Regulatory Alerts2024-03-15
Notice No. 1/GBM/2024, of 15 March – Establishes Rules on Own Funds and Prudential Limits for Payment Service Providers
The Bank of Mozambique issued Notice No. 1/GBM/2024 to establish comprehensive prudential rules on own funds composition, calculation methods, and eligibility thresholds for payment service providers. The regulation mandates strict capital adequacy ratios, fixed overheads requirements for aggregators, and specific liability coverage frameworks while defining phase-out periods for subordinated loans and preference shares. Furthermore, it imposes operational risk management frameworks, mandatory incident reporting protocols, and a 180-day compliance window to ensure robust financial stability and cyber resilience across the payment sector.
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