According to the Bank of Mozambique’s latest quarterly report on financial inclusion indicators, consulted by Diário Económico on Tuesday, November 19, 72.3% of Mozambique’s districts were covered by bank branches in the third quarter of 2024. This figure represents a considerable improvement on 2005, when only 21.1% of districts had access to these financial services.
The report indicates that the number of districts with at least one bank branch reached 112 in the period in question. In terms of geographical coverage, the study also revealed significant growth in the number of accounts at electronic money institutions (EMIs), which rose to 112,678 accounts per 10,000 square kilometers. This increase highlights the importance of digital solutions in expanding financial inclusion in the country.
In addition, automatic payment terminals (POS) saw an increase, with a density of 459.1 terminals per 10,000 square kilometers. However, the report pointed to a reduction in the number of ATMs, which fell from 25.6 to 22 per 10,000 km². In the case of bank branches, the density in rural areas was 2.8 per 10,000 km², showing progress in areas that were traditionally less covered by financial services.
In terms of demographic access, 32.5% of adults in Mozambique have bank accounts, while 56.3% have accounts with electronic money institutions. However, the use of bank cards fell slightly, with 18.3 cards per 100 adults.
The report emphasizes that the advances in access to financial services are the result of joint efforts between the banking sector and the government, which have worked to expand services to populations in remote and underprivileged areas. The Bank of Mozambique also stressed that financial inclusion remains a fundamental pillar for the country’s economic development, underlining the need for continued investment in financial infrastructure and financial education to sustain the progress made so far.
