MICROCAPITAL BRIEF: Banque Internationale Pour L’Afrique Au Congo (BIAC) Launches Heyano MasterCard Prepaid Card in Democratic Republic of Congo (DRC) to Promote Financial Inclusion, Transition to Formal Economy

Banque Internationale Pour L’Afrique Au Congo (BIAC), a commercial bank in the Democratic Republic of the Congo (DRC), and MasterCard, a US-based payments and technology company, recently launched a prepaid card called Heyano [1].Unlike with debit and credit cards, Heyano cards can have value added to them by users, family members, employers and other without the need for a traditional bank account [2].

The card is to be accepted at retail locations and automated teller machines (ATMs) where other MasterCard products can be used. In addition to withdrawing cash from ATMs and paying for retail goods and services, the card allows users to initiate international transfers and transfer money to and from other payment cards.

Charlton Goredema, the vice president and area business head of Southern Africa and Indian Ocean Islands at MasterCard, said that the launch of the Heyano card will drive “financial inclusion through the adoption of electronic payments”[1]. Michel Losembe, the CEO of BIAC, stated that the card will expand the accessibility of financial services throughout DRC to contribute to the country’s “transition from the informal to the formal economy”[1].

As of 2015, BIAC operates in DRC as a commercial bank with 150 branches in 16 cities. As of the same year, BIAC reported total assets of CDF 504 billion (USD 556 million) and 400,000 customer accounts. As of June 2015, MasterCard reported total assets of USD 15.3 billion and 2.2 billion payment cards in circulation.

By Hye In Arielle Oh, Research Associate

About Banque Internationale Pour L’Afrique Au Congo (BIAC)

Banque Internationale Pour L’Afrique Au Congo (BIAC) was established on November 30, 1970, by presidential decree in the Democratic Republic of Congo (DRC). BIAC is a commercial bank that encourages entrepreneurial innovation as well as THE production of manufactured goods in the country. As of 2015, BIAC operates 150 branches in 16 cities. As of the same year, BIAC reported total assets of CDF 504 billion (USD 556 million) and 400,000 customer accounts.

About MasterCard

Headquartered in the US city of Purchase, New York, MasterCard is a payments and technology company that connects consumers, financial institutions, merchants and governments in approximately 210 countries and territories. As of June 2015, MasterCard reported total assets of USD 15.3 billion and 2.2 billion payment cards in circulation.

Sources and Additional Resources:

[1] MasterCard, “BIAC Launches the Heyano MasterCard Prepaid Card in DRC,”http://newsroom.mastercard.com/mea/press-releases/biac-launches-the-heyano-mastercard-prepaid-card-in-drc/

[2] Congo Business Network: “Kinshasa: BIAC launches prepaid card ‘Heyano,’”http://cbn-group.com/en/actu.php?idPost=1447654390

[3] Bloomberg, “Mastercard Partners With Congo Bank BIAC to Provide Payment Card,”http://www.bloomberg.com/news/articles/2015-11-12/mastercard-partners-with-congo-bank-biac-to-provide-payment-card

[4] Careers in Africa, “BIAC,” http://www.careersinafrica.com/company/biac/

[5] Banque Internationale Pour L’Afrique Au Congo: “BIAC,” http://www.biac.cd/eng/

MicroCapital Universe: “MasterCard,” https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=MasterCard

MicroCapital Universe: “Banque Internationale Pour L’Afrique Au Congo (BIAC),”https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Banque+Internationale+Pour+L%E2%80%99Afrique+Au+Congo+%28BIAC%29

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