Mozambique’s new National Payments System bill on its way to Parliament

The government has approved the proposal for the new National Payments System (Sistema Nacional de Pagamentos – SNP) Law, an instrument aimed at updating the legal framework of the sector to accommodate the current dynamics of financial flows in the country. The document will be submitted to the Assembleia da República for consideration. Speaking at the usual press briefing following the 4th ordinary session of the Council of Ministers, the body’s spokesperson, Inocêncio Impissa, explained that the proposal seeks to strengthen mechanisms for security, transparency, organisation, operation, inspection and supervision of the system.

The initiative further aims to reinforce oversight and supervisory capacity, ensuring greater security, efficiency and integrity in financial operations in the country. The proposal may be considered during the 3rd ordinary session of the Assembleia da República, the Mozambican parliament, which begins next week, on 25 February. During the same Cabinet session, the Council of Ministers also approved the Regulation of Special Economic Zones (SEZs) and Industrial Free Zones (IFZs).

These areas are expected to contribute to boosting economic growth, diversifying the economy, developing business clusters and strengthening value chains. The Regulation also establishes the basis for the creation, implementation and operation of existing and future zones, with a view to generating skilled employment and enhancing the professional development of Mozambicans. READ:Mozambique: Cabinet approves legal framework for SEZs and Industrial Free Zones