Mozambique: Central bank requires use of POS machines from the national financial system only

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Mozambique: Central bank requires use of POS machines from the national financial system only

3:25 CAT | 01 Nov 2023

FILE - For illustration purposes only. [File photo: RM]

The Bank of Mozambique has reiterated that domestic entrepreneurs found using point-of-sale (POS) technology which is not part of the national financial system will be sanctioned.

The spokesperson for the Bank of Mozambique advisory council, Silvina de Abreu, said this Tuesday on Radio Mozambique’s Café da Manhã program, that the central bank is intensifying supervision of operations carried out by mainly foreign-owned tourist resorts.

De Abreu said that all tourist resorts must use the national banking system and its payment platforms, explaining that the use of platforms outside the national banking system, such as foreign POSs, is prohibited, and failure to comply with these obligations will result in sanctions.

“According to the foreign exchange law, foreign exchange operations involving payments and receipts from abroad must be carried out exclusively through the national banking system,” she added.

The spokesperson for the 48th advisory council said that tourism potential of Inhambane province was underutilized, its contribution to tax revenue currently standing below one percent.

Judging by its limited contribution to tax revenue, the socioeconomic impact of the tourism sector continues to be less than what is desired, despite the province attracting an increasing number of national and international tourists, De Abreu said.

Source: Rádio Moçambique