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.
Adaptation to the Financial Market
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.
New Powers for the Central Bank
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.
Prudential Supervision and Risks
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.
Recognition of New Technologies
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.
Coordination Structure and Sanctions
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.
