Mozambique formally admitted to Egmont Group
Government of Mozambique wants a bank in every district
8:06 CAT | 28 Jul 2016
AIM (File photo) / Deputy minister of Health and Cabinet spokesman Mouzinho Saíde
Seventy new bank branches, one for each district in Mozambique, will start operating by 2019, to bring financial services to citizens, a government spokesman said on Tuesday in Maputo.
The spokesman and deputy health minister, Mouzinho Saide, said this process of opening banks in all the districts is part of a project called “One District, One Bank”.
Some 90% of the Mozambican population has no account at a formal financial institution and that formal credit is available to only 3% of the adult population, according to Mozambican daily newspaper Noticias.
Currently, only 78 of the 150 districts in Mozambique have a bank branch.
Source: Macauhub
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