The Bank of Mozambique (BdM) announced the withdrawal of the resident inspector at Access Bank Mozambique, Amélia Josefina Manícua Sirage, who had been monitoring the institution’s activities since September 2023.
According to a statement from the central bank, received by DE, the decision was made following progress made in the bank’s governance and internal control systems, as well as the cooperation demonstrated by the institution during the monitoring period.
Amélia Josefina Manícua Sirage was appointed on September 27, 2023, as part of a measure to strengthen supervision of Access Bank Mozambique. At the time, the BdM deemed it necessary to monitor the institution more closely to track the evolution of its internal management and control mechanisms.
Among her main responsibilities were monitoring the implementation of the bank’s business model and strategy, analyzing the evolution of its governance and internal control systems, and participating in relevant meetings of the institution’s governing bodies.
In explaining the withdrawal of the resident inspector, the central bank noted that the decision resulted from “the effective cooperation of Access Bank Mozambique, as well as the significant progress achieved in the institution’s governance and internal controls.”
Based on this assessment, the regulator considers that the objectives that led to the appointment of the resident inspector have been achieved, allowing the bank to return to the normal supervisory regime applicable to banking institutions.
Nevertheless, the bank will continue to be subject to regular monitoring by the BdM, in the same manner as other financial institutions operating in the country. “Access Bank Mozambique remains subject to routine supervision, in accordance with the procedures applicable to other institutions in the national banking system,” the statement reads.
The decision brings to an end a period of direct monitoring that lasted about three years, without altering the central bank’s regular supervisory mechanisms over the institution’s activities.
Access Bank Mozambique began operations in 2020 and is part of the Nigerian group Access Bank Plc. With a network of 12 branches in the country, the institution operates in the corporate and retail segments, while also focusing on initiatives related to sustainability and the empowerment of women and youth.
