The Central Bank of Congo (BCC) has mandated that all Electronic Payment Terminals (EPTs) in the Democratic Republic of Congo (DRC) accept only Congolese francs. This initiative aims to boost the use of the national currency and reduce reliance on the US dollar, which has been contributing to the weakening of the franc.
According to the BCC, this measure is designed to strengthen the use of the national currency and encourage the population to prefer it for everyday transactions involving goods and services. This initiative is part of a series of significant reforms launched by Nicolas Kazadi, the former Minister of Finance, aimed at combating the dollarization of the economy and promoting financial inclusion.
Currently, only 13% of EPTs accept Congolese francs, with a preference for foreign currencies in the heavily dollarized economy. The BCC’s new policy supports earlier measures that required prices and state payments to be in the national currency.
Additionally, a “switch monétique” initiative will integrate all bank cards to streamline transactions, regardless of the issuing bank. This policy aims to make dollar transactions more costly than those in francs, thereby encouraging businesses and individuals to use the national currency.
Experts, including economist AL Kitenge, emphasize that while these measures are positive, ensuring the franc’s stability is crucial for the long-term success of dedollarizing the economy.
