understanding of the field. We don’t change our DNA. We remain a local bank, serving the Congolese economy. But we broaden our playing field. Because today, structuring a major mining or infrastructure project here in the DRC requires technical expertise, financial strength, and above all, local legitimacy. And that’s exactly what Rawbank embodies. We no longer just want to support others’ projects. We want to shape them together. Being at the decision-makers’ table, offering tailor-made solutions, and ensuring that major foreign investments truly benefit our country. And if tomorrow we can also export this expertise elsewhere on the continent, then we will. With humility, but with confidence.
The “20,000 SMEs” program has shown significant progress, with $225 million in credits granted in 2024. What concrete feedback do you observe on the structuring of the Congolese entrepreneurial fabric? And how do you manage the associated risk in this segment?
SMEs are more than just a segment for us: they are the backbone of the economic development of the DRC. We cannot talk about emergence without a strong, structured entrepreneurial fabric capable of creating value and employment. This observation motivated the launch of the “20,000 SMEs” program, and today, we are reaching a new milestone. With $225 million in credits granted in 2024, a 46% increase from the previous year, we are no longer talking about a simple commitment: we are talking about a growing movement. A structured, thoughtful, supported movement. We see it in the numbers, but especially in the stories: mining subcontractors accessing better contracts thanks to well-calibrated financing; agro-industrialists investing in local transformation; SMEs in telecoms digitizing their services to enhance competitiveness.
This is not an opportunistic approach. It’s a strategic pillar. We work hand in hand with partners like FPM, mobilize guarantee mechanisms, offer training and technical assistance. We don’t throw credits blindly: we build trajectories. We know the risk. But we don’t confine ourselves to a cautious logic. That would be a mistake. A useful bank in our context is a bank that dares to finance those that others overlook, but does so methodically, rigorously, and with the constant concern of guiding these entrepreneurs towards formality, solidity, and growth. What we are building today with SMEs is the Congolese economy of tomorrow. And Rawbank wants to be a driver of that, not a spectator.
The Illicocash application seems to be becoming a key lever in your digital strategy. What is your medium-term vision for banking digitalization and the role of agents in a country where financial inclusion remains a challenge?
Illicocash is our Congolese response to the banking divide. With over 1.5 million monthly visits, +75% transactions in a year, and over 1,000 active agents… it’s no longer an experiment, it has become a national infrastructure, a pillar of our strategy. And this year, Illicocash has proven to be not only a growth tool, but also a resilience tool. In certain areas of the East, marked by insecurity and conflict, our branches had to temporarily close. Yet, thanks to digital and our agent network, banking services never stopped. People continued to receive, send, pay, manage their money. That’s a silent revolution. We don’t believe in digitalization detached from reality. We want an inclusive model, rooted in the country’s realities. Digital for speed, agents for reach. Because we need faces, proximity, education. Today, with Illicocash, a merchant in Tshikapa can receive a transfer from Paris in seconds. But it’s also a war-displaced person in Goma who can buy food or transfer some money to their family. That’s what it means, a bank that intelligently digitalizes, serving all Congolese, even in times of crisis.
Rawbank is increasingly involved in sustainable finance with concrete projects, such as reforestation or carbon calculation. How do you articulate this ESG strategy with your profitability and banking model transformation goals?
At Rawbank, ESG is an integral part of our sustainable performance strategy. Between 2024 and 2025, we mobilized $22 million for environmentally impactful projects, in line with our climate risk management. This includes financing improved cooking stoves, avoiding six million tons of CO2 over ten years, and a structured reforestation operation in Kwilu. We have also integrated a Carbon Calculator to raise awareness among our clients about their carbon footprint and initiate the development of future green banking offerings.
