Mozambique government wants to increase financial inclusion of the population

13 May 2016

The government of Mozambique plans for 35 percent of adults, by 2022, to have access to a bank account at a formal financial institution and that 75 percent of districts will offer banking services, according to a newly approved strategy paper.

The document – National Strategy for Financial Inclusion (2016/22) -sets out global goals to be achieved during the reporting period as well as the actions to be undertaken by different actors in the financial system.

Among the goals contained in the document are aims to ensure that 55 percent of the population will have a point of access to formal financial services within five kilometres of their residence or place of work and ensure that 35 percent of the population adult has access to an account at a formal financial institution.

According to Mozambican news agency AIM the level of financial inclusion in Mozambique remains relatively low, despite the diversity of financial institutions.

Mozambique has an adult population of about 14.2 million, 656 branches of credit institutions, 17,855 agents of electronic money institutions, 1576 ATMs and 22,052 points of sale (POS), 118 insurance company delegations, of which 45 are border counters, but this is still insufficient to meet the needs of the population and businesses.

By the end of 2015, 87 of the 158 districts had a banking branch, 98 had ATMs, 147 had POSs and 122 had agents of electronic money institutions. (macauhub/MZ)