Law No. 15/2026, dated July 2nd and scheduled to enter into force in August, was released by the Bank of Mozambique. This new diploma replaces the regime in effect since 2008 and designates the institution as the authority responsible for the National Payment System, granting it powers to license, regulate, inspect, and supervise all elements of the sector.
This legislation reflects the transformations observed in the Mozambican financial market in recent years, characterized by the growing adoption of electronic payments, mobile wallets, digital platforms, and the introduction of new technological solutions.
Among the additional attributions granted to the central bank is the capacity to create and manage a secure testing environment to foster innovation and financial inclusion, equivalent to regulatory test environments for new financial products and services. The Bank of Mozambique also has the prerogative to issue recommendations or impose sanctions on operators, participants, or issuers of payment instruments.
Additionally, the law allows the central bank to establish cooperation agreements with national and international regulators, aiming to boost the regional and global integration of payment systems. It is stipulated that participation in these systems must follow criteria that are objective, transparent, and free from discrimination, and it is the central bank's duty to ensure interoperability between various platforms to increase the efficiency and integration of the national system.
Under prudential supervision, operators are required to notify the Bank of Mozambique about any situations that may compromise the stability of the system. This includes insolvency risks, significant changes in institutional management, and the occurrence or potential for cyberattacks.
The diploma, which resulted from legislative approval by parliament in April, also requires operators to implement robust mechanisms to manage technological, operational, and security risks. These mechanisms must include efficient procedures for handling serious incidents and conducting annual reviews of control systems.
A relevant point is the legal recognition of distributed ledger technologies (DLT), such as blockchain. These technologies allow for the recording and validation of transactions in databases shared by multiple stakeholders, enabling the opening, maintenance, and settlement of securities accounts through these platforms, provided there is prior authorization from the Bank of Mozambique.
To strengthen institutional coordination, the law establishes the Coordination Committee of the National Payment System (CCSNP). This advisory body brings together representatives from the Government, the Bank of Mozambique, operators, payment service providers, the commercial banking sector, and entities related to communications and information technology.
The regime also establishes a specific sanctioning framework for violations of payment system rules. Penalties can include fines of up to 1,500 minimum wages of the banking sector for legal entities, in addition to the possibility of suspending managers and publicizing the applied sanctions.
The new law will come into force 30 days after its publication, granting an adaptation period of 180 days to participants and operators of payment systems. According to central bank data, the Mozambican financial system comprises 15 commercial banks and other institutions, operating in a scenario marked by challenges related to liquidity, financing, and macroeconomic conditions.
The President of Kenya, William Ruto, signed the bill amending the Central Bank of Kenya Act (Amendment) Bill, 2026. This legislative act introduces extensive transformations aimed at strengthening the country's financial system, improving supervision of the banking sector, and modernizing monetary policy.
The new legislation establishes the protection of financial stability and maintenance of price stability as the primary task of the Central Bank of Kenya. Furthermore, the stability of the financial system and sound banking regulation are now recognized as secondary objectives, formally expanding the central bank's responsibilities in ensuring the resilience of the financial sector.
One of the key provisions of the law is the creation of a separate legal framework for emergency liquidity, which is distinct from the central bank's routine monetary policy operations. This reform aims to enhance Kenya's capacity to respond to financial crises while protecting taxpayers and the banking sector.
Under the new system, emergency liquidity support will only be provided to banks that meet strict criteria regarding solvency, long-term viability, and systemic importance, thereby limiting extraordinary interventions to genuine financial emergencies.
The amendments also strengthen governance within the central bank, requiring that candidates for deputy governor positions undergo vetting and approval by the National Assembly before appointment. This aligns the process with the governor's appointment procedure and enhances parliamentary oversight.
Additionally, the legislation provides a legal basis for the Central Bank of Kenya's Monetary Research Institute, allowing this organization to expand cooperation with national, regional, and international partners in research, training, and capacity building.
The law also clarifies the central bank's authority to purchase and hold gold and other precious metals as part of the country's foreign reserves. The government asserts that this step will support the development of Kenya's mining sector and bring reserve management practices in line with those of countries such as Tanzania, Ghana, and South Africa.
Representatives of the Mozambican business community called for the creation of a unified tax collection mechanism. This occurred during hearings in Maputo, where the president of the Confederation of Economic Associations (CTA) addressed the Minister of Finance of Mozambique, Carla Louveira.
During public consultations aimed at strengthening dialogue between the public and private sectors, the head of the CTA pointed to a growing 'structural problem' related to numerous levies and duties collected by various state bodies, in the absence of centralized coordination and a cumulative limit.
According to the business representative, this dispersion leads to 'inefficiency, increased contextual costs, and reduced company competitiveness.' Consequently, it was proposed to consider 'structuring measures,' including the creation of a single collection mechanism, which should preferably be carried out through the Tax Authority or a centralized electronic platform for unified collection and subsequent transparent distribution of funds among beneficiaries.
Massinge demanded fiscal reforms at the level of the Tax Authority. These reforms must include simplifying procedures, reducing bureaucracy through digitalization of processes, and preventing multiple interpretations, which, as he explained, lead to 'avoidable fines' for businesses.
Entrepreneurs also proposed establishing a general percentage limit for the total burden of taxes and contributions borne by companies, as well as conducting a 'gradual elimination of parallel and non-harmonized levies' that increase the cost of doing business.
Furthermore, the business representative emphasized the importance of creating clear legal bases for mechanisms to compensate for tax credits and debts, which would allow for the accounting of unrecovered VAT amounts. He also requested similar guarantees regarding delays in payments on invoices issued to the state and other corporate tax obligations.
The sector also insisted on legislative changes, such as modernizing tax codes to align them with best international and regional practices, which would ensure 'greater clarity, predictability, and legal security.' Institutional and behavioral reform is also necessary, aimed at strengthening ethics in law enforcement and combating practices that distort the business climate, including cases of 'unlawful pressure' on taxpayers and 'interpretations that do not promote investment stability.'
In response to the sector's concerns, the finance minister stated that current structural reforms are laying 'the foundations for fiscal stability that the country needs' to attract large investments and revitalize the domestic market.
The government official believes that close technical cooperation with entrepreneurs will help transform natural difficulties in regulatory transition into the foundation of a 'modern, competitive, and sustainable economy' for future generations. She called on investors to remain 'active and critical' participants in the reforms, urging them to bring their technical expertise, market insights, and inherent economic patriotism to the working meetings provided by this forum.
