Thursday, July 18, 2024

Mobile financial services: Mozambique surpassed 400 million transfers in 2023

Mozambique’s Electronic Money Institutions (EMIs), which operate via cell phones, saw a record increase in the number of transfers in 2023, reaching more than 400 million operations, according to data from the Bank of Mozambique (BdM).

According to a statistical report by the Bank of Mozambique with data from January to October, EMIs registered 401.1 million transfers in the period mentioned, compared to 338.5 million in 2022 and 324.1 million in 2021. This represented a turnover of more than 340.2 billion meticais.

The report also revealed a significant increase in the number of EMI accounts. In 2021, Mozambique had 11.4 million EMI accounts, a figure that rose to 11.9 million in 2022 and skyrocketed to 16.6 million by October 2023. In contrast, banks had around 5.5 million accounts in the same period.

The country currently has three Electronic Money Institutions, operated by the three main mobile telecommunications operators, offering financial services via cell phones, including money transfers between customers and payment for services. This solution has made it easier and more popular for the population to access financial services using only their cell phones.

While cell phone financial services continue to grow in Mozambique, the government is planning tax policy reforms to increase revenue collection. One of the proposed measures is to tax EMI commissions.
The mKesh Mobile Wallet, from state-owned operator Tmcel, was the first to be launched in Mozambique in 2012, followed by Vodacom’s M-Pesa in 2013 and Movitel’s e-Mola in 2014.

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