Features|Poverty and DevelopmentBanks shut, futures uncertain one year after M23 rebels seized DRC’s GomaA year since the M23’s lightning offensive led to the fall of North Kivu’s capital, residents struggle to make a living.
## Security and Economic Impact in Goma Post-M23 Control
Security and Economic Impact in Goma Post-M23 Control
On Mon, Jan 27, 2025, M23 rebels took control of Goma, the capital of North Kivu province in the Democratic Republic of the Congo (DRC). This event resulted in significant disruptions to the city's economic and security environment.
Following the takeover, all banks in Goma were closed, and ATMs ceased operations. This has severely impacted local businesses and residents who rely on banking services. Key financial institutions such as Rawbank, Ecobank, and Access Bank remain closed.
Local business owners, like Sheilla Zawadi, have been forced to seek alternative solutions, such as traveling to neighboring Rwanda to access banking services. This workaround incurs additional transaction fees and currency exchange losses, further straining their financial resources.
The closure of banks has contributed to a scarcity of U.S. dollars in the local economy, which has been dollarized for decades. Economic experts suggest that this has weakened the local economy and hampered capital circulation. The situation has led to increased commodity prices in Goma's markets, affecting both traders and consumers.
On Mon, Jan 27, 2025, M23 rebels took control of Goma, the capital of North Kivu province in the Democratic Republic of the Congo (DRC).
Since the M23 takeover, the city has experienced changes in governance and security. While some residents report improvements in security and basic services such as water and electricity, others express concerns about the lack of significant governance changes and the ongoing presence of M23 rebels.
Efforts to negotiate peace and stabilize the region are ongoing, with involvement from international mediators. However, the future remains uncertain for many residents in Goma and the broader eastern DRC region.
The closure of banks and the ongoing security situation in Goma continue to pose challenges for residents and businesses in the region. As negotiations progress, the restoration of financial services and stability remains a critical need for the local population.
Based on reporting by Al Jazeera.
