The Bank of Mozambique (BoM) has expressed concern over the integrity of employees working for Electronic Money Institutions (EMIs) that operate via mobile phones, noting that training on anti–money laundering (AML) is virtually nonexistent. The finding is part of an assessment report cited by Lusa.
According to the document, the central bank acknowledges that EMIs “adopt strict selection measures” to “avoid hiring employees with records of potential criminal liability, both nationally and internationally.” However, it warns that such measures are not sufficient to ensure the integrity of the system.
The report highlights that “employees are provided with guidance tools on integrity and professionalism at all levels.” Nonetheless, it points out a major weakness: “The internal efforts of electronic money institutions are compromised due to the nature of the business, which relies heavily on agents who often lack the necessary training and integrity.” The BoM recalls that the country’s anti–money laundering legislation “provides for confidentiality safeguards and immunity for employees who comply with required measures,” including the reporting of suspicious transactions.
Despite these shortcomings, the central bank acknowledges that progress has been made. According to the report, EMIs “have been improving the training of their staff in anti–money laundering and counter–terrorist financing.” However, “training actions aimed at agents are almost nonexistent, even though they are the main point of contact between the institution and clients.”
The BoM stresses that “electronic money institutions must assess the risks associated with their agents and promote specific training for this group,” emphasizing that the rapid expansion of the sector must be accompanied by strengthened technical and ethical capacity.
Data from the central bank show that the number of digital wallet agents in Mozambique rose significantly in the first quarter of 2025, reaching 351,900. The financial inclusion indicators report shows coverage of 1,817 agents and 110 EMI accounts per 100,000 adults.
The EMI network now covers all 154 districts of the country. At the end of 2024, there were 315,000 agents, up from the previous record of 1,686 agents per 100,000 adults. In 2019, coverage stood at only 350, illustrating the rapid growth of Mozambique’s digital wallet system.
Source: Diário Económico
