Regulatory Alerts2024-08-05
Decree No. 50/2024, of July 11 - Approves the Regulation of the Law on Credit Institutions and Financial Companies
The Council of Ministers of Mozambique issued Decree No. 50/2024 to approve the Regulation of the Law on Credit Institutions and Financial Companies, establishing comprehensive procedures for authorization, registration, qualified participations, and branch management. The regulation mandates a 5% prior deposit or bank guarantee for new credit institutions and financial companies, standardizes licensing fees, and defines specific legal regimes for financial leasing and factoring contracts. It further streamlines statutory alterations, agency opening and closing requirements, and the registration of governing body members while repealing five previous decrees to consolidate the financial sector's legal framework.
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