***Fatshimetrie***: **The BCC strengthens the supervision of the payments sector to promote the use of the Congolese Franc**
At the heart of the current economic challenges in the Democratic Republic of Congo, the Central Bank of Congo (BCC) is taking a decisive step to stimulate the use of the Congolese Franc (CDF) in national transactions. As part of the measures adopted at the ordinary meeting of the Council of Ministers in July 2023, under the chairmanship of the Head of State, the BCC announces a strengthening of its supervision system for the payments sector.
The observation is clear: currently, only 13% of Electronic Payment Terminals (EPTs) present throughout the national territory are configured to accept the Congolese Franc. This situation encourages the use of foreign currencies, contrary to the desire to promote national monetary sovereignty. Thus, the BCC urges all financial institutions to reconfigure their EPTs so as to only accept the national currency for transactions.
This drastic measure is part of a logic of economic stabilization and reduction of dependence on foreign currencies, in accordance with the exchange regulations in force. The exclusive parameterization of TPEs in Congolese Franc will be an essential pillar to achieve these economic objectives. However, it should be noted that this directive does not prohibit consumers from holding payment cards denominated in foreign currencies.
It is important to dissociate Automated Teller Machines (ATMs) from TPEs to avoid any confusion in the public debate. ATMs, or automatic teller machines, offer bank customers the possibility of carrying out various banking transactions independently. They are an essential tool for individuals to manage their day-to-day financial transactions. As for TPEs, they are mainly used by merchants to accept bank card payments within their businesses.
This initiative by the BCC aims to strengthen the use of the Congolese Franc in commercial exchanges, thus consolidating the country’s economic stability. The Payment Systems Oversight Directorate will have to ensure the strict application of this measure, which will come into force no later than July 31, 2024.
To provide further context, at its meeting in May 2024, the Monetary Policy Committee (MPC) of the BCC, chaired by Governor Malangu Kabedi Mbuyi, decided to keep the BCC’s key rate and the required reserve coefficients unchanged. This decision comes at a time when inflation is under control at 5.9% in May 2024, reflecting the stabilization measures put in place by the government and the BCC.
In conclusion, the BCC is firmly committed to promoting the use of the Congolese franc in national transactions. This orientation, supported by coherent political and monetary decisions, aims to strengthen national economic sovereignty and put the country on the path to stable and sustainable growth.