Millennium BIM sees opportunities in Mozambique despite low financial inclusion

25 March 2015

The President of the Board of Directors of Millennium Bim bank sees “infinite opportunities” in Mozambique, despite the low financial inclusion with 25 million inhabitants and only 2.4 million bank accounts.

“On the horizon, we see infinite opportunities,” Mário Machungo said Tuesday in Maputo at a press conference to launch celebrations of 20 years since the founding of Mozambique’s leading bank.

“The partnership agreement between the Mozambican state and Millennium BCP has been exemplary in creating value for the economy and for the development of Mozambique,” said Machungo.

Millennium Bim’s results in 2013 accounted for almost two-thirds of total banking in Mozambique.BIM has a market share of 29 percent and 40 percent of the equity of the total of 18 banks that make up the Mozambican banking system.

Majority-owned by Portugal’s Millennium BCP and with a direct stake owned by the Mozambican state, Millennium Bim has a network of 166 branches, 2,500 employees and a portfolio of 1.3 million customers. (macauhub/MZ)