DRC: Goma faces unprecedented financial crisis

Two months after the M23 rebels took control of Goma, the city is grappling with an unprecedented financial crisis.

The banks have shut down as a security precaution due to ongoing conflicts, severely impacting the local economy and leaving countless families in dire straits.

Furaha Pendeza, a mother of six, expressed her struggles, stating, “Life has become extremely challenging since the banks closed. I possess a bank card, but I can’t access any funds, making it hard to provide food for my large family.”

The once-bustling streets, filled with commerce and daily activities, are now eerily quiet. The bank closures have halted the flow of money, effectively paralyzing economic activity.

Amani Chirimwami, a Goma resident, shared, “We are enduring a very tough period and are suffering greatly. Job opportunities are scarce, and even those who are employed cannot access their earnings due to the lack of money in circulation.”

Businesswoman Aline Safari added, “Our operations rely on the banks for funding. With the banks closed, we cannot access the necessary funds to continue our work.We urge our leaders to find a way to reopen the banks so that life can return to normal.”

Many residents are now traveling to Gisenyi, Rwanda, to withdraw cash from their accounts, as banking institutions await approval from Kinshasa to resume operations, leaving the local population in a state of distress.