Yesterday, February 24, the Board Member for Financial Stability, Jamal Omar, attended, on behalf of the Banco de Moçambique (BM), a launch ceremony for a fraud reporting platform based on telecommunications networks and electronic means of payment, at the premises of the Attorney General’s Office (PGR).

At the event, a Memorandum of Understanding was signed by the Attorney General's Office (PGR), the National Communication Institute of Mozambique (INCM), the National Criminal Investigation Service (SERNIC), and several credit institutions and financial companies and electronic money institutions operating in the country.

This online platform sets out to enable citizens nationwide to report on situations of scams and other frauds using telecommunications networks and electronic means of payment, which stand for more than 90 percent of the volume of frauds reported within our financial system.

In his speech, Jamal Omar stated that the signing of the Memorandum and launch of the platform shall serve as instruments for improving the operations of the BM and the Mozambican financial system, as well as strengthen the confidence and transparency of the national financial system and the credibility of institutions that directly or indirectly provide financial services.

The BM expects the signing of this Memorandum to ensure the collection and centralization of information on fraud using means of payment, while regarding the duty of banking confidentiality imposed on credit institutions and financial companies.

Wrapping-up, Jamal Omar called on all financial institutions concerned to make full use of the platform and expedite the investigation processes and clarification of fraud situations, using electronic means of payment or telecommunication networks.

The ceremony also featured a small exhibition of information and financial education materials produced by the BM and other institutions concerned as to fraud.