Mozambique: Financial system included 14 banks at the end of 2008

29 January 2009

Maputo, Mozambique, 29 Jan – The Mozambican financial system had 14 banks at the end of 2008, Bento Balói of the communications department of the Bank of Mozambique told Macauhub.

Balói said there were two more banks operating at the end of 2008 as compared to the end of 2007 and added that six credit cooperatives and 85 micro-credit agencies also operated in the Mozambican market.

In 2008 British bank Barclays and South Africa’s First National Bank started operating in Mozambique.

A Nigerian bank, according to Balói, is currently prospecting the market with a view to establishing itself in the market.

The Mozambican banking market is dominated by banks that are, at least partially, Portuguese-owned including, Millennium BIM and BCI Fomento, the latter with a 32 percent market share. (macauhub)