The Oasis Reporters
Mozambique’s central bank this has appointed a resident inspector at Access Bank Mozambique to “strengthen monitoring” of the financial institution, while stating that it is “solid and stable”.
“Following the need to reinforce monitoring at Access Bank Mozambique SA, Amélia Josefina Manícua Sirage, a member of this institution, was appointed to perform the duties of resident inspector at this bank, with effect from September 27, 2023,” a statement from the central bank reads.
The resident inspector will have, among “other tasks”, the mission of “monitoring the bank’s business model and strategy, monitoring and analysing developments in the bank’s internal control system and participating in relevant meetings of collegial bodies”.
“Despite this supervisory action, Banco de Moçambique communicates that Access Bank Moçambique SA remains solid and stable,” it adds.
In September 2020, Access Bank signed a purchase and sale agreement with Atlas Mara to acquire its 100% stake in the African Banking Corporation in Mozambique, an operation that was completed in May 2021, with the merger of the banks taking place on 21 December of the same year. It was the Bank’s fifth acquisition in 4 years.
According to the bank’s management report, Access Bank Mozambique’s profits fell from 99.6 million meticais (€1.5 million) at the end of the first half of 2022 to 69 million meticais (one million Euros) in June 30, 2023.
The bank’s assets, which have a share capital of 2,450 million meticais (€36.3 million), grew to 20,331 million meticais (€301.5 million) as of June 30, while total liabilities rose to 17,896 million meticais (€265.5 million), including 16,392 million meticais (€243.2 million) in customer deposits, according to the report consulted by Lusa today.