The Bank of Mozambique (BoM) reported that complaints submitted by customers of the banking system grew by 38.5 per cent in 2023, standing at 1120, which culminated in the return of a total of 808 million meticals (12.5 million dollars) to consumers.
In its recent annual report for 2023, the central bank said that from the complaints received and the inspections carried out ‘various irregularities were detected’, above all ‘in the collection of commissions and charges for financial products and services’.
‘In addition to issuing specific determinations and recommendations to ensure compliance with standards and duties of conduct by Credit Institutions and Financial Companies (ICSF), around 808 million meticals were recovered and returned to financial consumers,’ it said.
According to the institution, 62.6 per cent of the amount (the equivalent of 506 million meticals) resulted from undue charges to economic agents contracting POS, and 33 per cent (264 million meticals) came from undue charging of commissions and charges in the contracting and administration of bank credit.
‘In addition, various violations linked to the implementation of standards and failure by ICSFs to meet deadlines were noted. As a result, Banco de Moçambique opened 13 contravention proceedings, four of which were finalised and the respective fines imposed,’ he explained.
In the document, the organisation stressed that the complaints registered last year are considered to be the highest ever, compared to 809 in 2022 and 704 in 2021.
‘This growth may be associated with the fact that there is greater financial awareness among consumers of financial products and services about their rights and obligations, largely as a result of the financial education campaigns that Banco de Moçambique has been carrying out,’ the report concludes.
By the end of 2023, Mozambique had a total of 15 banks, 14 microbanks, four credit cooperatives, 13 savings and loan organisations and 2,304 microcredit operators, among other types.
