“Savings benefited from price stability, amidst economic uncertainties, prompting economic agents to bolster their financial reserves,” acknowledges the Bank of Mozambique in its latest financial inclusion report.
In 2005, savings deposits in the Mozambican financial system were around 3.6 million meticais (48,000 euros) per 1,000 adults, a figure that by 2023 had reached 33.6 million meticais (448,000 euros), according to the report’s historical data.
The report further states that financial savings in Mozambique increased by four percentage points in 2024, with total deposits equating to 49% of the Gross Domestic Product (GDP).
“Per capita financial savings also rose, by 4.2 percentage points, following the trend of increased deposit accumulation in the banking system,” it notes.
By the end of 2024, 45% of the country’s savings were concentrated in Maputo (city and province).
However, the Bank of Mozambique highlights that these deposits “showed varied behavior across provinces, with significant increases in some regions,” notably Maputo, which grew by 16 percentage points, while provinces such as Sofala and Nampula saw increases of only two and one percentage point, respectively.
“Despite these increases, mobilizing savings remains a challenge in some provinces, especially those with the lowest deposit levels, such as Niassa and Manica,” the document states.
The Mozambican financial system regulated by the Bank of Mozambique comprises 15 banks, 13 microbanks, three electronic money institutions, four fund transfer institutions, four credit cooperatives, 13 savings and loan organizations, two brokerage firms, and over 2,200 microcredit operators, among others.
