A Year After M23 Rebels Seize DRC's Goma, Banks Remain Shut
The city of Goma, the capital of North Kivu province in eastern Democratic Republic of Congo (DRC), has been under the control of M23 rebels since early January 2025. The rebels, who are backed by Rwanda, claimed to be fighting for the rights of the DRC's minority Tutsi population. However, the city remains shut down, with all banks closed and ATMs not operating.
Residents like Sheilla Zawadi, a 37-year-old mother of three, have been forced to find workarounds to access their money. Zawadi lost her bank card before the city fell to the rebels and does not have a mobile banking app to conduct transactions electronically. As a result, she crosses into neighboring Rwanda to withdraw money from ATMs, only to lose money with every exchange due to fees.
The closure of commercial banks has weakened the local economy, making the dollar scarce in an economy that has been dollarized for decades. Economic analysts say the closure does not facilitate the circulation of capital and currency, and it makes it harder for the economy to return to normal. Billions of dollars of savers' money are being held against their will, with some accusing the authorities of war crimes.
The situation remains uncertain, with many residents struggling to access basic necessities like food. The M23 rebels claim to have brought peace and basic services to the city, including a stable supply of water and electricity. However, others disagree, saying nothing has changed and that the rebels should prove themselves by governing effectively.
A year after M23's rapid advance, peace deals mediated by the United States and Qatar have been signed by the rebels and the DRC government. The rebels recently withdrew from several areas, allowing authorities installed by Kinshasa to return. However, for many Congolese across the east of the country, the future remains uncertain.
The closure of commercial banks has had a devastating impact on residents like Zawadi, who is still finding workarounds to make a living. Most of her customers pay her using internet or mobile banking, depositing into her bank account electronically. After that, she crosses the border into Rwanda to withdraw foreign currency and change it to US dollars and then back into Congolese francs, losing money with every transaction.
The cost is difficult for Zawadi to bear, especially in a time of simmering conflict and uncertainty, where every expense has to be carefully weighed. Until the banks reopen, this is her only choice.
The city of Goma, the capital of North Kivu province in eastern Democratic Republic of Congo (DRC), has been under the control of M23 rebels since early January 2025. The rebels, who are backed by Rwanda, claimed to be fighting for the rights of the DRC's minority Tutsi population. However, the city remains shut down, with all banks closed and ATMs not operating.
Residents like Sheilla Zawadi, a 37-year-old mother of three, have been forced to find workarounds to access their money. Zawadi lost her bank card before the city fell to the rebels and does not have a mobile banking app to conduct transactions electronically. As a result, she crosses into neighboring Rwanda to withdraw money from ATMs, only to lose money with every exchange due to fees.
The closure of commercial banks has weakened the local economy, making the dollar scarce in an economy that has been dollarized for decades. Economic analysts say the closure does not facilitate the circulation of capital and currency, and it makes it harder for the economy to return to normal. Billions of dollars of savers' money are being held against their will, with some accusing the authorities of war crimes.
The situation remains uncertain, with many residents struggling to access basic necessities like food. The M23 rebels claim to have brought peace and basic services to the city, including a stable supply of water and electricity. However, others disagree, saying nothing has changed and that the rebels should prove themselves by governing effectively.
A year after M23's rapid advance, peace deals mediated by the United States and Qatar have been signed by the rebels and the DRC government. The rebels recently withdrew from several areas, allowing authorities installed by Kinshasa to return. However, for many Congolese across the east of the country, the future remains uncertain.
The closure of commercial banks has had a devastating impact on residents like Zawadi, who is still finding workarounds to make a living. Most of her customers pay her using internet or mobile banking, depositing into her bank account electronically. After that, she crosses the border into Rwanda to withdraw foreign currency and change it to US dollars and then back into Congolese francs, losing money with every transaction.
The cost is difficult for Zawadi to bear, especially in a time of simmering conflict and uncertainty, where every expense has to be carefully weighed. Until the banks reopen, this is her only choice.
its crazy to think about people having to go all the way into Rwanda just to get some cash, like they're living in a different country or something 
and these rebel groups are saying they're bringing peace and stability, but honestly it sounds like they're just causing more chaos and making things harder for the everyday people. 
and can we talk about how the banks being shut down is affecting the economy? its not fair to the people who need their money to survive, especially in a country where the dollar is already scarce 
. Living without access to their own money is just not fair. The situation in Goma is crazy 
, and I don't think it's right that they're being held hostage by the M23 rebels. It's like, can't we all just get along? 
But I guess it's not that simple for most people... and now I'm getting frustrated about the whole thing 
. Anyway, just trying to spread some positivity and hope that things get better soon 
!
. But for now, I'm just gonna keep calling it like I see it - this whole situation is a mess, and someone needs to fix it ASAP 
!
The situation in Goma is heartbreaking 
. The economic impact is huge, and I can imagine how frustrating it must be to live in a city where the banks are shut down 
. It's not just about Zawadi and her customers; it's about the entire local economy being crippled 
.
. I mean, can you imagine not being able to withdraw your own cash or use online banking? It's like living in the dark ages 
.
! It's like the rebels are literally milking the locals for cash.
. when will this situation be resolved? 
The situation has been going on for a year now and it's still super uncertain, which is honestly super stressful for everyone involved 
.
. It's not right that billions of dollars are being held against their will. Come on, get those banks open already! 
. I mean, who loses money on every exchange just because they can't use online banking? 
The DRC's bank shutdown is like they took all our cash 
It's like they're trapped in this never-ending cycle of going back and forth with foreign currency exchange rates. And it's not just Zawadi, there are tons of others like her who can't even get basic necessities like food. It's crazy how war affects people's lives so much 
! The bank closure has got everyone stuck, literally 
. And can we talk about the economic impact? 
.
. And now we gotta deal wiv the consequences... ppl like Sheilla wiv no choice but 2 go crossin the border into Rwanda just 2 make ends meet 