Maputo, 16 Mar (AIM) – The Bank of Mozambique, in its role as regulator of the national financial system, on Monday officially launched an Instant Payment System named METIX, which is a digital payment platform aimed at “making the transfer of money faster, more efficient and immediate.”
Two weeks ago, the central bank announced the immediate functioning of the system, which integrates commercial banks and mobile wallet services (M-PESA, E-MOLA and m-Kesh) into a single platform that “allows real-time transfers.” However, it was still inoperable.
According to the Governor of the Bank of Mozambique, Rogério Zandamela, speaking during the system inauguration ceremony on Monday, in Matola, southern Maputo Province, the platform will allow free transfers between banks made by individuals. All interbank transactions ordered by individuals on SPIM are exempt from fees and commissions.
“This is a convenient and easily accessible system that can be used through the website, mobile applications, or via the banks’ USSD channels. The USSD channel guarantees access to the system through any type of mobile phone, without the need for an internet connection or mobile data, thus allowing its use by any citizen”, said Zandamela.
“The system will be available 24 hours a day, 7 days a week, and 365 days a year, allowing citizens to carry out transactions at any time”, he added.
The governor said the Central Bank believes that the introduction of this system is important because citizens will be allowed to carry out their interbank transactions “in a simpler, faster, more economical and convenient way, in an increasingly secure, inclusive and modern environment.”
Zandamela also called on all financial institutions to strengthen continuously initiatives in the area of technology, “ensuring that everyone can use these tools with confidence, responsibility and security.”
SPIM allows financial institutions to set daily maximum limits of 200,000 meticais for individuals and 500,000 for legal entities (from 1,130 dollars to 7,800 US dollars, at the current exchange rate).
The country has currently 15 commercial banks and 12 microbanks operating, in addition to credit cooperatives and savings organizations. All these entities, as well as others authorized by the Bank of Mozambique, must join the new system.
According to the Bank of Mozambique’s data, the country had more than 24.6 million digital mobile wallet accounts last November, while the traditional commercial banks had 6.6 million registered accounts.
(AIM)
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