Mozambique: Retail banking remains concentrated in Maputo

29 January 2008

Maputo, Mozambique, 29 Jan – The branches of retail banks operating Mozambique remain concentrated in the big cities, according to a document published last week by the Bank of Mozambique.

The document, made public during a session of the Consultation Council of the Bank of Mozambique, showed that the central bank authorized the opening of 46 new branches of retail banks in 2007, which increased the total number of branches in the country to 274.

However, of the 46 new branches, 25 were in Maputo and the neighboring city of Matola, with these two cities accounting for 50 percent of all banking activity in Mozambique.

Another three branches were opened in the city of Beira and two in Nampula.

Of the total new branches opened in 2007, just two were located in districts that previously had no banking services – Moamba, in Maputo province and Meconta, in Nampula province and one bank opened a mobile branch covering three districts.

This made it possible for the central bank to announce that the number of districts covered by banking services had increased from 28 to 33, which means that 95 out of Mozambique’s 128 districts are still not covered by banking services. (macauhub)