Mozambique: Banks to link ATM machines

22 October 2008

Maputo, Mozambique, 22 Oct – The Bank of Mozambique plans this year to create its INterbanking Services Company (SIBS), which will establish a link between banks operating in the country, the governor of the central bank, Ernesto Gove said Monday.

At the inaugural ceremony for the new branch of Standard Bank Moçambique, in Machava, Gove said that the aim of this measure was to create conditions for debit cards (Visa Electron) of a given bank to be used at automatic teller machines (ATMs) of another bank.

With inter-bank communication, the governor said, cited by the Notícias newspaper, it will be possible to provide the company with a safe financial service, “gradually replacing notes and coins in circulation with electronic cash.”

In order to move ahead with the initiative, Gove said that the central bank had signed an agreement with VISA in order for, “everything that happens in the country, with transactions in national currency, can be done locally, in order to significantly reduce the cost of Access to banking services.”

“In the previous situation, all settlements had to be carried out outside, in the United Kingdom,” he said, adding that, “with this agreement, we have already taken an important step.” (macauhub)