Insurance companies take a stake in BIG Moçambique bank
In file CoM
Mozambique’s largest commercial bank, the Millennium-BIM (International Bank of Mozambique) on Wednesday entered into an agreement with the Mozambican government under which it will open another 12 branches under a government initiative to expand the rural bank network.
Launched in August 2016 by the Mozambican President Filipe Nyusi, the “One District, One Bank” programme aims to accelerate financial inclusion in rural areas so that by the end of this year there will be at least one bank branch in every district.
According to the Minister of Land, Environment and Rural Development, Celso Correia, since the launch of the programme the number of districts covered by the banking network has risen from 55 to 70 per cent. He added, “today, we are taking an important step in meeting our grand objective. The opening of twelve branches in the districts of Mecufi, Nipepe, Metarica, Muembe, Pebane, Lalaua, Mogincual, Machanga, Magoe, Muanza, Tambara and Macossa symbolises the commitment of the financial system, in particular BIM, to reach our goal. But it also allows us to confirm that we have received commitments that we will have branches in all the country’s districts by the end of the year”.
The Mozambican Council of Ministers (Cabinet) on Tuesday noted that bank branches are currently operating in 107 of the country’s 154 districts.Source: AIM