Find Banking and Financial Services expertise in Mozambique
There are several commercial banks that operate in Mozambique. The commercial banks have their head offices in Maputo, but also have branches throughout the rest of the country. They include Millennium BIM, Barclays Bank, Standard Bank (SB), SARL, Banco Comercial e de Investimentos (BCI Fomento), Banco Internacional de Comércio (ICB), Mauritius Commercial Bank African Banking Corporation (Moçambique) (ABC), First National Bank and Banco Mercantil e de Investimento (BMI). The central bank has also registered seven credit co-operatives, one investment company, one leasing company, one locally based foreign credit institution, 22 foreign exchange bureaus, eight microfinance institutions and over 60 micro financing operators (2012).
Regulation of Financial Services
Development of Financial Services
The World Bank’s Ease of Doing Business Index (2011) ranks Mozambique 18th out of 46 sub-Saharan countries in overall ease of doing business. In terms of getting credit the ranking is low: 33rd of the group. When it comes to protecting investors, however, Mozambique ranks 5th equalling with Botswana. The World Economic Forum’s Ease of Doing Business Report (2012- 2013) gives Mozambique a score of 3.8 out of 7 for availability of financial services, below the world mean but equalling with Malawi. The affordability of these services is 3.3, again below the mean but in line with neighbouring Zimbabwe’s score. The World Bank reported that in 2011 40% of adults aged 15 and over held an account with a formal financial institution. It also states that 6% of adults in the same category had taken out a loan in the last year. The WEF report gives Mozambique a score of 1.9 for ease of access to loans, below the world mean of 2.9. Financing through local equity market is also below the world mean at 2.6, the same score which was achieved by Swaziland.