Banco de Moçambique halves annual limit for card payments abroad to 3 million meticais

It is becoming increasingly difficult for Mozambicans to make purchases abroad using bank cards, whether they are residents or non-residents. The central bank has tightened restrictions again by halving the maximum payment limit. The decision applies to any individual or company holding a card issued by a bank in Mozambique.

Even if the holder has more than one card, the new maximum limit cannot be exceeded. “Individuals or legal entities may only make payments abroad using a bank card up to an annual limit of 3,000,000.00 meticais (three million meticais).” Once the annual limit (around US$47,000 per year at current exchange rates) has been reached, all credit institutions will be required by the Bank of Mozambique to immediately block the cardholder’s cards for international transactions, although some exceptions apply. “The Bank of Mozambique may, on a case-by-case basis and upon request, set limits different from those established (…), in cases of clearly justified importance.

The request must be duly substantiated and submitted by the holder to a credit institution of their choice.” Requests for an increase to the limit must include supporting documentation proving the reason for the need, the amount requested, and other relevant information. “The credit institution must issue a reasoned opinion and submit it to the Bank of Mozambique (…) within five working days. Upon receiving the opinion (…), the Bank of Mozambique will make a decision within fifteen (15) days.” Under the new measure, credit institutions supervised by the central bank are required to alert customers whenever they reach 50%, 75% and 100% of the annual limit, as well as when their card has been blocked.