Bank of Mozambique revises national payment system law

The Bank of Mozambique (BdM) is in the process of revising Law no. 2/2008, of February 27, known as the National Payments System Law. The aim of the revision is to adjust the legal regime to the current context of the payment system, taking into account developments and international best practices.

According to a publication on the Domingo newspaper’s website, the public consultation on the proposed revision of the law will be open until February 9, 2024. The aim of the consultation is to gather the views of interested parties and society in general on the proposed revision.

The proposal presented by the Bank of Mozambique includes authorization for the creation and operation of systems, the issuing of instruments and the provision of payment services. It also establishes that the creation or operation of any payment system must be carried out in accordance with the articles of association, including the identification of the partners or shareholders, as well as the members of the relevant administrative body, directors or managers, including information on their professional and academic qualifications.

The Bank of Mozambique’s review of the National Payment System Law is a significant initiative aimed at modernizing and adapting the country’s financial system to global changes and advances.

The public consultation demonstrates the BoM’s commitment to involving stakeholders and society in general in the process of revising the legislation, ensuring transparency and participation in the drafting of the new rules that will govern the payment system in Mozambique.