Mozambique: Central Bank Orders Commercial Banks to Return Over 1.15 Million to Customers

What the report says

Mozambique’s central bank has ordered credit institutions and financial companies, including mobile wallet operators, to refund a combined $1.15 million to customers after identifying improper commission and fee charges in the first half of the year. The measure was reported by Agencia de Informação de Moçambique and attributed to the Bank of Mozambique, which acts as the country’s financial regulator.

According to the report, the decision was based on an analysis of complaints from banking service users published on the central bank’s website. Between January and June, the regulator recorded 487 formal complaints from a national financial system serving roughly 32 million users. The largest share of grievances involved bank loans, often linked to disputes over contract terms or changes to repayment schedules made by lenders.

Problems with bank accounts were the second most common category, including cases of money being debited without clear explanation. The report also cited technical failures at ATMs, where customers were charged but did not receive cash. Among larger commercial banks, BCI had the most complaints, followed by Millennium BIM.

The Bank of Mozambique said it met with executives from the affected institutions and carried out inspections, while signaling that it will continue supervising the sector to protect consumer rights. More broadly, the case highlights the pressure regulators face in overseeing fees, lending practices and digital payment services as financial use expands in Mozambique.