Regulatory Alerts2017-10-18
Notice No. 18/GBM/2017, of 18 October – Regulation on Direct Debits
The Bank of Mozambique issued Notice No. 18/GBM/2017 approving the Regulation on Direct Debits, which establishes standardized rules, definitions, and operational procedures for processing automatic account debits to ensure secure, efficient, and transparent payment collections. Concurrently, the Council of Ministers promulgated Decree No. 53/2017 to establish the Disaster Management Fund (FGC) for financing disaster readiness, response, and reconstruction, while the Prime Minister formalized the privatization of the Park de Chidenguele Tourist Resort to Park de Chidenguele, Lda. The direct debit framework mandates strict compliance timelines, delineates the obligations of account holders, beneficiaries, and financial institutions, and outlines mandatory authorization contents, return grounds, and confidentiality safeguards to modernize the national payment system.