The March 23 Movement (M23) rebels have announced plans to establish their own banking system in areas under their control in the Democratic Republic of Congo (DRC), signaling their continued hold over the region.
Following M23’s capture and occupation of key cities, Congolese authorities suspended banking services in Goma and Bukavu, forcing civil servants in affected areas to receive their salaries via mobile money.
However, in a statement released on Wednesday, M23 declared that they are taking “progressive steps” toward setting up their own financial system. In the statement signed by M23 president Bertrand Bisimwa, the rebel leadership confirmed appointments to key financial positions within the newly formed Savings Bank of Congo (CADECO).
Javane Dusabe Sangano was named director general of CADECO. Yves Sumbu Kasongo was appointed deputy director general in charge of economic and financial affairs. Katembo Kanyihata was appointed deputy director general for administrative and legal affairs.
Delion Kimbulungu, Rigobert Amani Kabasha, and Samuel Nsabimana were appointed as members of CADECO’s board of directors. The establishment of a banking structure underscores M23’s reluctance to withdraw from occupied territories, despite ongoing diplomatic efforts to de-escalate tensions.
On Wednesday, heavy fighting erupted between M23 rebels and government forces, along with allied militia groups, in Kampala-Bulambo, Bakusu, in the Wanyanga sector near Walikale town in North Kivu province.
Local sources reported that at around 5 a.m., forces from the Congolese army (FARDC), Mai-Mai fighters, and Wazalendo militia launched an attack on M23 positions. The renewed clashes highlight the collapse of the ceasefire, despite diplomatic statements following the March 18, 2025, meeting in Doha, Qatar, between DR Congo President Félix Tshisekedi and Rwandan President Paul Kagame.
Congolese intelligence reports indicate that M23 is strengthening its hold over the Goma-Bukavu strategic road and other key areas. Last week, the AFC/M23 rebels initially announced their withdrawal from Walikale town, but later retracted the decision, accusing FARDC and its allies of heavily reinforcing positions in the area instead.
Since the resumption of hostilities in 2022, M23 has gained control over large parts of North and South Kivu provinces, further destabilizing the eastern DRC.