The annual report from the institution indicates that complaints against Mozambican banks “continued on an upward trend” last year, reaching 1,809, an increase of 62% compared to 2023.
“This growth may be associated with increased financial awareness of rights and obligations among consumers and the ongoing execution of the financial education program by the Banco de Moçambique,” the document states.
The report further states that the “financial education actions” promoted by the central bank “covered about 13,600 people” in 2024, focusing on “matters related to responsible credit, budgeting, savings, consumer financial rights and duties, security, and fraud prevention.”
These actions led to credit no longer being the “most complained about product” in Mozambique by bank customers in 2024, overtaken by ATM transactions, with complaints rising from 230 to 860 in one year, the document points out.
The “inspection action” of the Banco de Moçambique and the “handling of complaints” resulted, in 2024, in the return to financial consumers of about 1.4 billion meticais, stemming from “undue charges to economic agents contracting [POS terminals] and commissions and fees,” accounting for 51% and 21% of the total, respectively, according to the institution.
The central bank also imposed fines for violations of prudential norms and for prevention and combating of money laundering and terrorism financing, totaling 100 million meticais (1.3 million euros).
There are 15 commercial banks and 12 microbanks operating in Mozambique, in addition to credit cooperatives and savings and credit organizations, among others.
