The latest report from the Bank of Mozambique reveals that from July to December 2024, the Commercial and Investment Bank (BCI), part of the Caixa Geral de Depósitos group, recorded 269 complaints with a complaints index of 12.8. Meanwhile, Millennium BIM, owned by Portugal’s Millennium BCP, accounted for 224 complaints, with an index of 10.7.
These institutions are the two largest banks in Mozambique and are the only ones classified by the central bank in the category of more than one million clients.
Among banks with 200,000 to one million clients, Absa Mozambique registered 48 complaints (index 23), Standard Bank 49 (10.7), and Moza Banco 18 (6.9).
The report indicates that 52% (418) of the complaints during this period were related to ATM operations, specifically non-dispensed but debited cash. Additionally, 17% (141) concerned credit operations, and 14% (112) involved bank accounts, notably unauthorized charges and account blocks.
Historically, the central bank adds that the 809 complaints from the second half of the year add to the 979 recorded in the first half, totaling a record 1,788 for the entire year of 2024.
Mozambique is home to a total of 15 banks, 14 microbanks, four credit cooperatives, 13 savings and loan organizations, and 2,304 microcredit operators, according to previous data from the central bank.
Complaints from banking system clients grew by 38.5% in 2023, reaching 1,120. The Bank of Mozambique reported in November that it returned 808 million meticais (12 million euros) to consumers.
The 2023 annual report of the Bank of Mozambique noted “various irregularities” detected during inspections related to the collection of fees and charges for financial products and services.
Beyond issuing “specific determinations and recommendations to ensure adherence to standards and conduct obligations” by credit institutions and financial societies (ICSF), the central bank reported the recovery and return of about 808 million meticais to financial consumers.
Of this, 62.6%, amounting to 506 million meticais (7.5 million euros), resulted from improper charges to economic agents using points of sale (POS), while 33%, worth 264 million meticais (3.9 million euros), came from improper commission and fee charges for bank credit contracts and management.
“Additionally, various violations concerning the implementation of standards and non-compliance with deadlines by ICSF were observed. As a result of these violations, the Bank of Mozambique initiated 13 contravention proceedings, four of which were concluded, resulting in the imposition of fines,” the institution explained.
