Mozambique: Bank credit grew 17% in six years to 3.631 billion meticais in 2023

Login

Register

http://www.clubofmozambique.com/

Mozambique: Bank credit grew 17% in six years to 3.631 billion meticais in 2023

1:25 CAT | 22 Aug 2025

File photo: Lusa

Credit granted by Mozambican banks to businesses and consumers increased 17% from 2017 to 2023, reaching almost 269.479 billion meticais (€3.631 billion), indicating, according to the government, the “expansion of economic activity”.

“This increase represents a positive change in access to credit for businesses and consumers in general, indicating a possible expansion of economic activity. This development can be attributed to improvements in macroeconomic conditions in the country, as well as the implementation of favourable government policies,” reads the report on the National Financial Inclusion Strategy to be implemented by 2031.

The document, released by the Ministry of Finance and consulted today by Lusa, explains that Mozambicans “use various financial channels to acquire credit”, including, in addition to banks, microbanks, credit unions, microcredit operators, and investment companies, also “savings groups and revolving credits and loans from family and friends”.

It also adds the “notable” increase in credit to the economy by 2023, compared to 230,431 billion meticais (€3.105 billion ) in 2017.

Meanwhile, according to supply-side data, in 2023, only 9.7% of Mozambican adults had a credit account, compared to 5.1% in 2015.

“It is clear that the gender gap in access to finance still persists, as only 5.6% of women compared to 12.2% of men have a credit account. This fact highlights the need to create gender-specific financial products,” the document further states.

Expanding access to financial products and services, increasing the use of affordable and quality financial products and services, promoting financial literacy, and strengthening consumer protection and trust in financial services are the four central pillars of the new financial inclusion strategy.

The 2025-31 National Financial Inclusion Strategy document emphasizes that “financial inclusion serves as a catalyst for achieving the country’s broader development objectives” and “is not limited to providing greater access to financial products and services, but also aims to empower individuals and businesses to improve their livelihoods, build resilience, and participate fully in the economy”.

“In addition to promoting entrepreneurship, financial inclusion facilitates savings and investment, contributing to economic and social well-being,” it reads, further emphasizing that the Strategy “results from extensive consultation and collaboration between the Government, financial institutions, the public and private sectors, as well as development partners”.

“It reflects the joint commitment to positioning financial inclusion as a central pillar of Mozambique’s socioeconomic development,” it concludes.

Source: Lusa