The adult population with accounts at Electronic Money Institutions (EMIs) increased from 28.6% in 2015 to 109.8% in the first quarter of 2025, surpassing for the first time the total estimated adult population, according to data presented this Wednesday, August 6, by the Government.
According to the Lusa news agency, the Minister of Finance, Carla Louveira, considered this growth a milestone in boosting financial inclusion in the country, emphasizing that “digital electronic money has proven to be the driving force behind the promotion of financial inclusion in Mozambique.” The minister spoke during the launch of the new National Financial Inclusion Strategy 2025-2031, in Maputo, where she praised the contribution of digital wallets and EMIs, currently offered by the three mobile telecommunications operators in the country. These institutions provide basic financial services such as money transfers or payments via mobile phone.
Statistical data from the Bank of Mozambique (BdM) indicates that the number of bank accounts grew from 5.6 million at the end of 2023 to 6.2 million in December of the same year. However, the growth rate of EMI accounts was higher, with an 18.5% increase, reaching 19.8 million by the end of 2024 — an increase of nearly three million accounts in just one year.
Despite progress in the digital sector, the country still records inequalities in terms of physical access to formal financial services. According to Carla Louveira, “at least 128 districts out of a total of 154 already have a bank branch, an increase of 68% since 2015 until the first six months of this year,” while 26 districts still lack any bank branch.
The minister acknowledged that the goal of the previous strategy, which aimed for a 60% banking penetration rate among the adult population by 2022, fell short, with only 32.3% recorded in the first quarter of 2025. “Regarding the percentage of bank accounts among the adult population, there was modest growth, increasing from 31.1% in 2015 to about 32.3% in the first quarter of 2025. This growth fell far short of the target set in the last strategy,” she said.
Between 2015 and the first half of 2025, financial savings, measured by the ratio of deposits to Gross Domestic Product (GDP), increased from 47.6% to 48.8%. On the other hand, the financial intermediation ratio dropped by 19.3 percentage points, falling from 36.4% to 17.1%. According to the minister, this trend reflects an increased challenge for banks “to improve their contribution to financing the economy and their impact on boosting investment and the growth of our economy, despite the economic shocks observed.”
The new National Financial Inclusion Strategy 2025-2031 aims to broaden access to financial products through multiplying access points and digital services, promoting electronic payments, improving credit access, expanding insurance, green financing, and creating a favorable investment environment.
The plan also seeks to strengthen financial literacy, focusing on rural areas, and to invest in citizen empowerment and consumer rights protection. The target for 2031 is that at least 60% of the adult population has a bank account in a formal institution and that 30% of this group has access to credit.
Among the identified challenges are financial inclusion of the informal sector, the high cost of financial services, and the risk associated with financing Micro, Small, and Medium Enterprises (MSMEs), which represent 98.1% of active companies in the country. The Government also commits to continuing to consolidate macroeconomic stability, based on controlled inflation and exchange rate and fiscal stability.
Source: Diário Económico
