Regulatory Alerts2015-04-22
Notice No. 02/GBM/2015, of 22 April - Connection to the National Single Electronic Payments Network
The Bank of Mozambique issued Notice No. 2/GBM/2015 to mandate the connection of all credit institutions, financial societies, and authorized payment service providers to the National Single Electronic Payments Network (SIMO-rede). The regulation establishes strict migration and connection deadlines ranging from three to twelve months, requires the adaptation of existing electronic payment products to the unified network, and defines the operational responsibilities and reporting obligations of both the network operator and financial entities. Non-compliance triggers administrative sanctions under applicable banking and payment laws, while the Bank retains authority to clarify implementation details and oversee the transition to ensure financial inclusion and system interoperability.