Bank Moza Facing Difficulties Due to 'Cyclical Obstacles'
Rewritten Article:
It's no secret that Moza Banco, after two challenging years, has managed to rake in impressive earnings of 1.2 billion meticais (17 million euros) in 2024, magnifying their player status in the banking sector. The institution's resilience shines bright in a year marked by economic instability, with the customer base blooming by a substantial 8%, skyrocketing to 262,864.
The bank's triumph is partially attributed to its strategic tackling of "conjunctional challenges". In the bank's words, "This performance reflects the bank's resilience in a year filled with adversities."
Among the victories in a seemingly daunting year, the bank boasts a 16% growth in deposits, amounting to 6.8 billion meticais (94 million euros), and a commendable solvency ratio of 15.81%.
The digital revolution at Moza Banco has been a significant success story, with a staggering 33.3% increase in digital transactions and the addition of 182,000 new digital users, accounting for a 7.6% surge.
Credit facilities worth 3.8 billion meticais (52 million euros) to families and businesses have undeniably fortified the bank's financial fortitude in 2024. Moreover, the bank's Q1 2025 financial results show an impressive net profit of 4 billion meticais (55 thousand euros), representing an upturn of 51.6 million meticais (712 thousand euros) compared to the same period in 2024.
In the course of this week, Moza Banco's general assembly elected Manuel Soares, the current head of the executive commission, as the interim president of the administration council. With an illustrious career in the Mozambican banking sector under his belt, Manuel Soares took over the reins in July 2021, spearheading the bank's strategic shifts following a significant change in Moza's shareholder structure.
Although details regarding Moza Banco's ownership and shareholder structure are scarce, it's important to note that there have been some developments indicating recent discussions or changes regarding the bank's internal management. The Bank of Mozambique's intervention in Moza Banco's shareholder structure, sans legal coverage, raises some intriguing questions about the bank's current ownership landscape[1]. However, for definitive answers, refer to the bank's official statements or contact them directly.
Keep your eyes peeled for more updates, as the banking sector continues to evolve in Mozambique.
References:[1] Intervention in Moza Banco's shareholder structure questioned - Notícias, accessed on 2023-02-21, https://www.noticias.co.mz/economia/periodico/2022/08/24/intervenção-na-estrutura-acionária-da-moza-ba%C3%A7o-chamada-em-dúvida/459760/
In 2025, Moza Banco aims to build upon its financial success achieved in 2024, where they reported a net profit of 4 billion meticais (55 million euros). The banking industry will continue to evolve in Mozambique, with Moza Banco seeking to maintain its resilience and competitiveness in the sector.
The bank's digital transformation has been a strategic move, leading to a 33.3% increase in digital transactions and the addition of 182,000 new digital users. The ratios of deposits and solvency posited promising figures, growing by 16% and 15.81%, respectively, in the year 2024.
In the year 2023, Moza Banco provided credit facilities worth 3.8 billion meticais (52 million euros) to families and businesses, adding to its financial strength. The bank's focus on managing "conjunctional challenges" will likely play a prominent role in its continued growth and success in the banking and finance industry.
Amidst discussions or potential changes in the bank's ownership and shareholder structure, Manuel Soares, the current head of the executive commission, was elected as the interim president of the administration council in 2021, demonstrating his leadership in guiding Moza Banco through strategic shifts.
