The Bank of Mozambique (BdM) appointed a resident inspector to Access Bank Moçambique on Wednesday 27 to “reinforce the monitoring” of that financial institution.
A note from the BdM states that “following the need to reinforce the monitoring of Access Bank Moçambique SA, it appointed Amélia Josefina Manícua Sirage, a member of staff at this institution, to carry out the duties of resident inspector at this bank, with effect from today, 27 September 2023”.
The resident inspector, according to the central bank, will have, among “other tasks”, the mission of “monitoring the bank’s business model and strategy, monitoring and analysing developments in the bank’s internal control system and participating in relevant meetings of the collegiate bodies”.
“Notwithstanding this supervisory action, Banco de Moçambique reports that Access Bank Moçambique SA remains solid and stable,” it added.
In September 2020, Access Bank signed a sale and purchase agreement with Atlas Mara to acquire its 100% stake in African Banking Corporation Moçambique, an operation that was completed in May 2021, with the merger of the banks taking place on 21 December of the same year, with the incorporation of that bank into Access Bank Moçambique.
Access Bank Moçambique’s profit, according to the interim management report, fell from 99.6 million meticais at the end of the first half of 2022 to 69 million meticais on 30 June.
According to the management report, the assets of the bank, which has a share capital of 2.4 billion meticais, grew to 20.3 billion meticais by 30 June, while total liabilities rose to 17.8 billion meticais, including 16.3 billion meticais in customer deposits.