The Deputy Minister of Economy and Finance, Carla Louveira, said on Wednesday 19 June that the government is drawing up instruments to establish a flexible regulatory framework to encourage technological innovation in the country.
She was speaking at the opening of the second edition of the Banking, Financial Services and Insurance Conference (BFSI 2024), a financial sector event in the country that brings together leaders, experts and innovators to shape the future of the BFSI industry in the country and on the continent.
“In order to provide more accessible and quality digital public services, the government is drawing up instruments that can guarantee the alignment of principles, objectives and initiatives that will guide the digital transformation, through digital technologies, with all public administration bodies and society,” he said, explaining that the National Digital Transformation Strategy is already in the process of being drawn up, following on from the policy and strategy for the information society.
She pointed out that proposals for terms of reference had also been drawn up and partners mobilised to guarantee funding for the measure. “Alongside this instrument, the National Artificial Intelligence Strategy is also being drawn up, as well as the Data Governance Policy, crucial instruments for the country’s sustainable development, with the support of information and communication technologies,” she added.
Carla Louveira stressed that the Executive is moving towards establishing a flexible and agile regulatory framework to encourage technological innovation in all economic sectors, especially the financial sector, ensuring that organisations can adapt quickly to market changes. “Financial services make a significant contribution to Mozambique’s economic growth,” he said.
The source pointed out that, in 2023, “in the face of natural and human adversity, we recorded economic growth of 5.1 per cent, with financial services performing at 4.6 per cent, as a result of their expansion and innovation, which allowed for greater financial inclusion. Today, more than 31 per cent of the population has access to banking services – around 70 per cent of the adult population has an e-money institution account with 99 per cent coverage by non-banking agents throughout the country. So financial inclusion is starting to become a reality in our territory.”
“The medium-term fiscal scenario 2025-2027, approved by the government, points to positive growth prospects for the financial sector of around 5 per cent over the next three years, reflecting the impact of financial innovations and their contribution to the country’s economic growth,” the deputy minister explained.
Challenges for the financial sector in developing local content
For Carla Louveira, there is a need to mention the challenges that the financial sector must continue to embrace in order to effectively boost the development of local content and the integration of megaprojects into the country’s economic development.
In this regard, she explained that the financial sector must first prioritise and encourage local content in the creation of national financial products and services, so as to contribute to their massification alongside other services in segments of the country’s productive sphere. “Secondly, green finance and financing mechanisms should be adopted, taking into account the country’s exposure to climate change, ensuring sustainability through financing mechanisms that encourage the development of ecological projects that minimise the impact of climate change and boost renewable energy and energy efficiency, as well as biodiversity conservation and circular economy initiatives,” he pointed out.
Thirdly, the deputy minister clarified that the financial sector must deepen cybersecurity and data protection mechanisms for financial consumers, so that they protect customers against attacks on systems and data. “And finally, to ensure the full implementation of measures to combat money laundering and terrorist financing, a crucial condition for the development and compliance of the national financial system with international best practice,” she said.
With the central theme “Transforming the BFSI Sector to Boost Local Content Development and Integration in Mega Projects”, the 2024 edition of the conference “establishes a platform for dialogue, collaboration and the creation of innovative solutions to the sector’s most pressing challenges”.
