The bank coverage rate in Mozambique has risen from 21 percent of 128 districts in Mozambique to 50 percent in nine years, Mozambique’s Minister of Economy and Finance said Sunday in Maputo.
Adriano Maleiane, who was speaking during the opening ceremony of an international symposium organised by the Bank of Mozambique, said the policies adopted by the Mozambican government in recent years had contributed to expansion of financial services in the country, increasing the number of bank branches, mainly in more remote areas.
“In a few years, for example, the population with access to mobile telephony rose from 1.7 million in 2005 to over 10 million in 2013, thus enabling new forms of banking transactions and hence greater access to financial services,” said the minister.
Maleiane argued, however, that the country still faces many challenges, as part of the programme to expanding the banking branch network.
“Many Mozambicans, particularly in more remote areas, are still required to travel long distances to find a bank, which makes it urgent to expand the branch network to rural areas,” said Maleiane, noting that expansion of the financial network contributes to increased savings, investment and exploration of the country’s wealth.
With the title, “Role of Financial Inclusion In Economic Growth: Challenges and Prospects,” the international symposium, held in Maputo, marked the beginning of the commemoration ceremonies of the 40th anniversary of the Bank of Mozambique, and gathered together businessmen, representatives of foreign banks and government officials.(macauhub/MZ)