The Banco de Moçambique (BM) is responsible for supervising the conduct of credit institutions, financial companies and other institutions under their purview. In light of this mission, the BM shall ensure high standards of market conduct of credit institutions and financial companies (ICSF) and other institutions under its supervision purview, in the relationship with financial consumers, dissemination and marketing of financial products and services, so as to ensure the protection of financial consumers and promote financial education and literacy.
The Banco de Moçambique lays down rules of conduct that credit institutions, financial companies and other institutions under its supervision purview must observe when operating in the market.
These rules are laid down by Notices and Circulars, in light of the provisions of Law no. 20/2020, of December 31 - Law on Credit Institutions and Financial Companies.
The Banco de Moçambique shall oversee the operations of credit institutions, financial companies and other entities under its supervision purview, namely, credit institutions and financial companies and microfinance operators. Insurance companies, pension fund management companies and real estate investment companies are not covered by Banco de Moçambique's supervision.
In this activity, whenever irregularities or situations of non-compliance are identified, the institution concerned is required to correct them, through specific determinations without prejudice to the application of sanctions by prior initiation of legal proceedings.
The Banco de Moçambique oversees the information that the supervised entities are required to submit for approval by:
Pricing: analyzing the compliance and reasonableness of commissions and charges proposed by credit institutions and financial companies whenever they intend to introduce or change the price of a particular financial product or service (registration/ C).
Advertising: analyzing the compliance with information and transparency duties in advertisements of credit institutions and financial companies, in the various forms and channels (television, radio, newspaper, posters, internet, brochures, social media and others) - Notice No. 3/GBM/2018, of April 18.
Contractual terms and conditions for financial products and services: ensuring that, in the design and drawing up of the contractual conditions of financial products and services, institutions comply with the applicable legal and regulatory standards, such as the duties of information, transparency, non-discrimination, and balance of the interests of parties - Notice No. 8/GBM/2021, of December 22.