Banking, Money and Taxes in Democratic Republic of Congo
Despite growth in recent years, the banking sector in the Democratic Republic of Congo remains underdeveloped. The country has one of the lowest levels of banking penetration in the world and only a small percentage of adults in the DRC have a bank account.
Currency in the Democratic Republic of Congo
The currency of the Democratic Republic of Congo is the Congolese Franc, which is divided into 100 centimes. The US Dollar is also widely used in the Democratic Republic of Congo.
Banking in the Democratic Republic of Congo
The Central Bank of the Congo oversees the country’s banking system. There are a few local banks in operation, with Rawbank being the largest, and a number of foreign banks with a presence in the country, including Trust Merchant Bank, Standard Bank and Bank of Africa. However, these banks are mostly present in Kinshasa and Lubumbashi, with access to formal financial services severely limited outside of these cities.
Due to the short-term nature of most expat contracts, it’s not common for foreigners to open a bank account in the Democratic Republic of Congo, and the employer usually makes arrangements to pay their employee’s salary into their foreign bank account. Expats wanting to open a bank account in the Democratic Republic of Congo should consider opening an account with one of the international banks rather than choosing a local one.
ATMs are not that widely available, although a few can be found in major urban centres. Likewise, credit cards are not widely accepted, although most major hotels will accept them.
Taxes in the Democratic Republic of Congo
Individuals are taxed in the Democratic Republic of Congo on a progressive scale, with expat employees taxed at a maximum rate of 40 percent.