Mozambique’s interbanking services company to start operating in first half of 2011

25 November 2010

Maputo, Mozambique, 25 Nov – The Mozambican Interbanking Services Company (Simo) is due to start operating in the first half of 2011, the governor of the Bank of Mozambique said Wednesday in Maputo.

Eduardo Gove said that the inauguration of Simo would represent, “the opening of a great highway for services provision, using electronic links via ATM and POS,” and added that the company would make it possible to link banks to other financial services providers, “ which will certainly contribute to increasing financial inter-mediation in the country.”

Gove added that the Bank of Mozambique had taken on a significant role in this process by coordinating activities to design and carry out the project and providing funding for the investment that is expected to total US$17 million.

The company will make it possible for each bank to access the automatic teller machines of other banks without additional costs, thus contributing to a reduction of costs of financial inter-mediation in the country, a rise in use of alternative methods of payment and easier access to financial services by economic agents.

During the 5th National Conference on Microfinance, the governor of the central bank called for officials from these institutions to organise themselves in order to adopt a single and shared IT platform in the future. (macauhub)