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The Number of ATMs and POS is Falling, While the Number of E-Money Agents is Soaring

The Number of ATMs and POS is Falling, While the Number of E-Money Agents is Soaring

The number of electronic teller machines (ATMs) and points of sale (POS) has tended to fall in the national banking system over the last four years. On the other hand, the number of agents of electronic money institutions has increased exponentially.

Provisional figures recently released by the Bank of Mozambique show that in 2020 the banking system had 1.7 thousand ATMs against 26.5 thousand POS, but four years later, in 2023, the number fell to 1.5 thousand ATMs against 27.3 thousand POS. In contrast, the number of e-money agents increased considerably between 2020 and 2023.

In 2020, the number of e-money institution agents stood at 69.5 thousand, but four years later, in 2023, it skyrocketed to 224.7 thousand. As a result, user accounts at e-money institutions in national currency have also increased. In 2020 there were 10.8 million, but in 2023 there were 16.7 million accounts.

In the “Monthly Summary of Statistical Information” for December 2023, the Central Bank’s data also indicates that the volume of transactions in e-money financial services increased considerably between 2021 and 2023. While in 2021 the value of deposits stood at 197 billion meticals, in 2023 the value grew to 230.9 billion meticals.

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Meanwhile, the value of withdrawals in e-money grew from 189.4 billion meticals in 2021 to 291.8 billion meticals.

Carta de Moçambique

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