The Bank of Mozambique (BM) has ordered the Credit Institutions and Financial Companies (ICSF) to return 808 million meticais for various irregularities.

Of that total, 62.6 %, around 506 million meticais, had been unduly charged to contractors for POS services, and 33%, around 264 million meticais for unduly charging commissions and fees when taking out bank loans.

The institution's annual report for 2023 found that there was an increase of 38.5% in complaints submitted by customers to the banking system. In 2022 there were 809 consumer complaints, and 704 in 2021. The WB believes that this increase is due to greater financial awareness among consumers.

"In addition, various violations linked to the implementation of rules and failure to meet deadlines by ICSFs were found." In fact, the Central Bank opened 13 contravention proceedings, four of which were concluded with the respective fines.

According to NewsAccording to a report from the WB, which cites the 2023 report, Letshego bank was fined more than 21.4 million meticais and Millennium bim 17.2 million meticais. Other cases are still going through the legal process.