Regulatory Alerts2023-10-16
Notice No. 5/GBM/2023, of October 16 - Establishes the Rules for Disclosure and Provision of Pre-Contractual Credit Information
The Bank of Mozambique issued Notice No. 5/GBM/2023 to establish mandatory rules for the disclosure and provision of pre-contractual credit information by credit institutions, financial companies, and microfinance operators. The regulation mandates the use of a standardized information sheet (FINC) containing detailed product characteristics, cost breakdowns, and consumer rights, ensuring transparent comparison of fixed and variable interest rates. It further requires institutions to deliver personalized financial plans within thirty days, adhere to specific formatting and content standards, and face sanctions for non-compliance under existing credit laws.
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