TO MITIGATE EFFECTS OF COVID-19

The Board of Directors of Banco de Moçambique today approved a set of extraordinary measures in view of the spread of COVID-19 worldwide, whose negative impact is already being felt in the country.

The new measures aim to mitigate its effects in Mozambique.Thus, within the scope of the Payment System, electronic money institutions (e-Mola, M-Pesa and mKesh) do not charge fees and commissions on transfers from client to client up to the daily limit of 1,000.00 meticais (one dollar is equivalent at 66.86 at the current exchange rate).According to the Bank of Mozambique, in a statement, the limit per transaction in the mobile portfolio is adjusted from 25 thousand meticais to 50 thousand.The Central Bank also adjusted the daily limit for transactions in the mobile wallet, from 125 thousand to 250 thousand meticais.

 

The annual transaction limit for Tier I (tier I) customers in the mobile portfolio is adjusted to 400 thousand meticais.The commissions and charges to be charged for the new limits must not exceed the maximum of the price list in force.With regard to commercial banks, they no longer “charge fees and commissions for transactions made through digital channels up to the daily limit of 5,000 meticais for individual customers, except for withdrawing at ATM.For commercial banks and electronic money institutions, the issuing bank reduces commissions and charges on transfers between bank and electronic money institution, by individual customers, by 50 percent.

 

“In the meantime, commercial banks and electronic money institutions can take other measures to strengthen the use of digital payment methods' ,.Within the scope of specific provisions, credit institutions are exempted from setting up specific provisions for credit in foreign currency.

"The measures relating to the Payment System come into effect from zero hours on April 10, 2020, for a period of 3 months", reads the document, which adds that "the measure relating to specific provisions enters immediately in force and is valid until 31 December 2020 ”.The document warns that the adoption of the aforementioned measures "does not exempt compliance with the rules and procedures relating to preventing and combating money laundering and terrorist financing".Banco de Mocambique says it will continue to monitor the impact of the COVID-19 pandemic on the national economy and will not hesitate to take any further appropriate action.