Mozambican savings deposits increased by 12.5% in 2024, reaching a record 37.8 million meticais (504,000 dollars) per 1,000 adults, according to data released by the Bank of Mozambique (BoM) in its latest financial inclusion report.
“Savings benefited from price stability in a context of economic uncertainty, encouraging economic agents to strengthen their financial reserves,” the institution stated.
The report, consulted on Tuesday (7), recalls that in 2005, savings deposits in the national financial system were only 3.6 million meticais (48,000 dollars) per 1,000 adults. This value rose to 33.6 million meticais (448,000 dollars) in 2023, consolidating a consistent growth trajectory over the last two decades. According to the report, total financial savings in 2024 accounted for 49% of the Gross Domestic Product (GDP), an increase of four percentage points compared to the previous year. Per capita savings also rose by 4.2 percentage points, reflecting a general trend of deposit accumulation in the banking system.
Maputo (city and province) stood out as the country’s main financial center, concentrating 45% of national savings at the end of 2024. The region experienced the most significant growth, with a 16-percentage-point increase in deposits. In contrast, provinces such as Sofala and Nampula recorded more modest increases, of two and one percentage point, respectively. Despite these advances, the Bank of Mozambique warns of persistent regional disparities: “Mobilizing savings continues to be a challenge in some provinces, especially those with the lowest deposit levels, such as Niassa and Manica.”
Currently, the financial system regulated by the central bank includes 15 banks, 13 microbanks, three electronic money institutions, four fund transfer entities, four credit cooperatives, 13 savings and loan organizations, two brokerage financial companies, and more than 2,200 microcredit operators.
Source: Diário Económico
