Bank of Mozambique orders 73.2 million metical refund to customers

The Bank of Mozambique has ordered commercial banks and mobile wallet operators to refund 73.2 million meticais to customers following the identification of improper commissions and fees. This corrective action follows the analysis of 487 complaints submitted by banking service users during the first half of the year.

According to the regulator's report, the most frequent grievances involved bank loans, accounting for 43% of complaints, often due to contract disagreements or unilateral changes to payment terms. Issues regarding bank account management represented 24% of complaints, with 90% of those involving unauthorized or unexplained withdrawals. Irregularities involving automated teller machines (ATMs) accounted for 13% of the total complaints.

Among large-scale institutions, BCI recorded the highest number of complaints with 156, followed by Millennium BIM with 81. In the smaller operational entity segment, AC Microbanco reported the highest complaint indicator. To enforce these measures, the Bank of Mozambique has conducted in-person inspections and held meetings with the management of the affected financial institutions to ensure ongoing compliance and consumer protection.