Mozambique: Incubator extends access to financial services

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Mozambique: Incubator extends access to financial services

1:15 CAT | 18 May 2018

Central Bank governor Rogério Zandamela ( second from the eleft) at the launch of the project. Notícias

Incubator Sandbox, a programme launched yesterday in Maputo, aims to support non-bank institutions interested in developing and offering innovative financial products or payment services using new technologies.

The initiative is a joint one between the Bank of Mozambique and the Mozambique Financial Sector Deepening (FSDMoz) entity dedicated to the development of the financial sector with a focus on financial expansion and inclusion.

Speaking at the launch, Bank of Mozambique governor Rogério Zandamela said that the two institutions had created the incubator, which will be supervised by the central bank, in order to mitigate the impact of legal and regulatory uncertainties.

“It is the goal of the incubator to provide an opportunity for the development, testing and demonstration of products in a supervised environment, and establish conditions for learning and the dissemination of innovative ideas with a focus on financial technologies,” Zandamela said.

According to Governor Zandamela, the initiative will positively affect the lives of the Mozambican population, especially the most disadvantaged and those with more modest incomes, giving them the opportunity to carry out financial transactions at relatively lower cost.

FSDMoz executive director Esselina Macome said that Mozambique was one of the first countries in Africa and in the world with a Sandbox established within a central bank, adding that the initiative had arisen through the implementation of a strategy of improving financial inclusion.

“In a first phase, the initiative will benefit previously selected start-up companies. FinTech companies will then be selected through a competitive process. The project will stimulate innovation in the financial sector, as solutions can be tested in a supervised environment before market launch,” she said.

The launch of the Mozambique Regulatory Sandbox is happening now at the Central Bank (BM), this is a high moment because today BM is the celebrating it’s 43th anniversary since its foundation.@HCJKuenssberg @CateTurton @sergiodista @FSDAfrica @JoeHuxley @FinTech_Africa @fsdzambia pic.twitter.com/DIvbF9nPdR

— FSD Mocambique (@FSDmoc_) May 17, 2018

This is an important milestone for the digital transformation of financial services in Mozambique. At @barclaysmz we are active supporters of Financial Services innovation. Very well done to @FSDmoc_ and Central Bank https://t.co/XF7nd9tdaS

— Pedro Carvalho (@Pedro_CCarvalho) May 18, 2018