Mozambique: Moza Banco chairman bows out

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Mozambique: Moza Banco chairman bows out

4:18 CAT | 31 Mar 2025

File photo: Moza Banco

Moza Banco, one of the five largest banks in Mozambique, has announced) that João Figueiredo, chairman of the board of directors, would leave his post, at his own request as of March 1.

In a statement, issued on Friday (28-03) Moza Banco, stated that João Figueiredo, who was also chairman of the Mozambique-Portugal Chamber of Commerce, with a 45-year career in the banking sector, would leave his post at the general meeting on 29 April, while recalling the role he played as chairman of the executive board, from 2016 to 2021, and the subsequent presidency.

“As a transformative leader, João Figueiredo left an indelible mark on Moza Banco,” the institution acknowledges, stressing that, under his management, the bank would end up “resisting an adverse situation that it would face”, moving forward with the expansion of its activity into new markets and products.

In 2016, Moza Banco was taken over by the management company of the pension fund for employees of the central bank (Kuhanha], following state intervention, when it had the Portuguese Novo Banco, the successor to Banco Espírito Santo, as one of its main shareholders (49%).

“As a firm defender of environmental sustainability, João Figueiredo also promoted a culture of responsibility, earning the bank several accolades for its commitment to reducing its carbon footprint,” the statement highlights.

According to Moza Banco a new chairman of the board of directors “will be announced soon”.

Meanwhile, the bank recorded profits of more than 11.2 million meticais (162 thousand euros) until June 2024 – the most recent data available –, recovering from losses in the same period of 2023.

According to the interim financial statements report, for the first half of 2024, Moza Banco recovered from losses of almost 55.6 million meticais (803 thousand euros) in the first six months of 2023.

On June 30, Moza Banco recorded total assets of 59,782 million meticais (€864 million), an increase of 1.3% compared to December 31, 2023, while total liabilities rose 2%, to 50,199 million meticais (€725.5 million).

In 2023, the bank reported a positive net annual result of 101.8 million meticais (€1.4 million), up 13% compared to 2022, with the number of customers growing by 12.4% in one year, to 242,565.

“This performance reflects the increase in revenue generation, driven by the effective strategy of recovering overdue loans, and the ongoing strategy of optimizing operating and investment costs, demonstrating a significant improvement in operational efficiency,” reads the message from chairman of the board of directors João Figueiredo in the 2023 report and accounts.

“This growth is fundamentally due to the increase in business volume, combined with rigorous cost and investment management. This performance reflects the effectiveness of the strategies implemented, geared towards sustainability and strengthening the bank’s competitive position in the market,” the same document details.

This was the second consecutive year in which Moza Banco reported profits, after the positive net result of 90.1 million meticais (€1.3 million) in 2022, reversing accumulating since 2016 of 1,381 million meticais (€20 million) in the 2021 financial year.

Moza Banco ended 2023 with a market share of 8.13% in customer loans and 6.53% in assets.

As of December 31, 2023, Moza Banco’s share capital amounted to more than 7,020 million meticais (€101.5 million), held 66% by Kuhanha – Sociedade Gestora do Fundo de Pensões dos Funcionários do Banco Central de Moçambique, followed by Arise B.V. with 30.7%, among other shareholders. At that time, the bank operated 63 business units across the country, with 943 employees.

Source: Lusa