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BoM Highlights Challenges Facing the Massive Use of Digital Financial Services in Mozambique

BoM Highlights Challenges Facing the Massive Use of Digital Financial Services in Mozambique

In an interview published in the most recent magazine on financial inclusion of the Bank of Mozambique (BoM), the governor of that institution, Rogério Zandamela, spoke of the main challenges for the massification of digital financial services in the country.

According to Zandamela, cited by Mozambican daily newspaper Notícias, the interoperability of digital financial services, the State entities that issue documents required under the know your customer principle and anti-money laundering measures, and also the financial system are some of the fundamental challenges for the massification of digital financial services in Mozambique.

Rogério Zandamela recalls that the National Strategy for Financial Inclusion (ENIF 2016-2022) established in its action plan the need to ensure effective interoperability between the institutions of the financial system operating in the national market.

The governor of the Bank of Mozambique recognises that the services offered by electronic money institutions have been gaining space in our society, recalling that not long ago, making payments through electronic means was conditioned by the lack of interconnection of the operators of those institutions.

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“This meant that customers of each institution could not send money to numbers of other operators, nor could they receive, which reduced the use of electronic means of payments and greatly affected financial services and their use by the majority of the Mozambican population,” he explained.

Rogério Zandamela said that with interoperability one of the aims of financial inclusion had been achieved: bringing the low-income population from rural areas into the formal system, with the certainty that it would make an undeniable contribution to boosting electronic payments in the country.

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