O Nosso Banco reimbursements begin in Maputo, Mozambique

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O Nosso Banco reimbursements begin in Maputo, Mozambique

12:08 CAT | 22 Nov 2016

Noticias

After almost two weeks of waiting, the process of reimbursing individual O Nosso Banco depositors to the maximum limit of 20 thousand meticais per person began yesterday, with queues of people eager to receive their refunds forming in the early hours.

Some clients who spoke to ‘Noticias’ criticised the system of passwords introduced to facilitate attendance at the branches of the institution, saying it was time-consuming, mainly because, they said, there were situations where, after long waits, people could still not get their money because their data was not in the register.

“We received information that the counter would only serve 50 people a day. I got a password, together with other people, but I’ve been here a good while now and not even half of those here have been attended to,” said one client, requesting anonymity.

Other clients complained that the bank had not provided any clarification on the procedure to be followed in cases where their deposits exceeded 20,000 meticais.

Customers also want to know the real reasons that led to the fall of Nosso Banco.

According to the central bank, the revocation of O Nosso Banco’s license was due to the continuing deterioration of its main prudential and profitability indicators, negative equity and capital reserves well below the regulatory minimum.

Other reasons given for the central bank intervention were weak liquidity and consequent difficulty honouring commitments to its customers, failure to comply with successive periods of mandatory reserves and negative cumulative results.

In view of the situation identified, extraordinary sanitation measures were applied to Nosso Banco before the revocation of the license, but failed to reverse the situation faced by the institution.

Source: Noticias