One of the other benefits of the Interbank Transfer and Settlement System (RTGS) is that the platform will improve the efficiency of banking activity by harmonizing liquidity management and making financial transactions more flexible and increasing the reliability of economic agents in relation to the financial system, as acknowledged by the President of the Mozambican Banking Association (AMB), Teotónio Comiche.
“On the other hand, it will tend to boost the flow of internal and international trade between the countries of the Southern African Development Community (SADC), as well as stimulating economic activity in the region, which is currently below its potential.” He added.
Comiche said that despite the results achieved so far, there are still some challenges to be overcome which require strong commitment and collaboration from all participants.
“The platform challenges institutions to monitor transactions more closely in terms of their materiality and the parties involved, to mitigate the risk of money laundering and the financing of terrorism and the proliferation of weapons of mass destruction, in a context where efforts are underway to adjust legislation and procedures in order to bring them into line with good international practice in combating the misuse and abuse of the financial system,” he said.
As for cyber resilience, Comiche challenged banks to constantly monitor the evolution of IT security protocols and the segregation of transactional control processes through the implementation of effective IT architecture projects, in order to avoid exposing the industry to business continuity risk, with immeasurable financial and reputational damage.
“These vulnerabilities must be mitigated to prevent access to the database or access to transactions and their improper editing, which suggests, in some situations, investment in infrastructures with adequate efficiency gains. It follows from these facts that there is a need to continue the permanent dialogue already underway between the Bank of Mozambique and the commercial banks, organized in a working group to align the common concerns of the members of the Mozambican Banking Association.”
To this end, Comiche proposes speeding up the process of revising the National Payments System Law, in order to correspond effectively to the increase in national and international financial transactions, to keep up with significant technological advances and the sophistication of the offer of financial products and services.
