network The Governor of the Bank of Mozambique, Rogério Zandamela, meets this Friday (17) in Maputo with managers of commercial banks operating in Mozambique. “Carta” received a statement about the event, but it does not say the subject to be addressed. However, discussion about solutions to end frequent failures in the payment system is the most likely topic. The call for the meeting comes days after the controversy over flaws in the new payment system reached its peak. Provided by the North American Euronet, the Single National Electronic Payments Network, managed by the Sociedade Interbancária de Moçambique (SIMO), has been presenting several problems in which, in extreme cases, bank account holders lose several sums of money. There are cases where, after the transaction, the user is unable to withdraw the money, but is debited. In transactions via POS, failure to enter the PIN due to the new Contactless technology on the new cards has also created insecurity among users who do not receive due explanations on how the new cards work from the banks. For CTA, since its introduction, the new system has caused constraints in payments and transactions that are reflected in problems in the functioning of ATMs and POS in Mozambique and in the payment of bills abroad. Likewise, due to this situation, the CTA states that making payments on these days entails very high transaction costs, associated with the costs and time spent going to bank branches, waiting time and other non-quantifiable costs, such as the breakdown of trust between customers and service providers, extra remuneration, affecting the credibility of the national financial system, in addition to aspects associated with security, which undermines financial inclusion efforts. Both citizens and businesspeople blame the Bank of Mozambique for the current problems. However, Governor Rogério Zandamela blames the commercial banks that were slow to migrate to the new system. “The institutions did not adjust in time and it is only recently that they are embracing this challenge of new technologies to adapt to the new system, that is the problem”, said Zandamela, last March, after the second bi-monthly meeting of the Policy Committee Monetary of the institution. After tomorrow’s meeting, it will be interesting to know from the Central Bank and commercial banks the solutions to solve the various problems regarding the new system, whether they will opt for temporary management of the system in the previous ways, as the CTA suggested, while the process of transition to network unification effectively and efficiently. (Evaristo Chilingue) Source: Carta de Moçambique
Zandamela meets with banks tomorrow after the controversy over failures in the SIMO
