Notice No. 1/GBM/2026 – Establishes the Mozambique Instant Payment System and Approves Its Regulation

SUMMARY NOTICE The matter to be published in the "Boletim da República" (Republic Gazette) must be submitted as a duly authenticated copy, one per subject matter, containing the following endorsement for this purpose, signed and authenticated: For publication in the "Boletim da República". NATIONAL PRESS OF MOZAMBIQUE, S.A. Bank of Mozambique: Notice No. 1/GBM/2026: Establishes the Mozambique Instant Payment System and approves its Regulation. Wednesday, February 25, 2026 | FIRST SERIES — Number 37

BANK OF MOZAMBIQUE Notice No. 1/GBM/2026 In view of the need to modernize the payment system to make digital fund transfers swift, efficient, and immediate, aligned with international best practices, the Bank of Mozambique, exercising its powers under paragraph 2 of Article 3 combined with paragraph (c) of paragraph 2 of Article 6, both of Law No. 2/2008 of February 27, the National Payment System Act, determines:

1. The Mozambique Instant Payment System is hereby established.
2. The Regulation of the Mozambique Instant Payment System, attached hereto and forming an integral part of this Notice, is hereby approved.
3. This Notice enters into force on March 2, 2026.

Any doubts regarding the interpretation and application of this Notice shall be submitted to the Banking Services and Payment Systems Department of the Bank of Mozambique. Maputo, February 25, 2026. – Governor, Rogério Lucas Zandamela.

Regulation of the Mozambique Instant Payment System CHAPTER I General Provisions Article 1 Subject Matter This Regulation establishes the rules governing the operation of the Mozambique Instant Payment System.

Article 2 Scope This Regulation applies to the participants of the Instant Payment System.

Article 3 Definitions The terms used in this Regulation are listed in the attached Glossary, which forms an integral part hereof.

Article 4 Instant Payment System

1. The Mozambique Instant Payment System, hereinafter referred to as SPIM, is an electronic payment mechanism designed for executing payments, enabling the immediate availability of funds to the beneficiary.
2. SPIM is operated and managed by the Mozambique Interbank Society (SIMO), hereinafter referred to as the operating entity.

CHAPTER II Participation and Authorization Article 5 Participants The following are participants of SPIM: a) The operating entity of SPIM; b) Credit institutions; c) Payment service providers; and d) Other entities authorized by the Bank of Mozambique.

104 | FIRST SERIES — NUMBER 37 Article 6 Forms of participation

1. Participation in SPIM may be direct or indirect.
2. Direct participation is achieved through the participant's connection to SPIM, in accordance with specifications defined by the operating entity.
3. Indirect participation occurs when a participant is represented by a direct participant, who assumes, vis-à-vis other participants, the rights and obligations of the represented institutions.
4. The Bank of Mozambique decides on the transition from indirect to direct participation, and vice versa.

Article 7 Participation requirements The following constitute participation requirements for SPIM: a) Be an institution authorized to operate in Mozambique, in accordance with applicable legislation; b) Be connected to the national single electronic payments network; c) Maintain solvency and liquidity ratios within regulatory limits; d) Possess technical capacity to perform operations; and e) Possess technological capacity to perform operations, as defined by the operating entity.

Article 8 Mandatory participation

1. Participation by Electronic Money Institutions (EMIs) is mandatory.
2. Direct participation is mandatory for all Credit Institutions meeting at least one of the following requirements: a) Have at least five thousand active customers or bank accounts; and b) Annual transfer volume (RTGS or CEL) equal to or exceeding ten thousand transactions.

Article 9 Application processing

1. Participation must be requested from the Bank of Mozambique by submitting an application letter to the operating entity.
2. The operating entity evaluates SPIM membership applications and submits them, within thirty days along with its opinion, to the Bank of Mozambique.
3. The operating entity may request supplementary information and documents from applicants, as well as conduct necessary investigations for application review.
4. The Bank of Mozambique communicates its decision on the membership application to the operating entity within seven days.
5. The operating entity notifies the applicant and other participants, with the Bank of Mozambique's knowledge, via email or other expedited means, of the decision on the SPIM membership application and the operational start dates.
6. The operating entity must maintain an updated and publicly accessible register of direct and indirect participants.

Article 10 Suspension of participants

1. The Bank of Mozambique determines the suspension of participants in SPIM under the following circumstances: a) Committing acts that compromise the functioning of SPIM. b) Failure to notify the operating entity, participants, and clients of connectivity unavailability with SPIM, as stipulated in this Regulation; c) Recurrent failure in making funds available to clients; d) Recurrent lack or insufficiency of provision for settling balances arising from their transactions in SPIM; e) Judicial decision or legal requirement; f) Occurrence of an event attributable to the participant, which affects or may affect its capacity to send and receive payment instructions; and g) Other serious circumstances justifying the suspension of the participant from SPIM.
2. The suspension of a specific participant may also occur if its participation in SPIM causes: a) Risk to the System or to other participants; and b) Failures in the System or otherwise hinder the satisfactory functioning of SPIM.
3. The suspension period must not exceed 180 days, failing which the SPIM exclusion regime shall apply.

Article 11 Exclusion of participants

1. The Bank of Mozambique determines the exclusion of participants from SPIM under the following circumstances: a) Non-compliance with standards established in the National Payment System Act, this Regulation, and other rules; b) Technical or financial incapacity to continue participating in SPIM; c) Closure of the settlement account; d) Judicial decision or legal requirement; e) Revocation of authorization; and f) Having exceeded the suspension period, as per paragraph 3 of the preceding article.
2. All suspension grounds also constitute causes for exclusion, depending on their severity.

Article 12 Procedures in case of suspension and exclusion of participants

1. In compliance with a participant's suspension order, the operating entity blocks or deactivates access to SPIM for a specified period.
2. The suspended participant cannot participate in SPIM but may request access to its information from the operating entity.
3. The suspended or excluded participant must continue to fulfill its obligations arising from pending operations in SPIM.
4. The decision on suspension, exclusion, and readmission of the participant in SPIM is communicated by the first business day following the decision.

February 25, 2026 | 105 Article 13 Cessation of participation

1. Participation in SPIM ceases upon the participant's request or determination by the Bank of Mozambique.
2. Cessation of participation initiated by the participant must be made by submitting the request to the operating entity, at least thirty days prior to the intended effective date.
3. The operating entity evaluates cessation requests for SPIM and submits them to the Bank of Mozambique for decision.

Article 14 Readmission of participants

1. A participant may request readmission to SPIM by providing proof of resolution of the cause that determined its suspension or exclusion.
2. For readmission, the evaluation of the aforementioned proofs and all procedures provided for in the participant admission process apply.

CHAPTER III System operation Article 15 System operating days and hours SPIM operates 24 hours a day without interruption, including weekends, holidays, and grace periods.

Article 16 System unavailability

1. Participants must notify the operating entity and clients regarding the unavailability of their internal systems in the following cases: a) Scheduled maintenance, with at least three business days' prior notice; b) Unforeseen situations exceeding 30 minutes of unavailability, namely: i. system connectivity failure; and ii. application unavailability.
2. The operating entity notifies the Bank of Mozambique and other participants regarding unavailability in the cases provided for in the preceding paragraph.
3. The operating entity must notify the Bank of Mozambique, participants, and the public about system unavailability, in accordance with Notice No. 2/GBM/2015 of April 22, concerning the Connection to the National Single Electronic Payments Network.
4. In cases of unavailability caused by technological and cyber incidents, participants must report to the Bank of Mozambique, in accordance with Notice No. 8/GBM/2025 of December 9, which establishes the Guidelines for Reporting Technological and Cyber Incidents.

Article 17 Exemption from fees and commissions All interbank transactions initiated by natural persons in SPIM are exempt from fees and commissions.

Article 18 Transaction limits

1. Credit institutions must observe the transaction limits established in accordance with Annex II of this Regulation.
2. Without prejudice to the preceding paragraph, credit institutions may set transaction limits lower than those in Annex II, provided such is based on objective risk management and internal control criteria.
3. The transaction limits referred to in paragraph 1 are set per bank account and assigned individually to each titled account, even if belonging to the same client.
4. The transaction limits established by Notice No. 7/GBM/2024 of April 1 apply to EMIs.

Article 19 Balance settlement and clearing

1. The operating entity determines multilateral net results and submits them to the Bank of Mozambique for settlement.
2. The determination and settlement of SPIM results may be conducted more than once a day.

Article 20 Definitive, irrevocable, and unconditional nature Payment instructions processed in SPIM are definitive, irrevocable, and unconditional after the determination of clearing results.

Article 21 Fund availability period The availability of funds to the final beneficiary is immediate and must not exceed 25 (twenty-five) seconds.

Article 22 Fraud handling

1. Fraud management and handling must observe the following: a) Participants must implement internal fraud mitigation mechanisms, including real-time monitoring systems; and b) The operating entity must maintain a central fraud detection and prevention mechanism, with immediate reporting to the Bank of Mozambique and affected participants.
2. Fraud mitigation mechanisms must be configured based on parameters jointly defined by the operating entity and other participants.
3. The operating entity must provide information to the Bank of Mozambique, under Notice No. 2/GBM/2015 of April 22 concerning the Connection to the National Single Electronic Payments Network, and Notice No. 8/GBM/2025 of December 9 establishing the Guidelines for Reporting Technological and Cyber Incidents.

106 | FIRST SERIES — NUMBER 37 Article 23 Complaint handling

1. For complaint handling, the following procedures must be considered: a) The operating entity must provide an electronic portal to participants for submitting and consulting complaints; b) Upon submitting a complaint, the participant must provide all data necessary to identify the claimed transaction; and c) Participants must analyze and respond to complaints related to their clients or transactions conducted through their terminals;
2. Participants must respond to complaints within the timeframes established in Notice No. 9/GBM/2020 of December 31, which approves the Complaint Handling Regulation.
3. For upheld complaints, the operating entity must notify involved participants to regularize movements at the level of affected client accounts and participant settlement accounts.

CHAPTER IV Final Provisions Article 24 Sanction regime Violation of the provisions of this Regulation constitutes an offense punishable under the National Payment System Act.

Annex I Glossary For the purposes of this Regulation, it is understood that: a) Participant Exclusion - Removal of a participant from the Instant Payment System; b) Payment Instruction - Electronic order issued by a System participant to transfer funds; c) Settlement – Corresponds to the allocation in participants' accounts of values determined by the system operator; d) Direct Participation - Form of participation where the participant is directly connected to the Instant Payment System; e) Indirect Participation - Form of participation where the participant sends payment instructions to the Instant Payment System through a Direct Participant; f) Fund Availability Period - Maximum period for delivering funds to the transaction beneficiary; g) Participant Suspension - Temporary interruption of an entity's participation in the Instant Payment System.

Annex II Daily limits in the Instant Payment System

Segment	Maximum Amount
Natural person clients	200,000.00 MT
Legal entity clients	500,000.00 MT

Price — 20.00 MT NATIONAL PRESS OF MOZAMBIQUE, S.A.