Mozambique: Savings deposits hit record high in 2024, up 12.5% – central bank

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Mozambique: Savings deposits hit record high in 2024, up 12.5% – central bank

11:53 CAT | 07 Oct 2025

File photo: Lusa

Mozambicans’ savings deposits increased by 12.5% in 2024, reaching a record of 37.8 million meticais (US$604,800) for every 1,000 adults, according to a report from the central bank accessed today by Lusa.

“Saving benefited from price stability in a context of economic uncertainty, encouraging economic agents to strengthen their financial reserves,” acknowledged the Bank of Mozambique in its latest financial inclusion report.

In 2005, savings deposits in Mozambique’s financial system stood at 3.6 million meticais (US$57,600) for every 1,000 adults — a figure that had already reached 33.6 million meticais (US$537,600) in 2023, according to historical data from the report.

The report also notes that financial savings in Mozambique increased by four percentage points in 2024, with total deposits equivalent to 49% of the Gross Domestic Product (GDP).

“Per capita financial savings also grew by 4.2 percentage points, following the trend of greater accumulation of deposits in the banking system,” the document further states.

Of the total savings in the country, 45% was concentrated, at the end of 2024, in Maputo (city and province).

The Bank of Mozambique, however, emphasised that these deposits “showed different behaviour between provinces, with significant increases in some regions,” highlighting Maputo, which grew by 16 percentage points, while provinces such as Sofala and Nampula grew by only two and one percentage point respectively.

“Despite these increases, the mobilisation of savings continues to be a challenge in some provinces, especially in those with the lowest levels of deposits, such as Niassa and Manica,” the document adds.

Mozambique’s financial system, regulated by the Bank of Mozambique, includes 15 banks, 13 microbanks, three electronic money institutions, four money transfer institutions, four credit cooperatives, 13 savings and loan organisations, two financial brokerage companies, and more than 2,200 microcredit operators, among others.

Source: Lusa