Banking, money and taxes in the Democratic Republic of the Congo

Despite growth in recent years, the banking sector in the Democratic Republic of the Congo (DRC) remains underdeveloped. The country has one of the lowest banking penetration levels in the world, and only a small percentage of adults in the DRC have a bank account.

Money in the DRC

The Democratic Republic of the Congo's currency is the Congolese franc (CF or CDF), which is divided into 100 centimes. The DRC's currency is in banknotes only. The smallest note in use is 50 francs.

• Notes: CDF 50, CDF 100, CDF 200, CDF 500, CDF 1,000, CDF 2,000, CDF 5,000, CDF 10,000, and CDF 20,000

The most common banknotes are CDF 500 and CDF 1,000. The US dollar is also widely used in the Democratic Republic of the Congo.

Regulations determining when the Congolese franc or the US dollar should be used have changed over time. In some cases, school fees, medical expenses, utilities, rent costs and taxes may be requested in CDF, and USD in other cases. However, it may be worth asking on a case-by-case basis.

Banking in the DRC

The Banque Centrale du Congo (BCC, or Central Bank of the Congo) oversees the country's banking system.

A few local banks operate in the country, with Rawbank being the largest. Microfinance institutions and savings cooperatives also exist. A selection of regional and foreign banks also have a presence in the country. These include Equity Bank Congo, Standard Bank Congo, and Citibank.

These banks are mostly present in Kinshasa and Lubumbashi. Access to formal financial services is limited outside the main cities.

Opening a bank account

Due to the short-term nature of most expat contracts, foreigners rarely open a bank account in the DRC. Employers normally arrange to pay expat employee salaries into their foreign accounts.

If you want to open a bank account in the DRC, you should consider one of the international banks represented in the country. You'll typically need a valid passport, proof of address, and completed banking account opening forms, which may include Foreign Account Tax Compliance (FATCA) forms. 

You can also open a bank account in multiple currencies. While commercial banks typically charge no service fees to establish an account, most require a minimum deposit or amount while the account is in use.

Credit cards and ATMs

Although a few can be found in major urban centres, ATMs are not widely available in the DRC. Bank cards such as Visa and Mastercard are accepted. Credit cards are not widely used, though major hotels will accept them.

Taxes in the DRC

The Democratic Republic of the Congo taxes individuals on a progressive scale ranging from 3 to 40 percent.

Several factors determine whether an expat is considered a resident for tax purposes. Typically, expats who have resided in the DRC for over 183 days in a year and those who have signed a lease agreement are considered tax residents.

Tax regulations are subject to change. When doing business in the DRC, we recommend consulting a tax specialist with experience working with expats.

Useful links

• The General Directorate of Taxes of the Democratic Republic of Congo