Mobile phone operators boost finance inclusion in Mozambique

Mobile phone operators in Mozambique are playing an important role in financing inclusion, thanks to applications for money management through phones, said Mozambique's Central Bank Governor, Ernesto Gove, in Maputo on Monday.

With subscribers over 10 million nationwide, applications such as M-Pesa and M-Kesh operated by the two major mobile services providers in Mozambique, Mcel and Vodacom, will contribute to make Mozambique jump 2 percent next year in the number of people using finance services, said Gove.

"The expansion of banking services through mobile applications such as M-Pesa and M-Kesh has been facilitating significantly in the process for finance inclusion, expected to be at 25 percent by 2016," added Gove.

Clients are allowed through their mobile phones to pay a number of products they could only do at banks, such as transfer of money, purchase airtime among others.

The central bank governor said that this is not the only process driving finance inclusion in Mozambique, but there is also expansion of bank agencies in different districts of the country, currently at 65 districts out of 128 districts of the whole country.

"We are expanding our finance services in order to get much closer to the people, moreover, they also help small and medium companies by allowing them access to loans to invest in their businesses," said Gove.

The governor admitted that among the challenges is the long distance people are forced to walk to access banking services.

The central bank launched recently a television program in partnership with the Education Ministry and the public television station TVM, to disseminate information related to finance aspects, savings, interests among other things.

The information were released as part of the Global Policy Forum organized by the Alliance for Financial Inclusion, under the theme of "Inspiring Innovation to advanced inclusion."