Banking charges reduced

23 Sep, 2009

The Bank of Mozambique has abolished a series of charges for basic banking services as part of efforts to protect consumers.

Under the new rules commercial banks can no longer charge customers for full monthly bank statements or a daily balance of account.

In addition there are now no charges associated with opening or maintaining an account, even if this is dormant. The exception is for accounts containing less than 100 MT ($3.6) but only if there have been no movements for at least six months.

Finally, all banks have been ordered to use the same terminology to describe their products and any associated charges so that customers can make accurate comparisons between them.

The new measures came into force on 10 September and are compulsory for all banking institutions.