Goma Residents Begin Accessing Loans Through AFC/M23-Operated Bank

AFC/M23 has reopened the state-owned financial institution CADECO in areas under its control after the government of Democratic Republic of the Congo shut down banking operations in the cities of Goma and Bukavu.

The bank has now officially resumed financial services for residents of Goma, marking a significant step in restoring economic activity in territories controlled by AFC/M23.

CADECO was initially reopened by AFC/M23 last year following Kinshasa’s decision to suspend banking operations in rebel-held areas.

On May 11, the bank officially launched two service counters, or “guichets,” in Goma during a ceremony attended by North Kivu Vice Governor in charge of economy and finance, Shadrack Amani.

Speaking during the event, Amani said reopening the banking services was necessary to support residents and local businesses, urging citizens to trust CADECO and begin opening bank accounts.

Chairman of the bank’s Board of Directors, Kabasha Amani, encouraged Goma residents to start saving money through the institution and apply for loans aimed at supporting small businesses.

“This is a people’s bank,” he said, adding that even individuals with as little as 10 or 20 dollars could open savings accounts.

He particularly called on small-scale traders, including women involved in petty trade, to take advantage of the bank’s microcredit services to expand their businesses.

CADECO Director General Javan Dusabe Sangano said the bank will also provide services including tax collection, money transfers and foreign currency exchange.

According to Sangano, customers with collateral such as land or houses will be eligible for direct loans, while those without guarantees will be encouraged to form groups in order to access credit facilities.

The bank also announced plans to expand operations in the coming weeks with new branches expected to open in the commercial centers of Rutshuru, Masisi and Minova in eastern DR Congo.