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Bank of Mozambique dismantles illegal credit institution based in Nampula
8:57 CAT | 24 Aug 2021
The Bank of Mozambique has dismantled yet another institution operating illegally as a credit agency in the city of Nampula.
The institution concerned calls itself ‘Vision Service, Soluções Financeiras + 3.000,00MT’, and is represented by Mr Danilo Xaramatane Ali.
A note from the Bank of Mozambique received by Radio Moçambique indicates that the institution granted credit through an online electronic platform called a “debt book”, and charged interest of 35%, upon presentation of a guarantee.
According to the note, the central bank had reported the matter to the competent authorities in order to protect citizens and the national economy.
The institution was, “without proper authorisation,” carrying out “operations legally reserved to credit institutions and other institutions authorised to carry out financial intermediation”.
Source: Rádio Moçambique
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