The consulting and auditing firm KPMG revealed in a study the three best banks in Mozambique that continue to lead the national banking market. The KPMG analysis indicates Banco Comercial e de Investimento (BCI), Banco Internacional de Moçambique (Millennium bim) and Standard Bank S.A. as the financial institutions in the front line.

Nevertheless, these institutions lose the throne to other small banks with respect to non-performing loans, solvency, efficiency and return on equity.

KPMG found that banks are investing less and less in opening new branches. Banks are increasingly interested in making their services available through digital channels. They look at this as a mechanism to better and easily reach the masses, in other words, financial inclusion.

In the last two years this prospect has gained more momentum with the arrival of the covid-19 pandemic, but also due to armed attacks in Cabo Delgado province. Faced with the restrictions, the banks were forced to continue their services remotely.

Between 2019 and 2020 there was an addition of only 17 bank branches, from 702 to 719. The previous year the number of branches increased by 16, from 686 in 2018 to 702 in 2019.

Source: opaiseconomico