Fees charged by Electronic Money Institutions (EMIs), which operate in the country through mobile platforms, grew 13.2% year-on-year, reaching 3 billion meticais (48 million dollars), according to data from the Bank of Mozambique, and are now subject to taxation.
According to a recent central bank report cited by the Lusa news agency on Thursday, 8 January, with data up to the end of June, this performance represents an increase compared to 2.7 billion meticais (42 million dollars) recorded in June 2024.
“Fees, which by the nature of EMIs are decisive for the formation of results, registered an increase,” the Bank of Mozambique highlights in the document.
The regulator also points out the sustained growth of electronic money institutions’ activity in the country, noting that deposits in credit institutions increased by about 30% in a year. Customer funds continue to dominate the EMIs’ liability structure, representing 88% of the total.
Despite the increase in fees, the institutions’ net results showed a significant reduction. “Net results fell by 24% compared to the same period in 2024, standing at 1.1 billion meticais (17 million dollars), compared to 1.4 billion meticais (22 million dollars) in the same period last year,” the report states.
Meanwhile, more than 415,000 active electronic money agents in the country will now pay a 10% tax on fees generated from transactions, following changes to the tax legal framework.
Under Law No. 12/2025, of 29 December, which amends the Corporate Income Tax Code (IRPC), a 10% tax now applies to “fees obtained by electronic money agents,” as well as “income resulting from the transfer of goods or the provision of digital services.”
Although the law has already been published in the Official Gazette, it stipulates that its regulation is the responsibility of the government within 180 days.
Commenting on the measure, government spokesperson Inocêncio Impissa stated that the expansion of mobile wallets has reduced the reliance on traditional banking. “Traditional banking is shrinking and losing ground to mobile wallets, where many transactions go untaxed,” he explained.
According to the official, the government intends to ensure that all economic activities contribute to public revenue. “There are many entities, both individuals and companies, operating in these sectors without paying taxes. The government wants everyone to contribute to the country’s economic growth,” he added.
Data from the Bank of Mozambique indicate that the number of electronic money agents reached 415,630 at the end of September, while the number of EMI accounts exceeded the adult population, corresponding to 123.8% in the third quarter of 2025.
In the same period, traditional bank accounts represented only 33% of the adult population, highlighting the growing predominance of electronic money platforms in the national financial system.
