Reform of Financial Framework in the Democratic Republic of Congo
The government of the Democratic Republic of Congo has announced a significant reform of its financial framework, aimed at strengthening the country’s financial system and aligning it with international standards.
Strengthening Regulation and Supervision
The reforms introduce stricter regulations on cash transactions, require constant monitoring of suspicious activities, and impose penalties for non-compliance. The National Financial Intelligence Unit (CENAREF) has been established to collect and process financial intelligence, while an Interministerial Committee and an Advisory Committee have been set up to coordinate government policy in this area.
Promoting Digital Technologies
The reforms also aim to promote the use of digital technologies in the financial sector, with a focus on:
- Internet banking services
- E-wallets
- Other innovative payment methods
The country’s National Digital Plan (PNN) has identified artificial intelligence, blockchain, and other emerging technologies as key areas for development. Local credit institutions have committed to digitizing their operations and adopting functional IT tools to keep pace with global technological advancements.
Harmonizing the Banking System
The reforms are designed to prevent anomalies in the financial system, such as:
- Persistence of struggling credit institutions
- Infiltration of organized crime
The creation of common minimum standards for supervision is expected to harmonize the banking system, ensure financial inclusion, and protect consumers.
Adapting to Technological Innovations
While the reforms aim to ensure the efficient functioning of the market, they also acknowledge the need for continuous adaptation in response to ongoing technological innovations and challenges in banking security and solvency. The government is committed to staying ahead of the curve and responding to emerging threats and opportunities.
By implementing these reforms, the Democratic Republic of Congo is taking a crucial step towards creating a more stable, secure, and innovative financial system that benefits all citizens.