Public urged to boycott M23 banking services

KINSHASA, DRC | THE INDEPENDENT | The general management of the General Savings Bank of Congo has urged the public to boycott parallel banking services established by the March 23 Movement (M23) in areas under their control.

M23 rebels on Monday established their bank in areas they control in North and South Kivu provinces.  This happened after banks continued to suspend services since the fall of Goma city into the hands of rebels in early this year, arguing that they would first wait for authorization from the government’s Central Bank of Congo (BCC).

Suspension of the banking system suffocated economic services in the area.

While speaking during the launch in Goma city on Monday, Corneille Nangaa Yobeluo, Coordinator of M23/ Congo River Alliance (AFC), said that the services move aims to facilitate easy banking operations in a region where banks have been closed for more than two months. Nangaa asked members of the public to open accounts, re-launch activities because the bank is theirs.

However, in a statement released on Tuesday and signed by Martin Panu Lukusa Cibangu, Director General of CADECO, strongly denounces the parallel banking services established by the rebels, declaring them illegal. In a statement, the services are described as an attempt to pose a serious threat to customer security and the integrity of the national financial system.

CADECO says that the move constitutes economic manipulation in the service of an armed occupation. CADECO calls on its customers, economic actors and all members of the public to boycott any operation linked to the AFC/M23 and not to give in to pressure from these armed groups. CADECO also warns that any of its members who are involved or collaborate in the banking services of the M23 rebels will face the consequences.

Rebels now control major areas of North and South Kivu provinces since the resumption of insurgency in 2022.

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