UnionPay International payment cards can now be used in Mozambique under an agreement between the Chinese group and Banco Société Génerale Moçambique, and the launch ceremony of this new service took place in Maputo on Thursday.
The bank’s managing director, Laurent Thong Vanh, told the Xinhua news agency that Banco Société Génerale Moçambique intends for this service to make it easier for Chinese citizens to live in Mozambique, given that UnionPay cards are the most used in China.
“We launched the payment card in Chinese currency today and with this launch we complete the map of the presence of UnionPay International in the countries where the SG Group is represented. We only needed Mozambique to have the service in all 17 countries where we have a presence in Africa,” said the managing director.
Thong Vanh added that introducing the cards is intended “to facilitate not only the entry of foreign currency into Mozambique, but also to increase the attractiveness of the Mozambican market for Chinese tourists and investors, as well as to promote business between China and Mozambique.”
The ambassador of the People’s Republic of China in Mozambique, Su Jian, mentioned the importance of continuous innovation of financial services in economies in general and in Mozambique in particular. “We have noted that more and more international financial institutions are showing interest in serving Chinese companies in Mozambique, and today’s event is further proof of that.”
UnionPay International, based in Shanghai, is one of the largest payment card companies in the world with 5 billion cards in circulation and is operational in 160 countries.
French group Société Générale entered the Mozambican market in October 2015 with the purchase of a 65% stake in Mauritius Commercial Bank Moçambique, which changed its name to Société Générale Moçambique. (macauhub)