Mozambique: Over half of adults have access to electronic money

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Mozambique: Over half of adults have access to electronic money

9:57 CAT | 10 Jul 2019

in file CoM

The governor of the Bank of Moçambique on Monday said in Maputo that the strategy of financial inclusion in the country allowed 51.3% of adults to have access to electronic money in the country in 2018 against 23.1% in 2017.

Rogério Zandamela pointed out the advances seen in the massification of access to financial services, speaking at an evaluation meeting of the National Strategy for Financial Inclusion.

“The implementation of several actions aimed at financial inclusion led to the achievement of a level of economic banking of 32.7% and an adult population level with electronic money accounts of 51.3%, in 2018, against 25.1% and 23.1% in 2017 and 2015, respectively,” said Zandamela.

The financial inclusion strategy also allowed 64% of the country’s districts to have at least one point of access to financial services, compared to 58% in 2015.

“The overall financial inclusion index, indicating the levels of geographic access, demographic and use of financial products and services, stood at 14.5 points in 2018, against 14.7 in 2015 and 13.2 in 2011,” he said.

Of the 154 districts in the country, 65% have at least one bank branch, 84% have an electronic money institution, 59% of districts have at least one automated teller machine and 24% of districts have a point of contact with an insurance institution.

In 2018, Mozambique recorded a stock-market capitalisation index of 8.6% of gross domestic product (GDP) against 7.8% in 2015.

The insurer market was responsible for a production level of about 13,000 million meticais (€11.5 million) in gross premiums issued, corresponding to an insurance penetration rate in the economy of about 1.5%.

Zandamela has said that 40% of the adult population will have physical or electronic access to financial services up to 2018 and 60% up to 2022.

Source: Lusa