The Bank of Mozambique (BM) announced on Thursday (06) that it had sanctioned nine credit institutions and financial companies with fines for violating prudential rules, preventing and combating money laundering and terrorist financing, foreign exchange and consumer protection of financial products and services.

The sanctions, according to a note from the BdM, were applied from December 2023 to December 2024, and fell on Multi-Câmbios, M-Mola, Letshego banks, Société Générale Moçambique, Comercial e de Investimentos (BCI), Absa Bank Moçambique, Moza Banco, First National Bank (FNB) and Ecobank Moçambique.

The highest fine was for M-Mola, which is the mobile wallet of the Movitel operator, with just over 44 million meticais, followed by BCI, which was fined around 43 million meticais. The softest fine went to EcoBank, which must pay 894,000 meticais.

(Photo DR)