Government advocates digital solutions for increased financial inclusion

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Government advocates digital solutions for increased financial inclusion

6:38 CAT | 15 Sep 2023

Image: Diario Economico

Mozambican Deputy Minister of Economy and Finance, Carla Louveira, on Wednesday 13-09 urged the use of digital solutions to guarantee financial inclusion in Mozambique, revealing that, currently, only 31% of the population has access to financial services.

“The digital transformation of the financial sector represents an unavoidable milestone that the country must embrace to achieve an inclusive and sustainable financial system, towards the development of the banking industry,” Louveira declared at the opening of the Banking Sector, Financial Services and Insurance Conference.

According to Carla Louveira, Mozambique has been investing in changing the legislative framework with the aim of facilitating digital transformation as well as reinforcing other efforts towards financial inclusion.

“Among the package of laws that aims to boost financial inclusion, the recent approval of changes to the legal regime for preventing and combating money laundering and terrorist financing stands out, approved in August by Parliament as part of the country’s efforts to exit from the ‘grey list’ of the International Financial Action Task Force (FATF),” the deputy minister stated.

Louveira added that “the reform implemented by the Mozambican government in the sphere of the financial sector has created conditions for the existence of a legal and regulatory environment conducive to the materialisation of digital transformation in terms of financial services and products created and offered”.

“The journey towards digital transformation requires collective intervention involving the government, financial institutions, technology companies and other segments of society, with a view to ensuring continuous reflection to improve the financial paradigm,” she concluded.

Under the theme “Digital Transformation for an Inclusive, Sustainable Financial System and Development of the BFSI Industry”, the two-day event (13 and 14 September) is taking place in Maputo and is attended by Mozambican and foreign businesspeople and experts.

Banking, financial services and insurance (BFSI) is the industry’s umbrella term for companies that provide a range of such financial products or services.

Source: Diario Economico