Banks branches in all of Mozambique’s districts by 2019 – Watch

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Banks branches in all of Mozambique’s districts by 2019 – Watch

1:12 CAT | 10 Aug 2016

TVM / President Nyusi, speaking yesterday in Maxie

Commercial banks have undertaken to open branches in all districts of the country by 2019.

The commitment was formalised yesterday by an agreement signed in the presence of the President of Mozambique, Filipe Jacinto Nyusi who had in the morning inaugurated the Third Financial Inclusion Fair, promoted by the Ministry of Land, Environment and Rural Development of Mozambique, in the village of Maxixe, Inhambane province.

The fair aims at bringing formal banking closer to the population – and the figures suggest it has its work cut out since in Mozambique, 90 percent of the population does not have a bank account, and formal credit is available to only 3 percent of the adult population.

Of Mozambique’s 154 districts, only 72 have a bank branch, and almost half the people with access to formal financial services in rural areas have to travel for more than two hours to get to a financial institution.

The agreement signed in Maxixe on Tuesday aims to change this situation by supporting the construction expenses of bank branches in all the country’s districts headquarters.