GOMA, DR Congo, April 7 (Xinhua) -- The Congo Savings Bank (CADECO) branch in Goma, eastern Democratic Republic of the Congo (DRC), reopened on Monday after being seized by March 23 Movement (M23) rebels in late January.

Corneille Nangaa, political leader of the Congo River Alliance, a politico-military coalition aligned with the M23, announced the reopening as part of efforts to restore economic activity in the conflict-hit city, also the capital of North Kivu province.

"CADECO is the people's bank," he said during the launch. "This is about giving hope back to the traders, youth, and families of Kivu."

Goma had been left without functional banking services since the rebel takeover, forcing residents to travel across borders to access financial services -- often incurring high transaction fees and unfavorable exchange rates.

Since re-emerging in late 2021, the M23 rebels have gained control over large parts of North and South Kivu provinces, establishing parallel administrative structures in several areas.

In a statement released on April 5, CADECO's leadership expressed deep concern over the "illegal and destabilizing attempt" by the M23 to manipulate the financial system in occupied territories.

Local media also reported attempts by the M23 to force entry into the provincial office of the Central Bank of the Congo (BCC) in Goma. The BCC reiterated in February that "all decisions regarding banking operations fall exclusively under the authority of the Central Bank in the capital."

The World Food Program warned in early April that liquidity shortages are hampering humanitarian efforts in the region. Enditem

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