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Bank of Mozambique Seeks to Accelerate Digitalization of Payment System

Bank of Mozambique Seeks to Accelerate Digitalization of Payment System

The Bank of Mozambique (BM) is drawing up a vision of the National Payment System (SNP), an instrument that, among several aspects, should contain the actions to accelerate the digitalisation of the entire payment system.

Gertrudes Tovela, administrator of the Bank of Mozambique, cited by Notícias, believes that the institution has in recent years carried out several actions aimed at modernizing the payment system in the country.

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In Mozambique, the Bank of Mozambique, as the central bank, is responsible for implementing oversight standards applicable to financial market infrastructures, as well as regulating the SNP, through various normatives, granting authorization for the establishment and operation of the various payment operators, as well as their products and services.

Gertrude Tovela is quoted in one of the Central Bank’s latest publications as saying that the outbreak of the covid-19 pandemic has brought with it challenges for everyone and is believed to be serving to test payment systems worldwide.

He added that the pandemic brought into view the need for the development of modern systems that privilege the automation and digitalization of financial transactions, involving the Government, credit institutions and financial companies and financial consumers, a need that is already part of the projects of the Bank of Mozambique and the Government aimed at modernizing the SNP.

“We can affirm that Covid-19 has raised the level of digital payments, especially with regard to electronic funds transfers, such as online payments, mobile wallet, and apps (apps). With Covid-19, there was a need to give more primacy to electronic payments, to reduce the contact between payers and receivers of payments,” she said.

Gertrudes Tovela also referred to the National Strategy for Financial Inclusion (ENIF 2016- 2022) which is in its final stage: “the assessment that one makes of the degree of implementation of the ENIF action plan is good, judging by the level of achievement of the global goals.

It maintains that with regard to what was planned, of the total of 54 actions established in the strategy, 17 actions (31.5%) have been carried out, 21 actions (38.9%) are in progress, 4 actions (7.4%) have not yet been started, and 12 actions (22.2%) are of a permanent nature.

As for the level of involvement of the intervening sectors, it can be classified as good, taking into account that most of the institutions have been actively participating in the implementation of the actions established by the ENIF 2016-2022, which can be assessed through the status report that is presented, regularly, in the CNIF working groups and subgroups.

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The director of the Bank of Mozambique admits, however, that some challenges remain for the institution she heads, as the Technical Unit for Strategy Implementation, regarding the commitment of all the intervening institutions to assume the responsibilities on the actions for which it was entrusted the duty to perform, during the period of validity of the ENIF.

“Another challenge of the ENIF is to achieve the global goal of, by 2022, 75% of the population having access to financial services less than 5km from their place of residence or work,” he pointed out.

Translated with www.DeepL.com/Translator (free version)

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