Yesterday (28), the Bank Supervision Application (BSA) platform adapted to the insurance sector was launched by the Banco de Moçambique, partnered with the Mozambique Insurance Supervision Bureau (ISSM) at the Radisson Blu Hotel, in Maputo.

The event, where the Banco de Moçambique was represented by the Board member for Financial Stability, Benedita Guimino, also saw in attendance the Deputy Minister of Economy and Finance, Carla Loveira, the Chief Executive Officer (CEO) of the ISSM, Ester dos Santos Josés, representatives of the World Bank, the Mozambique Financial Information Office, the National Statistiscs Bureau, the Mozambique Stock Exchange, insurers, pension funds, and other stakeholders from the insurance and pensions sector.

Speaking at the event, Benedita Guimino expressed appreciation for the BSA being elected a fundamental tool to enhance the supervision of the insurance sector in Mozambique.

Speaking at the event, Benedita Guimino expressed appreciation for the BSA being elected a fundamental tool to enhance the supervision of the insurance sector in Mozambique.  Moving forward, she noted that the work between the Banco de Moçambique and the ISSM to implement the BSA, spanning six months, "was a success underpinned by the total cooperation between the ISSM management and the entities supervised thereby."

Ms. Guimino also mentioned that the process of migrating historical data to the new platform is currently underway.  Meanwhile, the regulated entities are already submitting the compulsory information, so that the ISSM can fulfill its role even more effectively and efficiently.

It should be noted that albeit the BSA application was initially designed for banking supervision, many of its principles and functions can be adapted to insurance supervision, providing several important advantages and benefits, such as improved efficiency, advanced data analysis, real-time monitoring, and secure information sharing, among others.

The event also proved a backdrop to the signing of the platform implementation certificate by the ISSM CEO, Ester dos Santos José and the Head of the Information Systems and Technologies of the Banco de Moçambique, Pedro Manjate.

It is worth mentioning that the act was witnessed by the managers and staff members of the Bank responsible for managing the platform.