The use of electronic money in the country continues to grow rapidly, with 95 per cent of the adult population already using this type of financial service, in contrast to just 30 per cent who have a traditional bank account, according to the June 2024 statistical bulletin released by the Bank of Mozambique (BoM), consulted this Wednesday (28) by Diário Económico.
According to the report, 94.5 out of every 100 Mozambican adults had an electronic account by the end of June 2024, a figure that represents an increase on the 93.2 per cent recorded at the end of 2023 and shows significant growth compared to 68.5 per cent in 2022 and 67.2 per cent in 2021.
EMIs allow users to carry out financial transactions quickly and securely via mobile phones, without the need for a traditional bank account.
The number of e-money accounts between men and women also shows an interesting difference: there are 105.8 accounts for every 100 adult men, while 81.8 women out of every 100 have an EMI account. This gender gap suggests a greater use of e-money services among men, ‘which may be related to cultural factors and access to technology’.
Expansion of the EMI Agent Network and National Coverage
The growth of EMIs is underpinned by the continuous expansion of their agent network. The number of e-money agents grew by 12.2 per cent in the first half of 2024, increasing from 224,704 at the end of December 2023 to 252,144 in June 2024. Since September 2023, when there were 203,240 agents, the number has grown steadily and now covers all 154 districts of Mozambique. Maputo city leads the way with 36,795, while the district of Larde, in Nampula province, has just 11 agents, reflecting the disparity in coverage between urban and rural areas.
On the other hand, of the country’s 154 districts, 33 still don’t have traditional bank branches, an increase on the 26 districts registered at the end of 2023. This difference emphasises the predominance of EMIs as the main means of access to financial services in many regions.
Evolution and future of EMIs
Since the creation of the first mobile wallet service, mKesh, by state-owned operator Tmcel in 2012, followed by Vodacom’s M-Pesa in 2013 and Movitel’s e-Mola in 2014, the e-money sector in Mozambique has seen a remarkable expansion. The growth of EMIs has contributed significantly to financial inclusion, especially in areas where access to traditional banks is limited.
Data from the Bank of Mozambique shows that the number of electronic money accounts (EMIs) has continued to grow significantly. By June 2024, the total number of EMI accounts reached 17,680,575, compared to 16,797,499 accounts registered at the end of 2023, which represents a substantial increase over the six-month period.
On the other hand, the number of traditional bank accounts also grew, but at a more modest rate, from 5,687,975 at the end of 2023 to 5,885,095 in June 2024. These figures reinforce the trend of growing preference for electronic money as a means of financial transactions in Mozambique.
Felisberto Ruco
