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“Half the Population Will Have Financial Services by 2022” — Filipe Nyusi

“Half the Population Will Have Financial Services by 2022” — Filipe Nyusi

Half of the Mozambican population will, by next year, have access to a formal financial services point within five kilometers of their place of residence or work.

The guarantee was given yesterday by the President of the Republic, stressing that, for this, the simplification of rules and conditions for the opening of accounts by banking institutions is fundamental, along with financial literacy programs and the expansion of Central Bank branches.

Filipe Nyusi, who was speaking at the district headquarters of Zumbo, at the inauguration of a bank branch, acknowledged, however, that despite the increase in financial institutions in recent years, access to these services is still limited.

He said that in rural areas, where most Mozambicans live, a third of the population travels more than three hours or the whole day to access formal financial services.

 “Commercial banking should identify administrative posts and localities with potential for the establishment of more branches or banking agents,” he recommended.

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With the opening of the Zumbo branch, the number of districts with at least one formal financial institution rises to 129, up from 85 in 2015.

According to Mozabanco, the branch will serve everyone from the general population, employees, local micro, small and medium enterprises, fishermen and producers by offering innovative financial solutions that help monetize the earnings from their efforts.

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