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Mozambique: Problems in banking transactions being addressed – cenbank
1:26 CAT | 07 Dec 2023
File photo: Lusa
The Bank of Mozambique on Thursday acknowledged problems in the implementation of the new National Payment System, which are causing delays in banking transactions, but said they were being resolved.
“Thanks to the prompt intervention of the Bank of Mozambique and the platform provider, and with the collaboration of commercial banks, the system is in the process of normalisation, and the majority of transactions are being processed normally,” the central bank says in a statement.
In recent days, delays and problems in banking transactions, publicly acknowledged by the institutions themselves, have been reported in the country.
The Bank of Mozambique explains that “as part of the modernization of the National Payment System”, the Real-Time Gross Settlement (RTGS) platform came into operation on November 24, 2023.
“The implementation process of this platform, which aimed to ensure the availability of funds in real time, took more than a year and involved carrying out exhaustive tests with all participants, namely commercial banks, CIMO [interbank network] and Mozambique Stock Exchange,” the central bank says.
It adds that “the first days were exclusively dedicated to stabilizing the platform”, with “continuous monitoring of the system’s functioning”, “permanent support for participants in resolving any difficulties”, “updating participants on the system’s functionalities” and by holding daily meetings with the banks’ technical teams to address anomalous situations.
For the Bank of Mozambique, “the problems encountered, in some banks, during the entry into operation” of the new platform were due to the “absence of adequate technological adjustment”, the “change in technical teams involved in the process of implementing the platform” by the company that implements the system, as well as by “sending payment instructions in a format different from that agreed, which led to their rejection by the system”.
READ: Bank of Mozambique launches Real-time Gross Settlement Platform
Source: Lusa
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