Banks in Goma remain uncertain about when they will be able to resume serving their clients, as the Central Bank in Kinshasa has blocked their operations. This has led to a severe cash shortage in a city of approximately two million people.
Small-scale traders dealing in fruits, silverfish, second-hand clothes, chicken, shoes, and electronics are desperately seeking ways to cross into Rwanda to sell their goods. This is evident from the long queues at the border, where mostly women and young men are seen carrying merchandise.
The demand for the Congolese franc has surged, prompting money lenders and forex bureau operators to impose their own exchange rates. For instance, 1,000 Rwandan francs (RWF) now exchange for between 1,000 and 1,300 Congolese francs (CDF), depending on negotiations. Previously, the official exchange rate stood at 1 RWF for 1.91397 CDF.
“We will not receive our February salaries. I don’t know how I will manage rent and other family expenses,” says Mupenzi Gilbert, a former Goma city official under the Tshisekedi administration.
Some bank agents are resorting to alternative methods to provide cash, such as withdrawing money from clients’ bank accounts using point-of-sale (POS) machines. However, they charge exorbitant fees. Additionally, for withdrawals from dollar accounts, they dispense funds in Congolese francs—and at highly inflated exchange rates.
Mobile money transactions have also been affected, with withdrawal and deposit fees increasing sharply. Meanwhile, cash in circulation consists mostly of small-dollar denominations, making large transactions cumbersome.
In an exclusive interview, a high-ranking M23 official, who requested anonymity, revealed that the group is considering reviewing the banking system in Goma and potentially severing ties with the Kinshasa-based Central Bank through the SWIFT system. However, the official did not elaborate on how this would be implemented, even as the cash shortage and growing business desperation persist.
Despite the financial strain, life in Goma is gradually returning to normal. People are going about their daily activities peacefully—but they remain largely broke. Those who had stored cash at home are now at an advantage, though they are gradually depleting their reserves. Meanwhile, Goma’s streets are notably quieter, with luxury cars becoming a rare sight. Many elite vehicle owners have driven their high-end machines to Rwanda or other East African countries, as the security situation remains uncertain.
