Regulatory Alerts2015-04-22
Notice No. 1/GBM/2015 of April 22 - Concerning the Rules and Criteria for the Opening and Closing of Bank Branches
The Bank of Mozambique issued two notices on April 22, 2015, establishing mandatory rules for bank branch expansion and mandating the integration of all electronic payment terminals into a single national network. Notice No. 1/GBM/2015 requires banks to submit annual expansion plans and adhere to a geographical proportionality criterion that mandates opening a specified percentage of new branches in designated underserved districts before freely choosing other locations. Notice No. 2/GBM/2015 obligates all credit institutions, financial companies, and payment service providers to connect their internal operational systems and migrate existing electronic payment terminals to the National Single Network within strict phased deadlines ranging from three to twelve months, while defining the responsibilities of the network operator and sanctioning regimes for non-compliance.