Mozambique: NUIB project is crucial for the financial system – central bank

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Mozambique: NUIB project is crucial for the financial system – central bank

2:34 CAT | 23 Oct 2024

FILE - For illustration purposes only. [File photo: Notícias]

The Bank of Mozambique says that the Single Bank Identification Number (NUIB) project represents a crucial step in the modernization of Mozambique’s financial system.

In its most recent Financial Inclusion Report, the central bank adds that the implementation of this project will simplify processes, reduce fraud and improve the efficiency of the banking system, contributing to greater confidence and participation in the financial market.

The NUIB is a 15-digit code assigned by the Bank of Mozambique to all customers of credit institutions and financial companies in the country. It is the same number for all of the customer’s bank accounts, regardless of where they are domiciled. If a customer receives two different numbers, he or she should go to one of the branches to regularize the situation.

The approval of the NUIB Regulation in Mozambique arises from the need to provide financial system stakeholders with efficient means to safeguard operations, by establishing mechanisms that are consistent with market developments, taking into account the technological context.

Among the measures planned for this year, the Bank of Mozambique also highlights the consolidation of interoperability between different financial services and platforms. “The continuation of this effort will not only support financial inclusion, but will also enhance innovation in the sector,” a bank statement clarifies.

Also for this year, the central bank says that the use of IT tools in conduct supervision is in the pipeline. This will allow for efficiency gains, taking into account the limited resources and the range of checks that must be carried out within the scope of supervision.

In addition, the Bank of Mozambique assures that efforts will be concentrated on producing a framework for risk-based supervision, which will guide supervision, improve transparency in the assessment of credit institutions and promote the adoption of policies and procedures aimed at fulfilling their obligations in relation to market conduct and consumer protection.

Source: Notícias