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FNB Moçambique outlines resilient strategy amidst challenging 2024 financial performance
3:52 CAT | 14 May 2025
Photo courtesy: FNB Moçambique
FNB Moçambique announced its financial results for the year ended 31 December 2024 last week, reflecting the headwinds faced not only by the bank, but across some key sectors in the economy.
FNB Moçambique has highlighted a range of focused efforts it is making in future proofing the bank, strengthening its core pillars to position it for long-term growth.
Subdued performance
The bank reported subdued performance for the 2024 financial year, as shown in the pre-tax losses of MZN 561.7 million in the financial year ending 31 December 2024, against pre-tax profits of MZN 361.8 million in 2023. The bank explained that these results were largely shaped by once-off operational losses that were mostly incurred between October 2024 and the end of the year, high credit impairments related to anticipated losses from the social unrest in 2024, as well as the high costs of continuing investment in critical infrastructure and technology transformation.
Reflecting on the results, the recently appointed CEO of FNB Moçambique, Dennis Mbingo, stated that in addition to the once-off expenses that were unique to 2024, changes in interest rates and a challenging foreign currency market put pressure on margins.
Future-proofing the bank
Despite these pressures, the bank has used the past year to accelerate a wide-ranging reset aimed at future-proofing the business, fortifying its digital backbone, and building resilience into core banking systems and processes. Following the release of the FNB banking App late in 2023, the bank has continued to invest in its digital presence and expects to further enhance this offering making the banking app a primary transactional platform for individuals and businesses.
Turning point
“While our financial results reflect a tough operating environment, they also mark a turning point in our journey. The work done over the past year has been foundationally aligned to our strategic intent of creating a bank that is built around the customer, and one that is even more closely aligned to the other successful FNB businesses around the continent. We will increase our focus on technology to help find solutions that will best serve our customers offering easy, helpful and safe solutions to their financial needs. Internal efficiency and customer-centred innovation are expected to yield sustainable returns in the medium to long-term,” Mbingo added.
The bank is confident that its areas of focus will enable more consistent earnings generation, even in an evolving economic and regulatory landscape.
“The year behind us was one of investment and transition. What lies ahead is a growth-focused, digitally enabled banking model built to serve and scale,” added Mbingo.
About FNB Moçambique
FNB Moçambique (FNBM) is more than just a bank—is a dedicated financial partner, committed to empowering individuals and businesses across Mozambique, since 2007, when acquired Banco de Desenvolvimento e Comércio (BDC). FNB Moçambique operates in Corporate and Investment Banking, Commercial and Retail Banking, offering a comprehensive range of financial services designed to support clients’ needs at all stages – whether managing personal finances, growing a business or making strategic investments.
FNB makes banking easy, fast, and accessible with an extensive network of 15 branches across 9 provinces for in-person support, more than 40 FNB ATMs and 1,170+ SIMO ATMs for cash access anywhere and a growing number of ADTs and POS terminals for effortless transactions.
At the core of FNB Moçambique operations is a customer-centric approach, strengthened by a robust digital offering providing seamless electronic payment solutions such as the FNB ON App, cash collection services, Host-to-Host integration for corporate clients, automated payment reconciliation, and much more.
FBN Mozambique’s banking system makes it possible to adapt products and solutions to Clients’ needs and make them accessible to everyone.
Source: FNB Moçambique / Press release
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