Rwanda: How Rwanda-Backed M23 Rebels Finance Their War in DR Congo

What the report says

The New Humanitarian reports that Rwanda-backed M23 rebels have built a financing system in eastern Democratic Republic of the Congo around taxation, mineral extraction and control of local commerce. The article says the group now operates as a de facto authority in territory it has seized since renewing its insurgency in 2021, including Goma and Bukavu, which it captured in early 2025. It describes the rebels as using revenue from checkpoints, markets, transport, cross-border trade and services to pay fighters and sustain a parallel administration.

The piece says minerals such as gold and coltan are another major source of income, with some flows moving through Rwanda and onto global markets. It also notes that the M23 and its political wing, the Congo River Alliance, have sought greater autonomy in the areas they control and have faced sanctions and accusations of criminal governance. Rwanda denies direct support for the rebels, but critics cited in the report say Kigali uses the conflict to pursue territorial and economic interests.

The reporting also highlights the strain on civilians and businesses in rebel-held areas. With banks closed, the airport in Goma shut, and trade disrupted by war, many residents and traders are struggling to access money, loans and supplies. The rebels have tried to revive the CADECO financial institution and establish a parallel financial system, but the article says these efforts have not yet worked as intended. The broader context is that eastern Congo’s conflict has been shaped for decades by armed groups, regional intervention and competition over resources.