The Bank of Mozambique (BoM) has reiterated that the Unique Bank Identification Number (NUIB) project is fundamental to the modernisation of the financial system, according to the newspaper Noticias on Wednesday, 23 October.
In its latest Financial Inclusion Report, the central bank emphasises that the implementation of this project aims to simplify banking processes, reduce fraud and improve the efficiency of the financial system, thus promoting greater trust and participation in the market.
The NUIB is a 15-digit code assigned by the BoM to all customers of credit institutions and financial companies in Mozambique. This number will be unique for each customer and applicable to all their bank accounts, regardless of the institution or location of the account. If a customer has received multiple numbers, they must go to a bank branch to regularise them.
The approval of the NUIB Regulation in the country arose from the need to create more efficient mechanisms to guarantee security in financial transactions, adapting to technological developments and new market demands.
Among the objectives set by the BoM for this year is the consolidation of interoperability between the various financial services and platforms. ‘Continuing this endeavour will not only promote financial inclusion, but will also stimulate innovation in the sector,’ says the institution’s report.
In addition, the BoM plans to adopt digital tools to improve supervision of the financial system, aiming for greater efficiency in the use of available resources and in the scope of inspections.
In addition, the central bank assures that it is committed to creating a regulatory framework for risk-based supervision. This instrument will make it possible to target supervision, increase transparency in the assessment of credit institutions and promote the adoption of policies and procedures that ensure compliance with market conduct standards and consumer protection.
