The seventh edition of the “Mozambique Fintech Week” kicked off on Monday, March 23, an annual event that brings together financial sector experts to discuss key developments in the sector’s transformation.
During her intervention, Maria Teresa Carvalho, representing the Banco de Portugal, highlighted the potential for digital currencies to transform—or even challenge—the current model of instant payments, noting that this new paradigm could require a deep reconfiguration of payment infrastructures.
Sharing Portugal’s experience with the adoption of instant payment systems, Carvalho stated: “The emergence of digital currencies, in a context of rapid technological innovation, raises questions about the sustainability and competitiveness of current instant payment systems, which have grown significantly in Europe. Adaptation by regulators and financial operators is therefore inevitable.”
Private sector representatives highlighted both the benefits and challenges of this transformation in a debate featuring Sérgio Gomes (Vodacom M-Pesa), Stélio Matias (Moza Banco), and Mohamed Adam (Yango).
From the outset, participants emphasized that the adoption of digital payments has been driven mainly by commerce, retail, and distribution due to the speed and convenience of real-time transactions. Nevertheless, they noted that despite the evolution of banking systems to this level, limitations persist, particularly in terms of coverage and benefits that are not always visible to consumers, such as inter-institution clearing mechanisms. Interoperability and integration remain challenges.
The recent implementation of the Instant Payments System, called Metix—a platform enabling interbank transfers between individuals in seconds and at no cost—requires operators to adapt quickly. Participants noted that this process reinforces the need for greater interoperability between banks, mobile wallets, and other players in the financial ecosystem.
For Stélio Matias, this transformation should be seen as an opportunity to promote greater collaboration and creativity among stakeholders, enabling new financial solutions and expanding access to services.
Mohamed Adam highlighted that the new system addresses longstanding limitations, such as interbank transfer delays of up to 48 hours, contributing to increased market liquidity and productivity for both businesses and consumers. However, he stressed the importance of fully integrating mobile wallets, which are essential in a market with high informality and predominant use of these instruments.
Mobile Wallets as Accelerators, Not Competitors
A central point of the debate was the relationship between new systems and mobile wallets. Sérgio Gomes emphasized that these should not be seen as competitors but as part of a national payment infrastructure. He argued that the main goal should remain the transition from cash to digital, promoting greater simplicity, control, and financial inclusion.
In this context, Mozambique holds a significant advantage over other markets, such as Portugal: the high adoption rate of mobile wallets, which can accelerate the digitalization of payments.
Costs, Sustainability, and Risks to Innovation
Despite the benefits, participants acknowledged concerns about financial sustainability. The trend toward free services (zero rating) may limit operators’ monetization capacity.
According to Sérgio Gomes, operational costs are high, including technology, security, agents, and deposit insurance. The absence of direct revenue could, in the long term, slow innovation and hinder the entry of new operators. Additionally, there is a risk that merchants might abandon traditional solutions like POS terminals in favor of free direct transfers, which could compromise the diversity of financial services.
Fraud and Cybersecurity Remain Central Concerns
Another highlighted challenge is the increased risk of fraud, driven by the speed of transactions. Participants considered this an inevitable phenomenon in a context of technological innovation.
Although mechanisms such as beneficiary validation are already implemented—particularly in mobile wallets—experts admit that a residual level of errors and fraud will persist. The response, according to the panel, requires joint action by operators and regulators, with increased use of artificial intelligence (AI) for risk control and mitigation.
A System in Development
Despite uncertainties, the consensus among participants is that the new system represents an important step for the future of payments in Mozambique. Increased liquidity, improved efficiency, and enhanced financial inclusion are seen as clear benefits.
However, as repeatedly noted during the event, the evolution of emerging technologies—including digital currencies—could again disrupt this balance, requiring continuous adaptation and a strategic approach to ensure the sustainability and security of the financial ecosystem.
Mozambique Fintech Week ’26 runs from March 23 to 26, with the first two days held online and the final two in person, under the theme “From Digital to Intelligent: Innovation, AI, and New Financial Ecosystems.” Organized by the Mozambican Fintech Association, the event brings together financial sector experts for the seventh time to discuss the future of digital payments.
Source: Diário Económico
