IFC–Rawbank SME Insights Study: Understanding the Growth Journey of Small and Medium Enterprises in the Democratic Republic of Congo

In collaboration with Genesis Analytics, AaretonBlue supported the implementation of a large-scale enterprise research study designed to understand the financial needs, business challenges, and growth opportunities of small and medium-sized enterprises (SMEs) across the Democratic Republic of Congo. Conducted in partnership with the International Finance Corporation (IFC) and Rawbank, the study generated critical evidence to inform the development of more inclusive financial products, business support services, and growth strategies for the country’s SME sector.
The research focused on formally registered private-sector SMEs with annual revenues ranging from USD 300,000 to USD 15 million, covering both Rawbank clients and businesses banking with other financial institutions. By examining businesses across multiple regions and industries, the study provided a comprehensive view of the entrepreneurial landscape and the factors influencing business growth, resilience, and access to finance. A key component of the study was its focus on women-led enterprises. The research explored the unique opportunities and barriers faced by female entrepreneurs and business leaders, enabling stakeholders to better understand gender specific financing needs and identify pathways to strengthen women’s participation in the formal economy. Businesses were segmented by ownership structure, leadership composition, size, geographic location, and banking relationships to ensure robust and representative analysis.
The study examined a broad range of themes including access to financial services, banking preferences, credit and investment needs, business performance, growth constraints, and the effectiveness of existing financial products. Comparative analysis between Rawbank clients and non-clients provided valuable insights into customer experiences, unmet needs, and opportunities for expanding financial inclusion among growth-oriented enterprises.
Through quantitative data collection and structured stakeholder engagement, the project generated actionable intelligence to support evidence-based decision-making by financial institutions, development partners, and policymakers. The findings contribute to strengthening the SME ecosystem in the DRC by improving access to finance, supporting enterprise growth, and fostering a more inclusive and competitive private sector.