Regulatory Alerts2009-05-18
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Notice No. 5/GBM/2009 of 18 May - Regime of Commissions and Other Charges
The Bank of Mozambique establishes mandatory rules for credit institutions and financial societies regarding the disclosure and charging of commissions and other fees. The regulation prohibits charges for specific services, including first-time returned checks, monthly account statements, and account maintenance, while mandating the use of a standardized nomenclature for all fees. Institutions must publicly post complete fee tables, submit quarterly electronic reports to the regulator, and publish updated tables in major newspapers semi-annually. These requirements entered into force ninety days after the notice's publication.
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