Mozambique 'needs greater financial inclusion'

Nov 24, 2010

Mozambique needs an inclusive banking system that enables citizens living in rural areas to access financial services, the country's President has stated.

Armando Guebuza made the remarks at a dinner held to mark the 15th anniversary of Millennium-BIM, the country's largest bank, AllAfrica reports. Mr Guebuza praised the progress that has been made in the nation's financial sector over recent years, but said more needs to be done to make banks more easily accessible. There are currently branches in only 52 of Mozambique's 128 districts, with the majority being concentrated around major metropolitan areas.
He argued increasing the branch network will help to encourage saving and make it more convenient for customers to move money in and out of their accounts.

Millennium-BIM, which operates 86 outlets in 38 districts, has over 500,000 clients and holds about 40 per cent of Mozambique's financial services market.