In the heart of Maputo, young entrepreneurs have found in mobile financial services stalls a way of tackling unemployment.
The 2017 population census by the National Statistics Institute indicates that, of around 9.4 million young Mozambicans, a third have no job, schooling or vocational training. This reality drives many young people, such as Jorge Pinto and José Sebastião, to seek opportunities in businesses such as mobile financial services agents. These young people earn a living from the commissions on each financial transaction they facilitate for their customers.
The services offered at these makeshift stalls go beyond financial transactions, including the sale of small items such as sweets and biscuits, and even services such as shoe-shining, in the case of Moisés Mateus, another young agent.
The growth of this sector is shown by data from the Bank of Mozambique, which recorded a significant increase in the number of accounts with Electronic Money Institutions (IME), from 11,412,194 in 2021 to 16,607,021 in October 2023. This increase demonstrates the growing demand for financial services by mobile phone, mainly among people who do not have access to traditional banks.
However, this growth also brings challenges such as scams and robberies, forcing these young agents to remain constantly vigilant to avoid being cheated or robbed.
This business, which has contributed significantly to the Mozambican economy, may be affected by the tax policy reforms proposed by the Government for 2024, which include taxing the commissions of these agents and institutions.
