The number of accounts at Electronic Money Institutions (EMIs) continues to grow at a rapid pace, with an increase of 18.5 per cent in 2024, to a total of 19.8 million. This figure represents more than three times the number of traditional bank accounts, which, despite a growth of 10 per cent over the same period, total just 6.2 million, according to data from the Bank of Mozambique (BoM).
According to a statistical report by the central bank, the number of bank accounts in the country rose from 5.7 million at the end of 2023 to 6.2 million in December 2024. However, the advance of the traditional banking sector has not kept pace with the rapid expansion of digital platforms, which added around three million new accounts in the same period.
The growth of e-money accounts has been remarkable in recent years. In 2020, there were only 10.8 million accounts on these platforms – less than half the current total.
The evolution of the digital financial market is also reflected in other statistics. The number of bank cards in circulation has fallen by almost 6 per cent in the last year and now stands at more than 3.2 million. The network of physical bank branches remained practically unchanged, rising from 653 to 654 units, covering 142 of the country’s 154 districts.
There are currently three electronic money institutions in Mozambique, all operated by the largest telecommunications companies, allowing money transfers, payments for services and other transactions to be made directly via mobile phone. This alternative has facilitated the population’s access to financial services, especially in rural areas, where the presence of traditional banks is more limited.
The Bank of Mozambique pointed out last October that the modernisation of payment infrastructures and the introduction of new technologies have accelerated financial inclusion in the country. According to the most recent economic situation and inflation outlook report, the percentage of the adult population with access to digital financial services rose from 68.5 per cent in December 2022 to 94.5 per cent in June 2024.
This significant growth is due, among other factors, to the introduction of interoperability between the three e-money institutions, which now operate in an integrated manner with banks, microbanks and other financial service providers via the SIMOrede platform.
In addition, the number of small agents providing financial services on behalf of the digital platforms increased by 12.2 per cent in the first half of 2024, surpassing 252,000 and covering all of the country’s districts.
