Bank of Mozambique wants to increase number of banks and branches

29 January 2015

The Bank of Mozambique will continue to carry out activities to increase and diversify the number of financial institutions operating in the country and to extend the scope of the services offered, said the governor Ernesto Gove.

Gove said in 2014 52 new bank branches opened across Mozambique, bringing the total to 572 and four branches of micro banks, which now total 37.

In addition to these branches, a further eight branches of credit unions opened, totalling 617 branches of credit institutions present in all provincial capitals, municipalities and 69 districts.

Also 52 new microfinance institutions opened in the market, bringing the total to 285, according to Mozambican news agency AIM.

Gove was speaking Wednesday at the opening session of the 39th Consultative Council of the Bank of Mozambique, which brings together staff from the central bank for a three-day meeting to take stock of previous Council recommendations, prepare the strategic plan for the 2015-17 period and reflect on the policy measures taken by the central bank in the 2010-14 period.

Gove said the bank began in 2014, the effective implementation of Basel II, the criteria of which imposed a number of challenges on the banking system in terms of organisation and classification of information for the purpose of prudential reporting.

The governor also highlighted the launch of the Financial Education Programme, to ensure greater knowledge of financial institutions, their products and services, and thus ensure greater protection for consumers from unfair business practices. (macauhub/MZ)