The Mozambican parliament has unanimously approved a new National Payments System law, a legislative step aimed at establishing a formal regulatory framework for the country's growing digital payments sector. The approval, which took place on April 21, 2026, grants the central bank, the Bank of Mozambique, broader powers to license and supervise payment service providers, including mobile money operators, payment institutions, and fintech companies.
The law's passage comes as Mozambique seeks to accelerate financial inclusion in a market where mobile money services, led by operators like m-Pesa, have become widely used. The legislation is designed to enhance security, efficiency, and interoperability within the national payments infrastructure, which has evolved rapidly without a dedicated legal structure. According to the parliamentary announcement, the law will create a more robust environment for digital financial services, potentially fostering greater competition and innovation.
In a related development, the Bank of Mozambique has decided to delay granting access to the national payments system to new participants. This pause, reported separately, is intended to allow the central bank time to strengthen the regulatory and supervisory 'guardrails' required by the new legal framework. A central bank official stated that the delay is a precautionary measure to ensure system integrity and consumer protection as the new rules are implemented.
The move reflects a common challenge across African markets, where regulators balance the need to foster fintech innovation with the imperative of maintaining financial stability. In neighboring countries, the establishment of national payment switches has been a key focus. For instance, in Kenya, the pursuit of a national payments switch has seen domestic card processor Kenswitch partner with global giant Visa to bolster its technical capabilities and competitive bid, highlighting the strategic importance of such infrastructure.
Analysts note that Mozambique's new law could pave the way for similar infrastructure developments, including a potential national switch that would connect various payment platforms. The legislation defines different categories of payment service providers and sets out operational rules, capital requirements, and consumer redress mechanisms. Its unanimous approval suggests broad political consensus on the need to modernize the country's financial regulatory architecture.
The Bank of Mozambique now faces the task of drafting specific regulations and operational guidelines based on the law's principles. The success of the framework will likely be measured by its ability to reduce transaction costs, increase transparency, and safely bring more Mozambicans into the formal financial system. The temporary delay in granting new access underscores the central bank's cautious approach to this transition.