The study analysed the country context, demand, supply and regulatory framework for payment services in order to conclude on the scope for retail payment services to play a transformative financial inclusion role and the market and regulatory challenges to be overcome for that potential to be realised.
The report is part of a series of studies that also covers Malawi, Zambia and Zimbabwe. In addition to the individual country report, the findings feed into a regional synthesis report that identifies cross-cutting trends, provides a brief global comparison, and concludes on implications for regional financial integration.
Recommendations and conclusion
There still remains a long way to go for electronic payments to become part of the daily life of most Mozambicans. However, efforts to improve the policy framework for payment system development should be prioritized to (i) take advantage of existing market activity and (ii) provide essential regulatory clarity for future development of innovative market solutions by:
- Creating rules allowing and setting minimum standards for the use of nonbank agents by all regulation institutions
- Creating a specialized regulatory and supervisory framework for nonbank e-money issuers, different from that applicable to banks
- Creating rules for international and domestic remittance services, apart from the foreign exchange rules
- Advancing rapidly the implementation of SIMO in close coordination with banks
- Engaging other government authorities in the discussion of barriers and opportunities for payment system development, such as G2P programmes, and those in charge of transportation, energy and communication
- Supporting financial capability training linked to roll out of new products