The picture shows a customer conducting business at the counter of BSCA. (Photo provided by BSCA)
Under the sunlight spilling into the spacious and bright lobby of the Banque Sino-Congolaise pour l'Afrique (BSCA, or Sino-Congolese Bank for Africa), Molan, a staff member dressed in a neat uniform, is bustling about the counter with speed and order. He skillfully handles account opening, fund transfer and other services for customers, always wearing a warm smile and patiently answering every question. Each transaction is completed efficiently, and funds flow smoothly, injecting financial vitality into local Congolese enterprises and Chinese companies in Africa. On this land full of hope, the employees of BSCA, a joint venture bank between China and the Republic of the Congo, are weaving a brand-new chapter of China-Congo friendship and China-Africa cooperation with their own hands and wisdom.
Startup of Dreams Illuminates the Path to Reality
Molan, a young man from the Republic of the Congo, had a dream in his heart - to bring modern architecture and convenient public services to his own country. In 2007, with this dream in mind, he embarked on his academic journey to Wuhan University. There in Wuhan, the straight and wide roads and the continuous flow of vehicles, modern buildings and city squares full of sense of technology made him deeply appreciate the charm of modernization brought by "development". From then on, Molan made up his mind to study hard in China and contribute to his country's development in the future.
In 2014, Molan's dream came true. He became one of the first batch of employees of BSCA, responsible for infrastructure construction-related capital business. Looking back on the early days of the bank's establishment, Molan was filled with emotions. "At that time, the difficulties we encountered in team building, business expansion, and the construction of the office building were far more severe than we had imagined," he said. "For instance, it was almost impossible to find qualified building materials locally in the Republic of the Congo. To ensure the quality of the project, my Chinese colleagues and I flew to China again and again, carefully selecting every single material in the factories."
BSCA is a full-service bank covering retail banking, corporate finance, bank cards and electronic banking in the Republic of the Congo. Based in the local market of the country, BSCA mainly focuses on the following four directions to develop its business: First, it supports the industrialization of the Republic of the Congo. Second, it closely follows and supports the Belt and Road Initiative and the Going Global capacity cooperation projects. Third, it leverages its advantages to provide inclusive financial services. Fourth, it supports the use of the RMB in Central Africa.
It is precisely this original aspiration to support the development of local communities and the persistent efforts of the employees that have enabled BSCA to "take root, sprout, and thrive" in the Republic of the Congo. Today, looking at the buildings that have risen from the ground, Molan is filled with pride. "In just ten years, we have built landmark bank buildings, comfortable and warm employee dormitories, self-service banks, and business outlets with our own hands. There are even more bank outlets under construction. I think that these are not just a few buildings, but also the hope for this country to move towards modernization," he said. By the end of 2024, BSCA had deployed approximately 140 ATMs, making it the bank with the largest number of ATMs in the country.
The establishment of BSCA made financial services truly accessible to ordinary people in the Republic of the Congo. "Before the establishment of BSCA, the Republic of the Congo lacked local-grown banks, and financial services were mainly provided by solely foreign-owned banks. Previously, financial services were almost out of reach for ordinary Congolese people. Only the rich had the privilege to enter banks. Now, I can see all kinds of ordinary local people coming into our bank every day," Monica, the accounting supervisor of the Brazzaville branch of BSCA, has said.
Whether they are small traders, workers or business owners, all can handle business such as opening an account, depositing and borrowing at BSCA. Over 90% of the bank's clients are ordinary local individuals, which is one of the features that recognize BSCA from other mainstream commercial banks in the country. Many customers who enter the bank for the first time will show a satisfying smile on their faces after filling out the forms and getting their bank cards. They feel that this is a bank that belongs to the common people of the Republic of the Congo. In addition, the BSCA has also been actively involved in local community development. It has donated teaching materials to local schools on multiple occasions and supported public welfare undertakings such as education and healthcare.
Bank-Enterprise Symbiosis Helps Project Success
As the first modern mine in the Republic of the Congo that integrates mining, beneficiation and smelting, the Soremi Copper-Lead-Zinc Polymetallic Mine Project (hereinafter referred to as the "Soremi Project") invested and developed by China National Gold Group has produced the first copper plate, zinc plate and zinc ingot in the country, filling the gap in the non-ferrous metal sector and promoting the economic development of the Republic of the Congo to a new stage. The financial support of BSCA is indispensable behind all this.
In the early stage of the project, a batch of imported mining equipment was detained at Pointe-Noire Port due to the failure to pay the customs guarantee on time. According to the customs regulations, a guarantee equivalent to 30% of the value of the imported large-size equipment, approximately 50,000 U.S. dollars, was required. In response to the problem, BSCA promptly activated its emergency response mechanism and completed the bank guarantee process within just three days. This guarantee not only successfully lifted the seizure of the equipment but also initiated a "bank credit endorsement" customs clearance model, strongly supporting local major infrastructure construction projects and significantly enhancing the market and enterprises' trust in the BSCA.
After the new production line was put into operation, the production capacity of the Soremi Project witnessed rapid development, and the demand for foreign exchange settlement also grew larger. The complex foreign exchange settlement process became one of the important operational challenges that troubled the company's project operation. In response to this situation, the bank formed a special working group to tailor a foreign exchange solution for the enterprise. It has handled nearly a hundred export goods foreign exchange collection transactions, with a total foreign exchange settlement of 180 million U.S. dollars, providing strong support for the enterprise to advance key projects.
To boost the development of the mining industry chain in the Republic of the Congo, BSCA has also actively provided financing support to enterprises in the upstream and downstream supply chains. It has cumulatively issued about 12 million U.S. dollars in supply chain finance loans to local small-, medium- and micro-sized enterprises, effectively improving the financing environment for small- and medium-sized enterprises and facilitating the steady development of the entire industrial ecosystem.
Over the past decade, the bank has been in full swing to provide strong financial support for major investment projects such as the National Highway No. 1 of the Republic of the Congo, the Yonghua Petrochemical Jiarou Oilfield, and the Moukoukoulou Hydropower Station in the Republic of the Congo. By the end of 2024, the bank had served over 200 local clients, processed credit transactions with a cumulative amount exceeding 1.36 billion U.S. dollars. At the same time, it has effectively supported nearly 100 Chinese enterprises in industries including roads and bridges, urban construction, energy and chemicals, and digital communications, providing nearly 400 million U.S. dollars in on-balance-sheet and off-balance-sheet credit support.
Serving As a Model Financial Bridge to link China and Africa
BSCA has been in operation for ten years by now, providing inclusive financial services to the people of the Republic of the Congo, supporting the local economic revitalization, strengthening the financial ties between China and Africa, promoting in-depth cooperation in the financial sector between the two sides, and becoming a model project of the China-Congo joint construction of the Belt and Road Initiative. As President of the Republic of the Congo Denis Sassou Nguesso said, leaders of China and African countries all welcome the strengthening of China-Congo cooperation, and BSCA is a typical representative of it.
Over the past ten years, the bank has actively served the Belt and Road Initiative in the African region, providing credit support to Belt and Road-related enterprises with a total amount exceeding 330 million U.S. dollars; opening letters of guarantee over 100 times, with a cumulative amount of about 50 million U.S. dollars; and achieving cross-border foreign exchange settlement and sales for related enterprises exceeding 1.25 billion U.S. dollars.
The practice of BSCA has not only injected strong impetus into the economic development of the Republic of the Congo, but also set a model for China-Africa financial cooperation. Through localized operation and social responsibility practice, it has deepened the friendly and cooperative relations between China and Africa, and contributed Chinese strength to the prosperity and development of the African continent.
Looking ahead, BSCA will take root in Africa and provide more convenient and efficient financial services to more African people. It will also continue to deepen cooperation with China and African countries, jointly promote the in-depth implementation of the Belt and Road Initiative, and contribute more financial practice and wisdom to building a community with a shared future for China and Africa.
The bank is not only the starting point of Molan's career, but also an important platform for him to witness the continuous deepening of friendship and cooperation between China and the Republic of the Congo. "In the future, I hope to continue to build a bridge of friendship between China and the Republic of the Congo, and let more people understand China and learn from China. I believe that as long as we continue to work hard, we will surely be able to change our own destiny through diligence and wisdom, just like the Chinese people. The future of the Republic of the Congo will surely be brighter," Molan said with confidence. (By Liu Wanqiu)
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