Regulatory Alerts2015-05-04
Notice No. 3/GBM/2015 of May 4 Concerning the Regime for Access and Exercise of Banking Agent Activities
The Bank of Mozambique issued Notice No. 3/GBM/2015 to establish the regulatory framework for accessing and operating as a banking agent, aiming to expand financial services nationwide, particularly in rural areas. The notice defines eligible entities, outlines permissible activities such as cash deposits and transfers, and mandates strict liability, technology standards, and contractual obligations for contracting institutions. It further prescribes evaluation criteria, non-exclusive contract terms, public disclosure duties, and sanctioning mechanisms to ensure service quality, consumer protection, and compliance with existing credit institution laws.
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