Mozambique: Nampula could become country’s second financial market

4 December 2008

Nampula, Mozambique, 4 Dec – The city of Nampula could from next year become Mozambique’s second financial center after Maputo, central bank governor Ernesto Gove has said.

The Bank of Mozambique chief said that of the 57 banks opened this year, 24 are in Nampula and this figure will shortly rise to 29.

Speaking at the opening of the first branch of the Federal National Bank –Mozambique (FNB-M) outside of Maputo, Gove said Nampula, the so-called capital of the north, is not only the country’s third largest city but also a major commercial center.

Mozambique currently has 14 traditional banks, two of which began operating this year, 11 credit cooperatives, 10 micro-banks, three financial leasing firms and 85 micro-finance institutions.

“The inauguration of the first FNB-M in Nampula is a response to a challenge made and we are convinced that once installed in the provincial capital, other branches will easily open in the districts,” said the head of Mozambique’s central bank. (macauhub)