Goma, Democratic Republic of the Congo – One year after M23 rebels took control of Goma, the capital of the strategic North Kivu province in eastern Democratic Republic of the Congo, the streets are bustling with foot and car traffic and markets are operating almost as usual.
However, some of the most important buildings on the city’s roads remain closed.
Recommended stories
list of 3 itemsend of list
On one street, Rawbank’s yellow and black logo stands above a bolted door and a closed ATM machine. Nearby, a blue and white Ecobank sign stands above a door sealed with large blue shutters. On another street, more blue and orange Access Bank logos and flags surround locked doors.
The M23 rebels capitalized on a threat from several days earlier to capture Goma in the early morning hours of Monday, January 27, 2025, and over the next weeks and months they marched into eastern DRC and captured other major cities.
Due to the deteriorating security situation, all banks in Goma have closed and ATMs have ceased operation. The impact on local residents was severe and immediate.
Sitting at the entrance of the pharmacy she runs in central Goma, Sheila Zawadi looks out at the traffic and talks about how her business and livelihood have changed over the past year.
She has an Access Bank account, but lost her bank card just before the city fell to the rebels. They also do not have a mobile banking app to conduct transactions electronically.
Luckily, she has a Visa card, so she can withdraw the money if she finds a bank or ATM.
So, like many others in Goma, the 37-year-old mother of three decided to hatch a plan to cross from Goma to neighboring Rwanda to find a bank.
“I had to cross the border to get to an ATM in Rwanda,” Zawadi said.
However, this workaround had its challenges and cost more money.
“To withdraw the equivalent of $100, I had to pay a fee of up to $15 at an ATM. And in Rwanda, I could only withdraw money in Rwandan francs, the local currency.”
She then crossed from Rwanda and met informal currency dealers along the Gisenyi-Goma border who helped her exchange Rwandan francs for dollars and then Congolese francs. But each time she makes an exchange, she loses money.
“It’s more expensive to withdraw money in another country. I wish the banks would reopen,” she complains.
One year after the closure, banks have not yet reopened, even though the security situation has normalized. Kinshasa’s government and M23 officials, who currently run the city, have laid blame, but the banks themselves have not said much, occasionally referring to a “temporary closure” due to the “security situation.”
The border between Gisenyi and Goma is always busy. People line up and cross from one side to the other. Every day, dozens of people flock to ATMs and banks in downtown Gisenyi to withdraw money just like Zawadi. Some people use ATMs installed at customs stations between the Democratic Republic of the Congo and Rwanda.
Goma’s economy, on the other hand, is cash-based, with electronic transfers operating for those who can.
In the city’s main markets, traders and buyers say commodity prices are soaring while everyone is struggling to make a decent living.
“We used to buy in large quantities at affordable prices, but now prices have risen so rapidly that customers are buying almost nothing,” said trader Esperance Muchasin. “We are continuing to respond as best we can, but the situation has not improved.”
“Economic normalization” is difficult
Fighting continued until M23 rebels captured Goma a year ago.
The group is known to be backed by Rwanda and is one of 100 armed groups operating in the east. It claims to be fighting the government for the rights of DRC’s Tutsi minority.
Days before M23 captured Goma, North Kivu’s military governor, Congolese General Peter Sirimwami, was reportedly killed on the front line in a rebel attack.
The next day, the rebels announced they were occupying Goma and warned the Congolese army, its allied militia called Wazalendo, the Southern African Development Community (SADC) forces, the Burundian army, European mercenaries and peacekeepers to surrender.
On the Sunday night before the siege, at around 10pm local time (8pm Japan time), rebels entered the city in military uniform amid heavy gunfire and explosions.
By early Monday morning, they announced they had taken control of Goma, but Congolese soldiers and their allied militias had fled or surrendered.
The Congolese government later announced that thousands of people had been killed and hundreds of thousands had been evacuated by the M23 attack.
The rebels then announced that they had brought peace to the city and quickly marched into other parts of eastern Democratic Republic of the Congo, seizing Bukavu, the capital of neighboring South Kivu province, and other major cities and towns over the coming months.
While many in Goma felt a sense of relief at the change in leadership, for others the challenges were just beginning.
Banking transactions, withdrawals and transfers have become like a marathon, with many saying they feel abandoned to a sad fate.
Gustav Katuba, a resident of Goma, will receive the assets through Kenyan bank Equity BCDC, one of the main banks operating in eastern Democratic Republic of Congo. Despite the bank’s closure in Goma, they continue to manage their accounts as if nothing has changed.
“Those who are lucky enough to request or have access to online banking can access their money and salary via the mobile app, and there are also many options for withdrawing cash. You can see notifications related to payroll payments,” he said, noting that you can also transfer money from your bank account to mobile money.
But he says he loses about 3 percent of his money every time he withdraws dollars in Goma City.
Economic analysts say the closure of commercial banks has weakened the local economy and created a shortage of dollars in an economy that has been dollarized for decades.
“Closing banks and microfinance institutions does not facilitate the circulation of capital and currency,” said Deo Bengeya, a university professor in Goma. “Nor is it going to make it easier to normalize the economy.”
According to an economic analyst who spoke to Al Jazeera on condition of anonymity, “The banks were shut down after Kinshasa authorities lost control of Goma, leaving billions of dollars of depositors’ money sitting in banks in rebel-held areas.” He pointed out that the Kinshasa authorities were and are “solely responsible” if cash were lost as a result of the war, and avoided the worst by closing banks and moving cash to “safe” locations far away from the “sound of boots.”
Since the fall of Goma, M23 rebel leaders and Congolese authorities have exchanged accusations over the closure of banks in Goma and other areas under the M23 regime.
The coordinator of the M23-AFC political-military alliance believes that holding people’s savings against their will may constitute a war crime.
“They ordered banks not to open. Banks are holding back deposits.” [President Felix] Tshisekedi’s orders,” said M23-AFC chief Corneille Nanger Yobelo.
Congolese authorities say these claims are false and “misleading.”
“Banks are not closed by government order. No bank can legally operate under US sanctions,” Congolese Communications Minister Patrick Muyaya Katembwe stressed at a press conference last year.
Al Jazeera asked banks why they remained closed, but most did not respond. Access Bank in eastern DRC said it was “not authorized” to comment. Equity BCDC Bank did not respond, but in an unusual statement issued in July last year, it informed customers that “due to the security situation, our branches in Goma and Bukavu have been temporarily closed for several months.”
“Elusive” peace
Economically, there are many voices of dissatisfaction following the closure of banks and Goma International Airport, but public opinion remains divided over the occupation of Goma.
M23 leaders claim, and many residents agree, that M23 has brought peace and basic services such as reliable water and electricity to the city.
“Since the AFC came here, we have seen an improvement in the general security of the population, because today at least we can sleep in peace. There are no more targeted killings against motorcyclists and money changers. Peace reigns here in Goma,” says Gentil Murmeh, a resident.
According to M23, there were approximately 50,000 armed men in the group prior to seizing Goma, and they argue that this over-militarization is the root cause of instability in North Kivu.
Mr. Murume also noted the sincerity of the AFC-M23 authorities in resolving the social difficulties of the people of Goma.
“Currently, water is flowing 24 hours a day in the city, and there are no longer water shortages or unexpected power outages. Road infrastructure is being improved.”
Still, other residents disagree.
“Did they bring electricity to Goma? Did they also bring water? Did they find Goma without roads?” asked architect Dieudonne Mweza, who believes M23-AFC leaders should prove themselves.
“I think the M23 leaders should show us the difference between their style of governance and that of Kinshasa,” he said, adding that nothing had changed. He wants M23-AFC to completely withdraw from all areas under its control.
Mweza, who has been working between jobs since M23 took control of the city, wants all ongoing peace efforts to end so that the Congolese people can enjoy the “endless peace” that is currently “elusive.”
A year after M23’s breakthrough, a peace deal brokered by the United States and Qatar has been signed by the rebels and the government of the Democratic Republic of Congo, and regional efforts continue. Rebels recently withdrew from the city of Uvira on the border between the Democratic Republic of Congo and Burundi, allowing a “symbolic” return of authorities installed by Kinshasa.
But for Congolese people in the east of the country, the future remains uncertain.
“They are [M23] “We are doing well in terms of security, but we are very hungry. Peace is good. We are very hungry,” said David Linda, a resident of Goma. People are sleeping well. The gunfire is quiet. But we have no food. ”
A year after his life and bank account were thrown into turmoil, pharmacy owner Zawadi, like other businessmen in Goma, is still looking for workarounds to make ends meet. Most of her customers deposit money into her bank account electronically using Internet banking or mobile banking. Since then, she has continued to cross the border into Rwanda, withdrawing foreign currency, exchanging it for US dollars, and then converting it back to Congolese francs, losing a percentage on each transaction.
She finds it difficult to afford this expense, as every expense must be carefully weighed, especially in these times of conflict and uncertainty. But until banks reopen, this is her only option.
