The Financial Inclusion Index (IIF) in Mozambique for last year recorded a negative variation, dropping to 12.76 points, according to the report on the degree of fulfillment of financial inclusion goals of the Bank of Mozambique (BM).

During the period of covid-19 restrictions, the reduction of access points to financial services was influenced, above all, by the traditional banking sector (bank branches, micro banks and credit unions, bank agents, ATM, POS, among others) and, consequently, its indicators, which led to a deterioration in economic activity.

The fall in the IIF is further aggravated by the sharp reduction in access points observed in Maputo city, which contributes the most weight in the overall composition of the index.

Similarly, the restricted IIF, which aggregates the 154 districts of the country, excluding the city of Maputo, follows the same downward trend and reduced by 1.68 points, fixing at 7.57 points in 2021, against 9.25 points in 2020.

"The monitoring and evaluation of these targets is an integral part of the strategy, allowing regulators and stakeholders to assess the results achieved and take corrective action aimed at achieving the goals already outlined," the Central Bank stressed.

The financial institution anticipates that in 2021, all districts will have at least one point of access to financial services, thus reaching the previously defined goal of 100 percent.

The document notes that by finally 2021 half of the global targets had already been met and that all districts had at least one point of access to financial services.

In the same period, the percentage of the adult population with access to non-bank financial services provided by Electronic Money Institutions (EMIs) stood at 67.2 percent, well above the year 2020 target of 60 percent.