{"id":58312,"date":"2024-03-31T15:06:10","date_gmt":"2024-03-31T15:06:10","guid":{"rendered":"https:\/\/www.africa-press.net\/mozambique\/all-news\/a-third-of-population-have-access-to-banking-services"},"modified":"2024-03-31T15:40:29","modified_gmt":"2024-03-31T15:40:29","slug":"a-third-of-population-have-access-to-banking-services","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mozambique\/all-news\/a-third-of-population-have-access-to-banking-services","title":{"rendered":"A third of population have access to banking services\\"},"content":{"rendered":"

Africa-Press – Mozambique. <\/strong><\/span>A third of Mozambique\u2019s population has access to banking services and 93% to services provided by Electronic Money Institutions (EMIs), which operate via mobile phone, the governor of the Bank of Mozambique said on Thursday.<\/p>\n

\u201cToday, every district in the country has at least one point of access to financial services. A third of the population has access to banking services, and 93% of the population has access to EMI services,\u201d Roge\u0301rio Zandamela said at the opening of the Academic Year in Unizambeze University, in Beira city.<\/p>\n

He justified these results with the reforms underway in the sector, which have allowed Mozambique to \u201cincreasingly improve levels of financial inclusion\u201d.<\/p>\n

\u201cThroughout the country, we have more than 90,000 EMI accounts for every 100,000 adults. In addition, more than 1,250 EMI agents per 100,000 adults are in operation throughout the country,\u201d he said.<\/p>\n

As a \u201cresult of interoperability\u201d in the system, \u201ctransactions increased significantly between 2022 and 2023, particularly transfers from banks to EMIs,\u201d which rose from 61,000 to 888,000, \u201cas well as transfers between EMIs, from 17.7 million to 74.7 million transactions.\u201d<\/p>\n

In the same speech, on the theme of \u201cThe importance of financial inclusion in boosting economic development\u201d, Roge\u0301rio Zandamela highlighted the recent results in terms of financial literacy, which reached 51%, and \u201cwhere digital financial literacy is around 40%\u201d.<\/p>\n

The governor recognised that \u201cthere is still a lot to be done\u201d, and pointed out as an example that \u201cthe 31% of access to banking services is still below that of countries like Zimbabwe, with 46%, Nigeria with 40% and Lesotho with 39%\u201d.<\/p>\n

On the other hand, he said, \u201cfinancial literacy levels of 51% are still below 70%, which, according to the OECD, is the minimum level for individuals to be considered empowered to make confident and well-informed financial decisions\u201d.<\/p>\n

\u201cThat\u2019s why, with our eyes set on the future, we need to look back in order to learn lessons from our actions and identify the challenges we need to overcome,\u201d he argued, pointing out that Mozambique\u2019s \u201csuccess\u201d \u201ctowards a financially inclusive society will depend on recognising that financial inclusion depends on the interconnection\u201d of various factors.<\/p>\n

In front of the university\u2019s students, Zandamela also referred to the measures adopted in the field of consumer protection and financial education, such as the content of Financial Education, which \u201cbecame part of the national curriculum, in its first classes, to mould the future of society\u201d.<\/p>\n

He also recalled that \u201csevere penalties have been introduced for financial institutions that violate the rights of their customers, including unanswered complaints, the provision of unreliable and untrustworthy financial information, misleading advertising, among others\u201d. He added that \u201cin 2023 alone, five institutions were penalised, resulting in fines of more than 46 million meticais (\u20ac662,400)\u201d.<\/p>\n

He also emphasised the role of \u201cfinancial service providers\u201d, such as banks, EMIs and others, who, \u201cin their permanent search for markets, find financial inclusion to be the natural way to expand the scale of their financial services\u201d.<\/p>\n

\u201cThe economy\u2019s savings, which would otherwise be idle, are now channelled into investment through financial service providers and increasingly innovative means. Just for reference, in the last two years, savings levels have averaged 17% of GDP,\u201d he said, assuming that \u201cwithout financial inclusion, it will be difficult\u201d for Mozambique to have \u201cequitable, sustainable and inclusive development\u201d.<\/p>\n

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For More News And Analysis About Mozambique<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mozambique. A third of Mozambique\u2019s population has access to banking services and 93% to services provided by Electronic Money Institutions (EMIs), which operate via mobile phone, the governor of the Bank of Mozambique said on Thursday. \u201cToday, every district in the country has at least one point of access to financial services. A […]<\/p>\n","protected":false},"author":84,"featured_media":58311,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,281,283],"class_list":["post-58312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-mozambique","tag-mozambique"],"yoast_head":"\nA third of population have access to banking services\\ - Mozambique<\/title>\n<meta name=\"description\" content=\"A third of Mozambique\u2019s population has access to banking services and 93% to services provided by Electronic Money Insti ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/a-third-of-population-have-access-to-banking-services\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A third of population have access to banking services\\\" \/>\n<meta property=\"og:description\" content=\"A third of Mozambique\u2019s population has access to banking services and 93% to services provided by Electronic Money Insti ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/mozambique\/all-news\/a-third-of-population-have-access-to-banking-services\" \/>\n<meta property=\"og:site_name\" content=\"Mozambique\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-31T15:06:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-31T15:40:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/03\/sm_1711883161.968621.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1220\" \/>\n\t<meta property=\"og:image:height\" content=\"804\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/a-third-of-population-have-access-to-banking-services#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/a-third-of-population-have-access-to-banking-services\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"A third of population have access to banking services\\\\\",\"datePublished\":\"2024-03-31T15:06:10+00:00\",\"dateModified\":\"2024-03-31T15:40:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/a-third-of-population-have-access-to-banking-services\"},\"wordCount\":558,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/a-third-of-population-have-access-to-banking-services#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/mozambique\/sites\/64\/2024\/03\/sm_1711883161.968621.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Mozambique\",\"Mozambique\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/mozambique\/all-news\/a-third-of-population-have-access-to-banking-services#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/a-third-of-population-have-access-to-banking-services\",\"url\":\"https:\/\/www.africa-press.net\/mozambique\/all-news\/a-third-of-population-have-access-to-banking-services\",\"name\":\"A third of population have access to banking services\\\\ - 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