The Democratic Republic of Congo will begin restricting cash transactions in U.S. dollars from next April in an effort to curb money laundering, strengthen oversight of the financial system, and rebuild confidence in the Congolese franc, Bloomberg reported.

Central bank Governor Andre Wameso said commercial banks receive billions of dollars in cash each year in Congo’s heavily dollarized economy, but only a small share remains on their books, raising concerns about traceability and leakage into neighboring countries where greenbacks are in short supply, according to Bloomberg. Under the plan, dollar-denominated bank accounts will still be allowed, but payments are to shift toward electronic channels during a one-year transition period that may include amnesty protections. 

The move is aimed at bringing Congo closer to international anti-money-laundering standards as it seeks to leave the Financial Action Task Force’s gray list, a designation that can weigh on creditworthiness and access to global banking networks, Bloomberg said.

Congo remains one of Africa’s most dollarized economies after the legacy of hyperinflation in the 1990s, with about 90 percent of bank deposits and more than 97 percent of loans denominated in dollars, according to IMF figures cited by Bloomberg.

Wameso said recent franc stability and wider use of payment technology should help the authorities push ahead with de-dollarization. The franc appreciated by nearly 30 percent against the dollar in 2025, while the central bank has approved new fintech entrants and partnered with Visa and Mastercard to expand digital payment options, the news agency said.

The central bank is separately working on plans to build gold reserves from domestic production through a partnership with state-owned DRC Gold Trading SA, including efforts to identify conflict-free artisanal supply and accredited refiners in Switzerland, the United Arab Emirates and Singapore, according to the report.

Congo also amended a banking ownership rule last year that had required lenders to have four shareholders each holding at least a 15 percent stake, with shareholder structures and exemptions now to be assessed case by case, the news agency noted. 

Read more at Bloomberg