Behind BIO’s investments lies the discreet yet essential role of its external directors: an interview with Bruno Degoy, BIO’s representative on the board of directors of FPM SA in the DRC

Supporting the Development of the Congolese Financial Sector

A specialist in the banking and microfinance sectors, Bruno Degoy is very familiar with the context of the Democratic Republic of the Congo, where he worked for several years. His first contact with BIO dates back to 2011, when he was head of Bank of Africa DRC. He subsequently worked with the institution on several occasions on projects related to development financing before being asked, in 2023, to undertake a strategic assignment with FPM SA.

Founded by BIO, KfW, Cordaid, and Incofin, among others, FPM SA aims to improve access to financing for small and medium-sized enterprises in the DRC. The fund provides financing to banks, microfinance institutions, and financial cooperatives, which in turn extend loans to local entrepreneurs. It also relies on FPM ASBL, which provides technical assistance to partner institutions to build their capacity and works in partnership with Enabel, the Belgian international cooperation agency.

In a country where access to financing remains one of the main obstacles to SME development, FPM plays a vital role. By supporting local financial institutions, the fund indirectly contributes to business creation, private sector development, and job creation.

Restoring Trust and Building a Shared Vision

When Bruno joined FPM as part of his exploratory assignment, the firm was going through a difficult period: “The fund was questioning its very survival. There was a certain amount of mistrust between the shareholders, the board of directors, and the management team. The fund was practically at a standstill,” he explains. For six months, he worked with the various stakeholders to analyze the situation and identify opportunities. His experience in the Congolese market enabled him to highlight the fund’s growth potential and the role it could play in the country’s financial ecosystem. This assignment helped reignite strategic thinking around FPM. Upon its completion, BIO offered him the opportunity to continue his involvement by joining the board of directors as the institution’s representative.

A Dual Responsibility

The role of a director representing BIO differs somewhat from that of a traditional director. It involves not only contributing to the company’s good governance but also championing the vision of a development investor. “The director representing BIO has the same legal responsibilities as the other board members. But they must also reflect BIO’s priorities and help bridge the gap between the investor’s strategy and the realities of the company,” Bruno emphasizes. In practice, this sometimes means explaining the local context to BIO, and other times sharing the expectations of a development investor with the other board members. This intermediary role is often essential, particularly in complex environments where on-the-ground realities are changing rapidly.

Beyond Board Meetings

For Bruno, a good board member does more than just attend the few formal meetings held each year. In his view, the quality of one’s service on the board depends largely on having a solid understanding of the field. Meeting with teams, engaging with executives, understanding the challenges faced by financial institutions, and observing the local economic environment are all factors that enable the board of directors to make better decisions. This close connection to the reality of businesses is precisely what BIO seeks in its representation model. External directors bring not only independent expertise but also a nuanced understanding of the local contexts in which partner companies operate.

Investing in SMEs Means Investing in Jobs

Throughout his career, Bruno has become convinced that private-sector development is one of the most effective ways to reduce poverty in a sustainable manner. In his view, institutions like FPM SA play a crucial role. By facilitating access to financing for SMEs, they directly support entrepreneurship and job creation—two major challenges for the future of the African continent. “Thanks to BIO’s investment in FPM, I can continue to contribute to the DRC’s development. Supporting SMEs means supporting jobs, economic growth, and opportunities for younger generations,” he summarizes.

Through representatives like Bruno Degoy, BIO demonstrates that supporting businesses goes beyond financing. Active participation on boards of directors is also a concrete way to strengthen the impact, resilience, and sustainability of companies that contribute to the economic development of their countries.

External directors representing BIO

BIO sincerely thanks its external board members for their invaluable commitment. Through their knowledge of local industries, markets, and contexts, they bring unique value to the companies in the portfolio. Their contribution goes far beyond simply serving on the boards of directors: it helps build stronger, more resilient, and more impactful companies that advance sustainable development.

Administrator - Company/BIO Client

Bruno Degoy - FPM

Laurence May - Enda Tamweel / ACEP

Evert De Bock - MAA General Assurance Phils Incl

Anne Demeuse - Kampani

Henri Laloux - BCB