Best bank: Millennium bim
Millennium bim, Euromoney’s best bank in Mozambique this year, has focused its efforts on technological improvements during the period under review.
This has included work on branch transformation, integrating automated solutions into the network. In late 2023, the bank opened its first branch under the new scheme in Maputo, offering automated 24/7 service to customers.
The east-African bank achieved a net profit of Mt7.2 billion ($110 million) during the year – compared to Mt6.6 billion in 2022, representing steady growth of 9%.
It also continued to develop its app SmartIZI. This involved improving the user interface and adding features such as Western Union transfers, cancellation of debit cards and travel insurance. These product developments saw results and the app userbase reached 200,000 by the end of the year.
Mobile wallets are a large part of the financial space in Mozambique. Millennium bim is the only bank in the country with interoperability with all mobile networks for money transfers between bank and e-money accounts. It now processes 17.3 million mobile transactions a month.
The bank has a network of 195 branches and last year reopened its Palma branch, in Cabo Delgado Province, which had been closed for two years following armed violence in March 2021.
Best investment bank: Standard Bank
Insurgent activity in the north of Mozambique, targeting long-awaited gas production, alongside much higher regulatory reserve requirements eating into investable assets and global geopolitical shocks have compounded the problems for investment banks in the country over the last year.
Standard Bank inked one M&A deal worth $232 million and was busy on the lending front too. Deals include a $100 million facility for leading Mozambican telecoms company Vodacom Mozambique. Standard Bank acted as sole arranger, sole lender and facility agent on the three-year medium-term loan and revolving credit facility.
Best digital bank: Millennium bim
Millennium bim has taken tangible steps to improve its mobile and internet banking platforms.
It has seen substantial growth in digital service adoption, with over 70% of its client base actively engaging through digital channels each month. There has been an increase in active users, which reached 868,000 individuals, who collectively conducted 183 million transactions over the year.
The bank’s mobile app has integrated new functionalities including salary credits, Western Union transfers and travel insurance subscriptions. The bank’s mobile user base has expanded significantly and reached approximately 200,000 customers by December 2023.
The bank’s microcredit mobile offering reached a peak of 1,646,755 transactions with disbursals amounting to around Mt3.3 billion ($51.6 million).
Best bank for SMEs: Banco Comercial e de Investimentos
Banco Comercial e de Investimentos (BCI) recorded 2% growth in its small and medium-sized enterprise client base in 2023 to 55,906 customers. It issued 1,952 loans to SMEs, valued at approximately Mt2.7 billion ($42.3 million).
The lender has established BCI Business Centres, which are dedicated spaces for personalized services. These are tailored to different sectors such as commerce, services provision, hotels and restaurants, industry and exporters.
The bank has signed a partnership with Vodacom to promote its business debit card. The reactivation of an agreement with the national association of young entrepreneurs, ANJE, has seen it offer favourable terms to new business founders.
In collaboration with IPEME, an institute dedicated to supporting SMEs in Mozambique, the bank participated in six networking sessions aimed at promoting its services. It also took part in an event organized by Mozgrow, an agribusiness platform that promotes investment and socio-economic and sustainable development in Mozambique.
Best bank for corporate responsibility: Absa Bank
Absa Bank focused on support for training and development during 2023, especially for young people and the bank’s staff.
The lender invested Mt60 million ($939,000) in training and personal skills development for its workforce. This led to over 33,000 hours of training, a 57% increase from the previous year.
The bank’s flagship Ready to Work programme continued to prepare young Mozambicans for the labour market. The programme assisted over 3,000 young individuals in transitioning from education to the workforce.
The bank continued its support for the talent incubator and classical orchestra, Xiquitsi, training 258 students over the review period. The 11 concerts organized through this initiative channelled funds to support nutrition and transport across Mozambique.
The bank also conducted an effective blood donation campaign called, I Am Life, I Give Life, across Maputo, Beira, Quelimane and Nampula.
Another initiative was the bank’s Absa Maputo half marathon, which attracted over 3,000 participants. This initiative was complemented by another event in partnership with Maputo City Council to promote the benefits of a more active and healthier lifestyle.
Best bank for diversity and inclusion: Nedbank
Nedbank’s efforts in diversity and inclusion are focused on driving gender equity, people-centred leadership and employee support and development.
The bank achieved gender equity in its workforce, which comprises 50.4% women and 49.6% men. The bank has an average employee age of 35 years and is focused on nurturing young talent. It has prioritized internal recruitment and succession planning, especially for key functions.
Its flagship Leadership Academy programme is tailored for all leadership levels – strategic, tactical and operational. This offers individual development plans and measures the impact on and progress of participants’ career development.
Nedbank has opened a Mother’s Room and launched several programmes to promote health and wellbeing including financial literacy courses, health-related materials dissemination, team races and Healthy Day activities.
