According to the BoM’s latest quarterly report on financial inclusion indicators, consulted by Diário Económico on Tuesday (19), 72.3 per cent of districts in Mozambique were covered by bank branches during the 3rd quarter of 2024. This figure represents an improvement on 2005, when only 21.1 per cent of districts had access to these services.
The document states that the number of districts with at least one bank branch reached 112 during the period in question. In terms of geographical access, there was also an increase in the number of accounts in electronic money institutions (EMIs), which reached 112,678 accounts per 10,000 square kilometres. This growth reinforces the importance of digital solutions in expanding financial inclusion.
Automatic payment terminals (POS) saw an increase, reaching a density of 459.1 per 10,000 km². However, there was a reduction in the number of automated teller machines (ATMs), which fell from 25.6 to 22 per 10,000 km². In terms of bank branches, the density in rural areas was 2.8 per 10,000 km², showing progress in areas that were previously less covered.
In terms of demographic access, the report points out that 32.5 per cent of adults have bank accounts, while 56.3 per cent have accounts with electronic money institutions. However, there was a slight decrease in the use of bank cards, which stood at 18.3 cards per 100 adults.
The report also emphasises that the advances in financial access are the result of combined efforts between the banking sector and the government to extend financial services to under-served populations, including those living in remote areas.
The Bank of Mozambique emphasises that financial inclusion remains a key element for economic development, reinforcing the need for continued investment in financial infrastructure and financial education initiatives to sustain the progress observed.
Text: Felisberto Ruco
