Mozambican central bank authorizes postal service to reopen its bank

24 August 2007

Maputo, Mozambique, 24 Aug – The Bank of Mozambique has authorized the country’s postal service, Correios de Moçambique to reopen its banking service in rural areas, an operation that has been sponsored by the World Bank, according to a report in Notícias newspaper.

During the 15th Coordinating Council of the Ministry fo Transport and Communication, taking place in Namaacha, near teh border with Swaziland, Minister António Munguambe said that the reintroduction of postal banking, which would be in operation soon, aimed to make use of existing infrastructures all over the country that have yet to be used.

The minister also said that Correios de Moçambique was currently implementing a strategy to diversify its activities in order to make each branch generate enough revenue to cover costs, including salaries.

Correios de Moçambique has been through serious difficulties, including inability to pay salaries, and has had to make use of bank loans.

Munguambe also said that the process of obtaining funds was at an advanced stage and that, after authorization from the central bank, the board of the postal company was preparing everything to put the postal bank in operation.

The Coordinating Council is meeting to discuss proposals and strategies for sectors such as ports and railways, the merchant navy, road transport and civil aviation. (macauhub)