The Mozambican Deputy Minister of Economy and Finance, Carla Louveira, on Wednesday 13 September defended the creation of digital solutions to guarantee financial inclusion in Mozambique, revealing that currently only 31% of the population has access to bank financial services.
“The digital transformation of the financial sector represents an unavoidable milestone that the country must embrace in order to achieve an inclusive and sustainable financial system, towards the development of the banking industry,” she said during the opening of the Banking, Financial Services and Insurance Conference.
According to Carla Louveira, Mozambique has been focussing on changing the legislative framework with the aim of facilitating digital transformation and strengthening efforts towards financial inclusion.
“Among the package of laws aimed at boosting financial inclusion, we highlight the recent approval of changes to the legal framework for preventing and combating money laundering and terrorist financing, approved in August by Parliament as part of the country’s efforts to get off the Financial Action Task Force (FATF) grey list,” she explained.
She added that “the reform implemented by the Mozambican government in the financial sector has been creating the conditions for a legal and regulatory environment that is conducive to the materialisation of digital transformation in terms of the financial services and products created and offered”.
“The journey towards digital transformation requires collective intervention between the government, financial institutions, technology companies and other segments of society, with a view to ensuring continuous reflection to improve the financial paradigm,” he concluded.
Under the slogan “Digital Transformation for an Inclusive, Sustainable Financial System and Development of the BFSI Industry”, the two-day event (12 and 13) is taking place in Maputo and will be attended by a number of Mozambican and foreign entrepreneurs and experts.
BFSI is an English acronym that stands for Banking, Financial Services and Insurance. The designation is used to identify companies that provide financial products or services.
