Only three solutions for Mozambique’s electronic banking outage, says CTA

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Only three solutions for Mozambique’s electronic banking outage, says CTA

12:54 CAT | 20 Nov 2018

Photo: Miramar

The unavailability of electronic means of payment is adversely affecting the business environment in the country. According to the CTA, the private business sector is loosing around 5 million meticais per day (US$81 686 at current exchange rates).

The SIMO Network is in a blackout since last Friday, November 16, 2018, which limits financial transactions by electronic means of payment, namely, debit cards, ATM’s, POS’s and payment terminal interconnections in electronic money in most Mozambican banks, negatively affecting the provision of public and private services, inside and outside the country.

Against this, the Confederation of Economic Associations of Mozambique, CTA, said this Monday that this blackout is having a negative financial implications for the business sector as well as for consumers.

According to Bernardo Cumaio, the head of the Financial and Fiscal Policy Department at CTA, the turnover fell by 90% in large shopping centres, by 70% hotels and restaurants and for the banking system, the loss is estimated at about 5 million meticais per day.

In view of these facts, CTA questions the silence of the Banco de Moçambique as the regulator and inspector of the national financial system and other relevant entities, as well as the holder of 51% of the SIMO Network shares.

Thus, CTA demands the reinstatement and resumption of commercial transactions in the country.

At the moment,solutions to overcome the problem could be:

the restoration of the system in use,
the introduction of the new system, or
the authorisation to the banks to use their own systems.

Ctabanks.m

This Sunday, the SIMO Network told a press conference that it has no solutions in sight for ATM and POS problems.

On a daily basis, the SIMO Network had a daily average of 465,000 transactions internally and 14,000 outside the country, resulting in a total financial movement of around 600 million meticais.