Thursday, July 18, 2024

SIMORede: challenges of the single national electronic payments network

The Single National Electronic Payments Network, known as SIMORede, has been officially launched and is fully operational in Mozambique. The ceremony was led by the Governor of the Bank of Mozambique, Rogério Zandamela, who emphasized the importance of efficient communication with the public.
The SIMORede project began in 2011 with the creation of the Sociedade Interbancária de Moçambique (SIMO). The body’s president, Sariela Nhabinde, highlighted the objectives, including the massification of electronic means of payment and the promotion of financial inclusion. Euronet Worldwide was responsible for the implementation, initially with two banks, Access Bank and CPC.
SIMORede’s platform processes all national and international electronic payments through various channels, such as ATMs, POS and USSD, with plans for future implementations of QRCode and online payment gateway services. Rogério Zandamela considers this milestone to be a digital revolution in the national payment system, contributing to faster and safer transactions.

Interoperability between e-money institutions, banks and financial service providers is highlighted as a significant benefit of SIMORede. Zandamela emphasizes the importance of investing in technology and human resources to meet the growing demand in the era of the digital economy.
However, the governor warns of the challenges related to migrating to the new platform and highlights the need for an effective response in communicating with the public. SIMORede’s 24/7 operational security is highlighted as a major achievement, but Zandamela stresses the importance of collaboration in monitoring cyber risks and increasing digital literacy.
The entry into production of the new platform allowed Banco Millenium Bim to be included in the single network, achieving interoperability between the three e-money institutions and the banks. Sixteen banks and three e-money institutions are now integrated into the National Single Network, promoting financial inclusion in remote areas.
At the ceremony, various personalities and banking institutions were honored for their contribution to the country’s development.

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