Mozambique: Government approves changes to Legal Regime of Bank Accounts

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Mozambique: Government approves changes to Legal Regime of Bank Accounts

4:08 CAT | 11 May 2022

Image: O País

The Government of Mozambique will propose to the Assembly of the Republic the revision of the Legal Regime for Bank Accounts, in light of which it will no longer be necessary to be 21 years old to hold a bank account, it emerged yesterday (10-05) after the 15th session of the Council of Ministers.

Currently, in Mozambique, only a citizen who is at least 21 years of age can open a bank account. Before that, but over the age of 18, the individual requires the intervention of a legal representative.

But the government understands that the current regime no longer fits the context in which we find ourselves, hence the need for change.

“If we admit that we have young people under the age of 21 working, we are admitting that they earn some salary, both those who work for others and those who are self-employed and, if they earn a salary, we are saying that they participate in the circulation of currency … they receive money and this has to be formalised,” explained Council of Ministers spokesperson Filimão Suaze, adding that the main objective was to ensure greater banking and financial inclusion in the country.

As a result of the growth of the economically active population, the regime which currently applies to citizens aged between 18 and 21 may soon apply to those aged between 15 and 18.

“In 2021, around 290,753 jobs were created in our economy and here we can highlight 78,911 in agriculture, 25,863 in public works, 20,584 in public administration, and 3,143 in manufacturing, among other sectors,” Suaze announced.

The proposed Law on the Legal Regime of Bank Accounts, still to be submitted to the Assembly of the Republic, is part of the continuity of the measures that have been adopted to give greater strength to the Law to Combat Money Laundering.

The new law also establishes the legal framework for relations between customers and banks, with the aim of fostering safe, transparent and conscious access to financial services.

Seven new tolls

What has already been approved, and is only awaiting entry into operation, are seven new tolls in Gaza, Inhambane, Manica and Niassa, whose scheduled start date for toll collection is June 1st.

These will not be the last tolls to come into operation, but Suaze vouched that only tolls on roads in perfect condition would open.

Source: O País / Notícias