The M23 group has outlined a bold new initiative aimed at revitalising the financial landscape of the liberated regions of North and South Kivu.
The development was announced by Corneille Nangaa, the political coordinator of the Alliance Fleuve Congo (AFC/M23), during the reopening of the General Savings Bank of Congo - popularly known by its French acrony as Cadeco - in Goma.
The reopening of the Cadeco is a critical step in restoring economic activity and addressing the banking crisis that has severely impacted the region since the start of the conflict.
It comes after the closure of several banks in the eastern provinces by the government of President Félix Tshisekedi, a decision Nangaa framed as "part of a broader strategy to punish the population of the liberated areas".
The closure had left local businesses and individuals struggling to access their funds, creating an economic deadlock.
In his address, Nangaa condemned the current Kinshasa regime, accusing it of deliberately stifling the economy in the Kivu provinces, which remain under the control of AFC/M23.
"Since our entry into Goma and Bukavu, the regime has chosen to punish the people of North and South Kivu by closing banks and restricting access to financial resources," he said.
The political leader emphasized that the money in these banks belongs to the people of Congo, not to the bankers or the state.
"Mr Tshisekedi must understand that the money he is trying to misappropriate belongs to depositors—economic operators, civil servants, investors, and the Congolese citizen," Nangaa said.
The M23 captured Goma, the capital of North Kivu, on January 26 and took over Bukavu, the capital of South Kivu, 20 days later in February.
The incursion had forced the Kinshasa government to cut off several communication lines and amenities such as water, internet and electricity.
Banks were also ordered to close their doors and the financial disruption has led to a liquidity crisis, with ATMs out of service and residents forced to seek informal, expensive alternatives to withdraw funds.
Local businesses are struggling to conduct transactions, which threatens to derail any economic recovery in the region.
In response, the AFC/M23 has launched a comprehensive financial recovery plan that includes the creation of a new regulatory body, the Authority for the Regulation of the Economic, Financial, and Insurance Sectors, which will act as the de facto central bank in the liberated areas.
"This institution will be responsible for regulating the economy, ensuring financial stability, and supporting local businesses and residents," Nangaa explained.
The reopening of Cadeco, a historic financial institution in the region, is seen as a crucial step in rebuilding the economic infrastructure that was destroyed during the conflict.
Nangaa described the bank as a "people's bank"—one that will serve as a local, trusted financial partner for small traders, farmers, young entrepreneurs, and every Congolese citizen seeking to rebuild their lives.
"We are committed to creating zones of innovation, productivity, and prosperity in the liberated territories. With Cadeco as a strong, sovereign, and well-governed financial tool, we can begin to restore hope and build a future of stability for our people," Nangaa declared.
The group has promised rigorous oversight of Cadeco, ensuring that the bank is managed transparently and efficiently.
A committee consisting of government officials, business representatives, civil society, and financial sector actors will oversee the operations of the bank to guarantee accountability and high performance.
Nangaa’s remarks also served as a sharp rebuke to the international community, accusing it of failing to hold the Congolese government accountable for its actions in the Kivu provinces.
He called out the silence of international organizations and human rights groups in the face of what he termed "crimes against humanity" committed by Tshisekedi's regime.
Nangaa rallied the people of Congo to support Cadeco, urging them to open accounts, launch businesses, and dream once again.
"This bank is for you," he said, "Long live Cadeco, long live the Congo River Alliance, and long live a free, upright Congo, master of its own destiny."
The opening of Cadeco appears to suggest the rebels are entrenching their stronghold on the captured territories having already imposed new administrative structures.
Kinshasa, however, maintains that the continued occupation of the swathes of eastern DR Congo is illegal and demand the unconditional withdrawal of the forces.