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Rogério Zandamela: “The Success of Financial Inclusion Requires Everyone’s Commitment”

Rogério Zandamela: “The Success of Financial Inclusion Requires Everyone’s Commitment”

The Governor of the Bank of Mozambique (BoM), Rogério Zandamela, recently emphasised the importance of the joint commitment of players in the financial sector, the Executive, public institutions, including telecommunications, and society in general for the successful implementation of measures aimed at improving financial inclusion in the country, according to the newspaper Noticias.

According to Zandamela, who was speaking in Maputo at the press conference following the meeting of the Monetary Policy Committee (CPMO), macroeconomic stability is fundamental, and it is necessary to guarantee a favourable environment for investment and prudent management of monetary policy and public finances.

“The success of our journey towards a financially inclusive society will depend on recognising that monetary inclusion stems from the interconnection of various factors,” he said.

As he emphasised, it is crucial to constantly adapt the regulatory environment so that it is aligned with the continuous development observed in the national financial sector.

“The emphasis is on innovations in the payment system, which should include, among other things, the need to regulate integration between the different platforms of financial institutions and means of remuneration, the protection of financial consumers and innovative products and services, while safeguarding risks,” said Mr Zandamela.

The governor also emphasised that “this condition advocates the need to develop basic infrastructure, namely a network of roads, telecommunications and quality electrification, which are necessary for the establishment and operation of financial institution offices in all administrative units”.

On this point, Zandamela is aware that no matter how much progress is made, there will always be communications failures that can temporarily interrupt the provision of financial services, as happens all over the world, but this does not undermine the efforts made.

The central bank governor concluded by recommending that, in order to improve levels of inclusion, coordination between the various sectors of economic activity and government institutions should be improved. Thus, in order to offer services that meet the needs of the population, it is necessary to harmonise sectoral strategies when defining priorities.

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