Moza Banco of Mozambique aims to increase number of branches four-fold

13 November 2014

Moza Banco of Mozambique will increase its number of branches from 32 to 110 over the next four years, the bank’s chairman, Prakash Ratilal said in Maputo cited by the Mozambican press.

Over the next four years the bank plans to expand to areas of rural Mozambique, as advocated by the Bank of Mozambique, and to work as an intermediary between small and medium enterprises and major projects in Mozambique.

Ratilal said that since 1 January 2014 and the end of October last the net assets of the bank grew by 4.077 billion meticais (US$133.4 million) and in the same period share capital increased by 50.4 percent to 1.88 billion meticais (US$68.5 million).

During the inauguration of the Matola-Rio branch, Moza Banco’s chairman said that in the first ten months of the year the number of customers grew 57 percent, deposits increased by 23.5 percent and loans by 34 5 percent.

Moza Banco, which started its operations around six years ago, is already Mozambique’s fourth largest bank.

On 30 June, 2014, Moza Banco’s main shareholders were Mozambique Capital, with 50.999 percent and BES Africa SGPS, with 49 percent. (macauhub/MZ)