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Strategizing Financial Inclusion in Mozambique

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Digital Roundtable
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Strategizing Financial Inclusion in Mozambique

In the last years, Mozambique has come to regard financial inclusion as a priority. The government has been pushing the “One Bank, One District" program as well as the “National Financial Inclusion Strategy" (2016-2022), sending a strong signal of commitment. The private sector has shown great entrepreneurship and initiative, tackling the topic from different angles. The central bank has nurtured the growth of start-ups in the fintech sector through the Regulatory Sandbox incubator, introducing mobile money solutions. Some individual banks have pioneered the “agency banking" model, reaching out to communities and opening bank accounts on their behalf. Thanks to these efforts combined, 32% of the adult population now has a bank account and 50% uses mobile money. And the common denominator behind all this success is technology, which has enabled players to extend their reach beyond their physical limits.

Never has finance been more inclusive, but if the ultimate goal is to improve quality of life, there is still a long way to go. Through this digital roundtable, The Business Year aims to create a platform for dialogue between the main actors from the private sector who are pushing the financial inclusion agenda. We want to showcase the achievements and shortcomings of the solutions that have been explored so far, defining what the goal of financial inclusion entails and laying down a roadmap for the future of the sector.


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Gertrudes Tovela
Gertrudes Tovela
Executive Director and Board Member
Banco de Moçambique

Gertrudes Tovela is the Executive Director and Board Member at Banco de Moçambique. She is also in charge of the financial stability area. She also participated in the latest phases of the development of the National Financial Inclusion Strategy (2016-2022), all the way up to its approval, launching, implementation, and mid-term evaluation (2019). Between 2016 and 2017, she represented, at the helpdesk level, the chair of the African Mobile Phone Financial Services Policy Initiative (AMPI), today known as African Financial Inclusion Policy Initiative (AfPI). At present, she is also involved in a number of activities launched by the Banco de Moçambique aimed at improving the current status quo of financial inclusion and education in the country. In 2017, she attended the Fletcher School Leadership Program for Financial Inclusion and is currently participating in the Leadership and Diversity Program for Regulators, offered in partnership with the Alliance for Financial Inclusion (AFI), Women's World Banking, and Oxford University's Saïd Business School.

Julián Casal
Julián Casal
Senior Financial Sector Economist
The World Bank

Julián Casal is a Senior Financial Sector Economist at the World Bank. He has led technical analyses and the design of investment operations to promote financial inclusion and increase access to finance in Latin America, South Asia, and sub-Saharan Africa. Currently, he leads projects focused on increasing access to financial services in Mozambique and South Africa with a focus on digitizing government payments, particularly social protection transfers and supporting SMEs through innovative credit guarantee instruments. He has assisted client countries with financial sector development and financial inclusion strategies in Angola, Cabo Verde, Ghana, São Tomé, and Zimbabwe. Prior to joining the World Bank as a young professional in 2012, he worked as an international economist at the US Treasury Department covering Afghanistan, Myanmar, and Pakistan, including 7 months as the acting financial attaché to the US Embassy in Kabul, Afghanistan in 2009. He has a master's degree in development economics from Georgetown University's School of Foreign Service in Washington DC, US and a bachelor's degree in Latin American Studies and Economics from McGill University in Montréal, Canada.

Esselina Macome
Esselina Macome
CEO
Financial Sector Deepening Moçambique

Esselina Macome is Associate Professor at the Eduardo Mondlane University. She holds a PhD in information technologies and master's in analysis, design, and management of information systems from LSE - University of London. She worked at the Central Bank of Mozambique from 2005-2015 as executive director and member of the board. She was responsible for currency issuing, payment systems, information technology, and financial inclusion portfolio. Presently, beside her academic activity, she is also working at the FSDMO as the CEO.

Tawanda Munaiwa
Tawanda Munaiwa
Managing Director
BancABC Mozambique

Tawanda Munaiwa was confirmed as CEO of BancABC Mozambique on December 1, 2019, having previously served as interim CEO since February 2019. Munaiwa has more than 15 years of experience in the banking sector, including 10 in risk management. He was appointed risk director of BancABC Mozambique in October 2015. Before joining BancABC Mozambique, he was managing director of ABC Asset Management in Zimbabwe, a position he had held since 2009, having started his career at the Reserve Bank of Zimbabwe as inspector intern. He holds a degree in economics from the University of Zimbabwe.

Francisco Souto
Francisco Souto
Founder and Senior Advisor at GAPI Sociedade de Investimentos and chairman of Mozambican Association of Microfinance Operators (AMOMIF)

Francisco Souto is the Founder and Senior Advisor at GAPI, the first and only development financial institution in Mozambique. He covered the position of CEO and General Director for 29 years, from 1990 (year of foundation) until 2019, growing it from a garage-based company with an initial capital of USD70 to a USD42 million entity with 15 branches nationwide. He currently serves also as Chairman of the Mozambican Association of Microfinance Operators (AMOMIF). Prior to GAPI, Francisco worked as journalist and Chief Editor of national newspaper Notícias, as Advisor for the Maputo General Union of Cooperatives (UGC) and as Consultant for the Friedrich Ebert Foundation. He holds two Degrees in Development Studies and in Economics from Eduardo Mondlane University (UEM) and an Advanced Management Programme from the University of Oxford.

Iana Barenboim
Iana Barenboim
Project Manager
MUVA Programme

Iana Barenboim is the Project Manager of the MUVA Programme, a DFID-funded program that is part of Oxford Policy Management and works to unlock the barriers that vulnerable women in urban Mozambique face in accessing economic opportunities. She first came to Mozambique in 2015 during MUVA's inception phase, initially serving as business developer and later as project manager. Prior to MUVA, she served as strategic planning director at Olabi Makerspace, CFO at Voopter, and COO and co-founder of Templo, all based in Rio de Janeiro. She holds a Bachelor's in economics from Ibmec-RJ in Rio de Janeiro.

Rebecca Navega
Rebecca Navega
Country Manager Mozambique
The Business Year

Rebecca Navega is the Country Manager for The Business Year Mozambique 2020. She has over 5 years of experience in project management, private and public sector partnerships, business strategy and policy implementation. She was a Political Advisor to the Secretary of Social Assistance and Human Rights of Rio de Janeiro and Coordinator of the Center for Fighting Human Trafficking and Contemporary Slavery. She holds a Bachelor degree in International Relations from Federal University of Rio de Janeiro and a Postgraduate Degree in International Relations from University of Brasilia. In 2013 she was awarded by Azerbaijan government with distinction on her essay about bilateral relations on Brazil and Azerbaijan. She has vast experience implementing projects in emerging economies such Brazil, Egypt, Nigeria, Mexico and Mozambique.

Pierpaolo Crivellaro
Moderator: Pierpaolo Crivellaro
Country Editor Mozambique
The Business Year

Pierpaolo is the Country Editor for The Business Year: Mozambique 2020. Before his current experience, he successfully completed projects in Jamaica, Dominic Republic, and Lebanon.

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Thursday, July 23

Afternoon

05:00 PM TO
05:05 PM

Welcome Remarks

Rebecca Navega
Rebecca Navega
Country Manager Mozambique, The Business Year
Rebecca Navega
Rebecca Navega
Country Manager Mozambique
The Business Year

Rebecca Navega is the Country Manager for The Business Year Mozambique 2020. She has over 5 years of experience in project management, private and public sector partnerships, business strategy and policy implementation. She was a Political Advisor to the Secretary of Social Assistance and Human Rights of Rio de Janeiro and Coordinator of the Center for Fighting Human Trafficking and Contemporary Slavery. She holds a Bachelor degree in International Relations from Federal University of Rio de Janeiro and a Postgraduate Degree in International Relations from University of Brasilia. In 2013 she was awarded by Azerbaijan government with distinction on her essay about bilateral relations on Brazil and Azerbaijan. She has vast experience implementing projects in emerging economies such Brazil, Egypt, Nigeria, Mexico and Mozambique.

05:05 PM TO
05:10 PM

Opening Remarks

Gertrudes Tovela
Gertrudes Tovela
Executive Director and Board Member, Banco de Moçambique
Gertrudes Tovela
Gertrudes Tovela
Executive Director and Board Member
Banco de Moçambique

Gertrudes Tovela is the Executive Director and Board Member at Banco de Moçambique. She is also in charge of the financial stability area. She also participated in the latest phases of the development of the National Financial Inclusion Strategy (2016-2022), all the way up to its approval, launching, implementation, and mid-term evaluation (2019). Between 2016 and 2017, she represented, at the helpdesk level, the chair of the African Mobile Phone Financial Services Policy Initiative (AMPI), today known as African Financial Inclusion Policy Initiative (AfPI). At present, she is also involved in a number of activities launched by the Banco de Moçambique aimed at improving the current status quo of financial inclusion and education in the country. In 2017, she attended the Fletcher School Leadership Program for Financial Inclusion and is currently participating in the Leadership and Diversity Program for Regulators, offered in partnership with the Alliance for Financial Inclusion (AFI), Women's World Banking, and Oxford University's Saïd Business School.

05:10 PM TO
05:45 PM

Open Discussion

Julián Casal
Julián Casal
Senior Financial Sector Economist, The World Bank
Julián Casal
Julián Casal
Senior Financial Sector Economist
The World Bank

Julián Casal is a Senior Financial Sector Economist at the World Bank. He has led technical analyses and the design of investment operations to promote financial inclusion and increase access to finance in Latin America, South Asia, and sub-Saharan Africa. Currently, he leads projects focused on increasing access to financial services in Mozambique and South Africa with a focus on digitizing government payments, particularly social protection transfers and supporting SMEs through innovative credit guarantee instruments. He has assisted client countries with financial sector development and financial inclusion strategies in Angola, Cabo Verde, Ghana, São Tomé, and Zimbabwe. Prior to joining the World Bank as a young professional in 2012, he worked as an international economist at the US Treasury Department covering Afghanistan, Myanmar, and Pakistan, including 7 months as the acting financial attaché to the US Embassy in Kabul, Afghanistan in 2009. He has a master's degree in development economics from Georgetown University's School of Foreign Service in Washington DC, US and a bachelor's degree in Latin American Studies and Economics from McGill University in Montréal, Canada.

Esselina Macome
Esselina Macome
CEO, Financial Sector Deepening Moçambique
Esselina Macome
Esselina Macome
CEO
Financial Sector Deepening Moçambique

Esselina Macome is Associate Professor at the Eduardo Mondlane University. She holds a PhD in information technologies and master's in analysis, design, and management of information systems from LSE - University of London. She worked at the Central Bank of Mozambique from 2005-2015 as executive director and member of the board. She was responsible for currency issuing, payment systems, information technology, and financial inclusion portfolio. Presently, beside her academic activity, she is also working at the FSDMO as the CEO.

Tawanda Munaiwa
Tawanda Munaiwa
Managing Director, BancABC Mozambique
Tawanda Munaiwa
Tawanda Munaiwa
Managing Director
BancABC Mozambique

Tawanda Munaiwa was confirmed as CEO of BancABC Mozambique on December 1, 2019, having previously served as interim CEO since February 2019. Munaiwa has more than 15 years of experience in the banking sector, including 10 in risk management. He was appointed risk director of BancABC Mozambique in October 2015. Before joining BancABC Mozambique, he was managing director of ABC Asset Management in Zimbabwe, a position he had held since 2009, having started his career at the Reserve Bank of Zimbabwe as inspector intern. He holds a degree in economics from the University of Zimbabwe.

Francisco Souto
Francisco Souto
Founder and Senior Advisor at GAPI Sociedade de Investimentos and chairman of Mozambican Association of Microfinance Operators (AMOMIF),
Francisco Souto
Francisco Souto
Founder and Senior Advisor at GAPI Sociedade de Investimentos and chairman of Mozambican Association of Microfinance Operators (AMOMIF)

Francisco Souto is the Founder and Senior Advisor at GAPI, the first and only development financial institution in Mozambique. He covered the position of CEO and General Director for 29 years, from 1990 (year of foundation) until 2019, growing it from a garage-based company with an initial capital of USD70 to a USD42 million entity with 15 branches nationwide. He currently serves also as Chairman of the Mozambican Association of Microfinance Operators (AMOMIF). Prior to GAPI, Francisco worked as journalist and Chief Editor of national newspaper Notícias, as Advisor for the Maputo General Union of Cooperatives (UGC) and as Consultant for the Friedrich Ebert Foundation. He holds two Degrees in Development Studies and in Economics from Eduardo Mondlane University (UEM) and an Advanced Management Programme from the University of Oxford.

Iana Barenboim
Iana Barenboim
Project Manager, MUVA Programme
Iana Barenboim
Iana Barenboim
Project Manager
MUVA Programme

Iana Barenboim is the Project Manager of the MUVA Programme, a DFID-funded program that is part of Oxford Policy Management and works to unlock the barriers that vulnerable women in urban Mozambique face in accessing economic opportunities. She first came to Mozambique in 2015 during MUVA's inception phase, initially serving as business developer and later as project manager. Prior to MUVA, she served as strategic planning director at Olabi Makerspace, CFO at Voopter, and COO and co-founder of Templo, all based in Rio de Janeiro. She holds a Bachelor's in economics from Ibmec-RJ in Rio de Janeiro.

05:45 PM TO
06:00 PM

Q&A Session

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