Bank of Mozambique reduces costs of financial services

24 September 2009

Maputo, Mozambique, 24 Sept – the Bank of Mozambique announced the adoption of normative measures for charging commissions and other fees in order to make financial services in Mozambique less costly.

According to the governor of the Bank of Mozambique, Ernesto Gove, the measures that went into effect on 1 September aim to regulate the duties of Credit Institutions and Financial Companies (ICSF) to provide information about the fees they charge.

“The aim is to protect financial services consumers. There are some services that should not be charged for because, for example, the customer has the right to know the balance of their account, to at least one account statement per month and many other operations that it makes no sense to charge for,” Gove said cited by Mozambican newspaper Notícias Thursday.

The new measures prohibit charging commissions and other fees on providing a monthly statement, withdrawing cash in national currency over the counter, checking account balances and transactions once a day at an automatic teller machine (ATM), over the counter or by other electronic means.

The financial sector was lacking in standards to regulate the applicable fees on banking services, which led to banks charging a number of commissions on a single transaction. (macauhub)