The Democratic Republic of Congo's central bank, Bank of The Congo (BCC) has moved to centralize physical foreign currency imports and ban cash transactions in foreign currencies, effective April 9, 2027. The Bank of Congo (BCC) says the measures are aimed at tackling money laundering and terrorism financing.
BCC Governor André Wamesso said the country imports a steady volume of dollars each month, a pattern he describes as evidence that cash is flowing out of the formal economy into illicit circuits.
"The lifespan of the dollar, according to the Federal Reserve, is more or less 18 months, or even two years. If, despite that, you have to import dollars every month, it means you are not in control of the cash introduced into your economy. That cash is exiting the system. This suggests a money laundering problem and, potentially, terrorism financing," Wamesso said in an interview broadcast April 18 on Top Congo.
He added, pointing to the country's neighbors and to armed groups operating in the east: "Most neighboring countries do not import dollars, yet they have them in their economies. Those dollars come from our economy. I will go even further: the dollars used today by rebel groups — where do they come from, given that they do not import cash and their leader is sanctioned by the United States?"
In March, nearly $4 million was seized at N'djili Airport. Wamesso said the funds belonged to a money transfer agency and were being sent to its branch in eastern Congo, but the amount seized exceeded what had been declared to the central bank, highlighting gaps in oversight of cash flows.
The Congolese Banking Association (ACB) has identified the dominance of cash transactions and the informal sector as one of the main obstacles banks face in meeting compliance requirements, particularly on anti-money laundering and counter-terrorism financing. The BCC measures, adopted at the Monetary Policy Committee meeting on April 9, are intended to address that challenge by banning cash transactions in dollars, the most widely used currency by value in the country.
U.S. Support
From April 9, 2027, "any transaction in foreign currency, regardless of amount, may only be conducted through non-cash means" — that is, by bank transfer, payment card or mobile money, including M-Pesa, Orange Money and Airtel Money. The goal is to strengthen the traceability of financial flows in order to combat money laundering and terrorism financing.
The governor warned that anyone attempting to import dollars outside official channels would be acting not only in violation of Congolese regulations, but also contrary to the position of the U.S. government, which, he said, supports these measures "100%."
According to the BCC, U.S. Treasury officials met on April 16 and expressed their institution's readiness to support "this effort to modernize the Congolese financial system." They reportedly underscored that the measures would contribute both to strengthening transparency and to improving the quality and availability of financial intelligence.
"This regulatory shift is expected to accelerate the adoption of digital payments," Visa's DRC country manager Sophie Kafuti said in an interview with Agence Ecofin. Wamesso has also presented the measures as incentives to invest in the development of digital payment infrastructure.
"For this transition to succeed, it is essential that it be collective, progressive, structured and secure," Kafuti said. The head of one of the world's leading digital payment technology companies in the DRC called for close support for banks and merchants through the harmonization and expansion of payment systems, the introduction of robust and inclusive customer identity verification systems, and strengthened transaction monitoring.
Digitalization also brings new risks, including digital fraud, money mules, crypto-assets and a proliferation of low-value, high-frequency transactions.
Pierre Mukoko
