Mozambique enters the era of instant payments

The Bank of Mozambique launches a new system that will allow for immediate transfers, available 24 hours a day, without fees for citizens in interbank transactions.

The Bank of Mozambique recently introduced the Mozambique Instant Payment System (SIPM), an electronic platform created to make financial transactions faster, safer, and more accessible in the country. The measure was formalized through Notice No. 1/GBM/2026, dated February 25.

The SIPM will allow for instant transfers, making it possible for the sent amount to be available almost immediately in the beneficiary's account. The system will be operated and managed by the Interbank Society of Mozambique (SIMO).

According to the Central Bank, the new retail payment mechanism will operate 24 hours a day, continuously and permanently, including weekends, holidays and public holidays, allowing citizens and businesses to carry out financial transactions at any time.

With the implementation of this system, the financial sector regulator aims to diversify the payment instruments available on the market, strengthen financial inclusion, encourage the digitization of transactions, and promote greater innovation in the national financial system.

To participate in SIPM, institutions must be legally authorized to operate in Mozambique, be connected to the single national electronic payments network, present solvency and liquidity ratios within regulatory limits, and possess the technical and technological capacity to carry out operations.

The regulation also establishes that participation in the system will be mandatory for electronic money institutions and credit institutions that have at least five thousand active clients or accounts, with an annual transfer volume equal to or greater than 10,000 transactions.

Another new feature is that all interbank transfers made by individuals through SIPM will be exempt from fees and commissions, a measure that may encourage citizens to adopt the new digital mechanism.

However, transactions must respect limits defined by the regulator, set at 200,000 meticais for individual customers and 500,000 meticais for legal entities, such as companies and organizations.

Credit institutions may, however, set lower limits, provided that such a decision is based on risk management and internal control criteria. The limits will be applied per bank account, even when multiple accounts belong to the same holder.