Regulatory AlertsMozambique: fintech & payments regulation
RegulatedBanco de Moçambique regulates fintech via LICSF; VASP registration mandatory; e-money licensed
- Lead regulator
- Banco de Moçambique
- Also involved
- —
- Core law
- Law No. 20/2020 (Credit Institutions and Financial Companies)
- Entry capital
- MT 16m (Credit Information System)
- Approval timeline
- —
- Customer assets
- Segregated fiduciary accounts at licensed banks
- Data protection
- —
- Sandbox
- No
Mozambique’s fintech landscape is centrally supervised by the Banco de Moçambique (BM). The core framework is Law No. 20/2020 (LICSF), which governs credit institutions and financial companies. The BM has actively expanded its regulatory reach, introducing specific regimes for e-money (Notice 7/GBM/2024), non-banking agents (Notice 3/GBM/2023), and Virtual Asset Service Providers (Notice 4/GBM/2023). The regulatory direction is towards formalization, with strict AML/CFT requirements and mandatory registration for crypto activities.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Payment processing / gateway | LicencePayment Service Provider Requires authorization under LICSF or specific payment regulations | — | — | Banco de Moçambique |
| E-money & wallet issuance | LicenceElectronic Money Institution[1][2] Subject to Notice 7/GBM/2024 transaction limits and Notice 6/GBM/2015 fund protection | — | — | Banco de Moçambique |
| Domestic money transfer | LicencePayment Service Provider Domestic transfers governed by LICSF and payment system regulations | — | — | Banco de Moçambique |
| Cross-border remittance | LicencePayment Service Provider[3] Cross-border payments subject to exchange control (Decree 56/2023) | — | — | Banco de Moçambique |
| Agent network | RegistrationNon-Banking Agent[4] Must meet investment and suitability criteria per Notice 3/GBM/2023 | — | — | Banco de Moçambique |
| Open banking / account information | Uncertainverify with regulator No specific open banking framework identified in documents | — | — | — |
| Foreign-exchange services | LicencePayment Service Provider[3] Partial FX trade regulated by Decree 56/2023 | — | — | Banco de Moçambique |
New — what changed recently
- 2026-02-27Notice No. 1/GBM/2026 — Established the Mozambique Instant Payment System (SPIM) and its regulation for immediate digital transfers.
- 2024-08-05Decree No. 50/2024 — Approved the Regulation of the Law on Credit Institutions and Financial Companies, enhancing licensing and governance procedures.
- 2024-04-01Notice No. 7/GBM/2024 — Established mandatory transactional limits and AML/CFT risk classification for e-money institutions.
- 2023-11-21Notice No. 4/GBM/2023 — Mandated registration for Virtual Asset Service Providers (VASPs) operating in Mozambique.
Market-entry checklist
- 1Register as VASP if cryptoSubmit registration to Banco de Moçambique under Notice 4/GBM/2023 if dealing in virtual assets.
- 2Obtain EMI LicenseApply for authorization as an Electronic Money Institution under LICSF and comply with Notice 7/GBM/2024.
- 3Segregate Customer FundsMaintain fiduciary accounts at licensed banks for e-money funds per Notice 6/GBM/2015.
- 4Comply with Agent RulesEnsure non-banking agents meet investment and suitability criteria per Notice 3/GBM/2023.
- 5Adhere to FX LimitsFollow Decree 56/2023 for partial foreign exchange trade authorization and fee structures.
Sources
- Notice No. 7/GBM/2024 of 1 April – Establishes the Transactional Limits Applicable to E-Money Institutions · 2024-04-01
- Notice No. 06/GBM/2015, of December 31 – Measures for the Protection of Funds Received from Customers in Exchange for Electronic Money · 2015-12-31
- Decree No. 56/2023 of October 3 Approves the Regulation of Law No. 28/2022 of December 29 (Exchange Control Law) and Revokes Decree No. 49/2017 of September 11 · 2023-10-03
- Notice No. 3/GBM/2023, of August 10 – Regulation for the Exercise of Non-Banking Agent Activity · 2023-08-10