Banking & Insurance
Banco de Moçambique
Currency: Metical (MT)
A total of 9 commercial banks operate in Mozambique, namely:
• 1 investment bank,
• 3 microfinance banks,
• 5 credit cooperatives,
• 3 financial leasing institutions,
• 1 group purchase administration society,
• 1 investment societies,
• 1 representation of a credit institution with its headquarters abroad,
• 20 exchange bureaus, and
• 20 entities licensed to exercise credit functions.
Various commercial banks with participation of both local and foreign capitals operate in Mozambique with their headquarters located in Maputo and branches in the rest of the country, namely:
• Millennium BIM, SARL,
• Barclays Bank, SARL,
• Standard Bank (SB), SARL,
• Banco Comercial e de Investimentos (BCI Fomento), SARL,
• Banco Internacional de Comércio (ICB), SARL,
• Mauritius Commercial Bank (Moçambique), SA
• African Banking Corporation (Moçambique) (ABC), SARL,
• First National Bank, and
• Banco Mercantil e de Investimento (BMI), SARL.
Banks open from Monday to Friday from 08:00 to 15:00 hours. In some hotels and shopping centers banks are open from 8:00 to17:00 hours, from Monday to Friday. Some banks also open on Saturdays from 9:00 to 13:00 hours.
The Insurance market is covered by five companies, namely:
• Emose - Empresa Moçambicana de Seguros, SARL,
• GA - Global Alliance (Moçambique), SARL,
• Hollard Moçambique Companhia de Seguros, SARL,
• MCS -Moçambique Companhia de Seguros, SARL, and
• Millennium Seguradora Internacional de Moçambique, SARL.