Bank of Mozambique Fines Financial Institutions Violating Prudential Norms

(2 Minutes Read)

Of the nine financial institutions, E-Mola and the Banco Comercial e de Investimentos (BCI) have been fined for the most infractions between December 2023 and December 2024, and will have to pay fines of more than 40 million meticais.

The Bank of Mozambique has fined nine credit institutions and financial companies for violating prudential regulations, rules on preventing and combating money laundering and terrorist financing, foreign exchange regulations, and consumer protection regulations for financial products and services.

The institutions in question are Multicâmbios, E-Mola, Banco Letshego, Banco Société Générale Moçambique, Banco Comercial e de Investimentos, Absa Bank Moçambique, Moza Banco, First National Bank and Ecobank Moçambique.

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Of the nine financial institutions, E-Mola and the Banco Comercial e de Investimentos (BCI) have been fined for the most infractions between December 2023 and December 2024, and will have to pay fines of more than 40 million meticais.