Bank of Mozambique launches Instant Payment System

Maputo, 3 Mar (AIM) – The Bank of Mozambique, in its role as regulator of the national financial system, has launched an Instant Payment System (SPIM), which is aimed at “making the transfer of money faster, more efficient and immediate” via digital means.

SPIM, which came into effect on Monday, integrates commercial banks and mobile wallet services (M-PESA, E-MOLA and m-Kesh) into a single platform that “allows real-time transfers.” All interbank transactions ordered by individuals on SPIM are exempt from fees and commissions.

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).

“SPIM is an electronic payment mechanism for settlements, allowing the immediate availability of funds to the beneficiary. The system is operated and managed by the Mozambique Interbank Society and it is aligned with international best practices”, reads the note.

This system, according to the Central Bank, was designed to operate 24 hours a day, “uninterruptedly, including weekends, holidays and public holidays.”

Adherence to SPIM is mandatory for Electronic Money Institutions (EMIs), responsible for mobile wallet services. Credit institutions, payment service providers, and other entities authorized by the Bank of Mozambique must also integrate into the system.

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 integrate into the new system.

According to the Bank of Mozambique 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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