The challenging economic and security situation in Mozambique has left financial institutions focused on remaining robust, resilient and well-capitalized.
Mr. Joao Figueiredo became chairman of MOZA BANCO, one of the leading banks in the country at a time when the Bank was mending back from a crisis that it was going through. In this exclusive interview with African Leadership Magazine, Figueiredo shared insights on the banks mode of restructuring and how redeploying its workforce led to increase productivity and gains. Excerpts;
Seeing through the lens of the state of the difficult economic environment of Mozambique whilst considering the increase in the number of non-performing loans for SMEs; could you share with our audience your parameters/fundamentals behind Moza Banco financial results/exploits?
Allow me, for a clearer understanding, to first provide a brief background. Moza is the fourth largest bank operating in Mozambique and has a recent history of its own, given that in 2016 it was the target of an intervention from the Central Bank and since then it has undergone a remarkable recovery process. In fact, in terms of Loans to customers, we hold a share of 10.30% (2019: 11.27%), which ensures us a strategic position in terms of the market. In terms of customer funds, the bank in recording 20% growth last year, maintained its market share at 6.1% (2019: 6.2%). In 2020, the bank showed a significant improvement in profitability and efficiency indicators compared to the periods following the intervention, even reaching Breakeven point. Return on equity (ROE) and return on assets (ROA) stood at 1.87% (2019: -9.07%) and 0.31% (2019: -1.85%), respectively.
The bank’s orientation refers to its relational banking DNA as it focuses its inspiration on improving customer satisfaction with the aim of increasing levels of loyalty, thereby leading Moza Banco to be acknowledged as the preferred bank for its customers.
In a world where technological transformation is at the forefront of new market approaches, we have also sought to make significant efforts to enhance the digital transformation process in order to provide an increasingly complete and accessible service to all customers, thereby complementing activity conducted through its vast nationwide branch network.
In fact, Moza Banco, despite having the third largest branch network of banks operating in the national market, also knows how to favour other alternative channels, basing its activity on innovation and technological means that allow it to combine ambition and functionality with efficiency levels in line with best market practices.
Click HERE TO ACCESS THE FULL INTERVIEW on pages 45 – 47 of the December 2021 edition of the African Leadership Magazine.
