Open Banking in Mozambique: What Entrepreneurs Should Know

Open banking is changing how businesses can access, share and use financial information.

Instead of keeping customer data within one bank, an open banking system allows customers to authorise secure data sharing with approved third-party providers. These providers can then develop services such as financial management tools, alternative credit assessments, payment solutions and business dashboards.

For entrepreneurs in Mozambique, this development could create new opportunities to manage cash flow, receive payments, access finance and serve customers more efficiently. However, there is an important distinction: Mozambique is strengthening its digital financial infrastructure, but that does not mean it has already implemented a comprehensive, standardised open banking framework across all financial institutions.

The Bank of Mozambique’s National Financial Inclusion Strategy 2025–2031 prioritises digital financial services, innovation, financial literacy, consumer protection and data protection. The country has also established a regulatory sandbox for testing financial innovations and introduced a national instant payment system in 2026.

These developments create a foundation for more connected financial services. Entrepreneurs who understand the difference between open banking, digital payments and mobile money can prepare their businesses for the opportunities ahead without assuming that every open banking feature is already available.

What is open banking, and how does it work?

Open banking is a financial technology model that allows customers to authorise approved third-party providers to access specified financial information through secure digital connections, commonly known as application programming interfaces (APIs).

An API enables two software systems to communicate. For example, a business owner may use a financial management application that connects to a bank account with the owner’s permission. The application can retrieve approved transaction information and organise it into useful reports.

Instead of logging into several banking applications and manually copying transactions into a spreadsheet, the entrepreneur may eventually be able to view approved account information in one place.

Open banking can also support payment initiation, where an authorised service helps a customer initiate a payment from a financial account. The exact services depend on the country’s regulations, participating institutions and technical infrastructure.

A typical arrangement involves three parties:

• The customer: The individual or business that owns the financial account and gives permission for data sharing.
• The financial institution: The bank or regulated provider holding the account information.
• The third-party provider: The authorised fintech or service company that receives approved information and provides a service.

The customer should remain in control of consent. A provider should not gain unrestricted access to an account simply because a business owner wants to use a financial application.

Open banking is not the same as mobile money or instant payments

Mozambique already has a growing digital financial services environment. Mobile money, bank transfers, digital wallets and payment infrastructure help individuals and businesses move funds without relying entirely on cash.

However, these services are not automatically open banking.

These services can work together, but they solve different problems. A mobile money payment does not necessarily give a third-party accounting platform permission to access the customer’s financial history.

This distinction matters because entrepreneurs should not buy a product based on the assumption that it provides open banking when it only offers digital payments or wallet management.

1. Why Mozambique is becoming more relevant to digital financial innovation

Mozambique’s financial sector is undergoing a period of digital development. The Bank of Mozambique’s National Financial Inclusion Strategy 2025–2031 sets out a national framework for expanding access to financial services and improving how people use them.

The strategy moves beyond simply opening more accounts. It emphasises digitalisation, innovation, access to credit, financial literacy, consumer protection and stronger data protection.

This broader approach is important for small businesses. Access to an account does not automatically mean that an entrepreneur can obtain affordable credit, accept digital payments reliably or understand the cost of financial services.

The Bank of Mozambique has also reported growth in mobile money access points and accounts. Its third-quarter 2025 financial inclusion indicators recorded an increase in mobile money agents and mobile money accounts, alongside developments in interoperability between mobile money institutions and banks.

These trends show that digital financial services are becoming increasingly important in the country’s financial system.

For entrepreneurs, the next stage is making these services more useful, connected and affordable.

2. The role of Mozambique’s instant payment system

One important development occurred in February 2026, when the Bank of Mozambique issued Notice No. 1/GBM/2026 establishing the Mozambique Instant Payment System and approving its regulation.

The system is designed to support electronic retail payments continuously, including weekends and public holidays, with funds made immediately available to beneficiaries under the system’s rules.

This is a significant step in the development of Mozambique’s payment infrastructure. Businesses can benefit from faster payment processing where they and their customers use participating institutions and services.

Consider a small wholesaler in Maputo. Previously, the wholesaler may have experienced delays while waiting for certain transfers to become available. A properly functioning instant payment environment can make it easier to confirm receipts, release orders and reconcile sales.

However, entrepreneurs should check which financial institutions and payment providers participate, the applicable transaction limits, fees and operating procedures. Establishing an instant payment system does not mean every account or payment channel automatically supports every feature.

The system is also not the same as open banking. It provides payment infrastructure, while open banking concerns authorised access to financial information and related services. Both developments can support a more connected financial ecosystem.

3. How open banking could help small businesses in Mozambique

If secure open banking services become more widely available in Mozambique, they could address several problems that entrepreneurs currently manage manually.

Better cash-flow management

Small businesses often receive money through several channels. A shop may accept cash, bank transfers and mobile money, while an online seller may also receive payments through a separate payment provider.

Managing these records can become difficult, especially when the owner has limited accounting support.

An authorised financial management application could eventually bring approved transaction information from different accounts into one dashboard. The business owner could then compare incoming payments, expenses and outstanding obligations more easily.

For example, a clothing retailer in Maputo could review sales receipts alongside rent, supplier payments and transport costs. Instead of waiting until the end of the month to understand the business’s position, the owner could make decisions using more current information.

Easier bookkeeping and reconciliation

Manual bookkeeping creates opportunities for errors. A payment may appear in a bank statement but not in the business’s sales records. A customer may provide a transaction reference that the shop owner struggles to match with an order.

Connected financial services could help automate parts of this process.

A business might use an accounting platform that retrieves approved transactions, categorises expenses and flags payments that require attention. Staff would still need to review the information, but automation could reduce repetitive data entry.

More informed credit assessments

Access to finance remains a concern for many small businesses. Some entrepreneurs have limited collateral or formal financial statements, making it difficult for lenders to assess their repayment capacity.

Where regulations permit and customers provide explicit consent, open banking data could help participating lenders assess business cash flows and transaction patterns.

For example, a small restaurant may have regular supplier payments and customer receipts but limited traditional credit documentation. A lender could potentially use authorised transaction data alongside other information to understand the business’s financial activity.

However, transaction data should not become an automatic guarantee of credit approval. Lenders still need responsible underwriting, affordability checks and clear explanations of interest, fees and repayment terms.

Improved payment experiences

Open banking can support payment initiation in markets where the necessary regulatory and technical arrangements exist. This may allow customers to initiate payments through approved third-party services without manually navigating several applications.

For businesses, a more connected payment experience could simplify online checkout, supplier payments and recurring transactions.

Nevertheless, entrepreneurs should distinguish between services already available through Mozambique’s payment system and features that may emerge as open banking infrastructure develops.

Better business planning

Financial information becomes more valuable when it helps owners make decisions.

A connected financial dashboard could help entrepreneurs identify seasonal sales patterns, compare operating expenses and estimate how much money is available for future purchases.

A small agricultural supplier, for instance, may notice that transport expenses rise during certain periods. The business could use that information to plan deliveries, negotiate logistics contracts and adjust pricing.

These tools will only be useful if the information is accurate, secure and presented in a way that small business owners can understand.

4. Opportunities for fintech companies and entrepreneurs

Open banking does not only create opportunities for banks. It can support a wider ecosystem of technology companies, payment providers and business service platforms.

Accounting and financial management applications

Local software developers can create tools that help small businesses manage income, expenses, invoices and cash flow. If authorised access to financial information becomes available, these applications could reduce the need for manual transaction uploads.

Developers should design products for the realities of Mozambique’s small businesses, including multilingual interfaces, affordable pricing and mobile-first access.

Alternative credit assessment services

Fintech companies may develop services that help lenders assess the financial activity of small enterprises using consent-based information.

Such services must be transparent and fair. A business should know what information is being assessed, how it influences a credit decision and how to correct inaccurate records.

Payment and commerce platforms

Online marketplaces and business platforms can benefit from more efficient payment connections. A seller may eventually manage sales, customer payments and financial reporting through a more integrated system.

The opportunity is particularly relevant for businesses that sell through social media, online stores and physical outlets.

Financial services for underserved businesses

Rural businesses, informal traders, women-led enterprises and smaller suppliers may benefit from financial products designed around their operating patterns.

However, technology alone will not remove every barrier. Entrepreneurs may still need identity documents, reliable connectivity, affordable devices and financial education to use these services effectively.

5. The regulatory environment: What entrepreneurs should understand

Financial technology operates within rules designed to protect customers and maintain confidence in the financial system.

In Mozambique, the Bank of Mozambique is a central regulator of the financial sector and oversees relevant payment and financial institutions.

The National Financial Inclusion Strategy 2025–2031 identifies consumer protection, digital security and data protection as important priorities. These are essential considerations for any future open banking ecosystem.

Entrepreneurs developing financial applications should not assume that an open banking business model can operate without regulatory review. The required authorisation will depend on the service being offered, the institution involved and the applicable laws.

The Bank of Mozambique’s regulatory sandbox provides a mechanism for eligible institutions and emerging businesses to test innovative financial products and business models under regulatory supervision for a defined period.

The sandbox is intended to encourage innovation while identifying and managing risks. It is not a blanket licence to offer every type of financial service.

Before launching a fintech product, founders should seek appropriate legal and regulatory guidance, clarify whether their service falls within a regulated category and understand the obligations attached to customer data and payments.

6. Data privacy and cybersecurity cannot be optional

Open banking creates opportunities because financial information can move between systems. That same feature creates risks if companies collect too much data, store it poorly or fail to protect customer accounts.

Business owners should understand several basic safeguards before authorising a third-party financial application.

Check the provider. Confirm the company’s identity, reputation and regulatory status where applicable. Avoid services that cannot explain who operates them or how they use financial information.

Read the consent terms. Understand which accounts and data the application can access, why it needs them and whether permission can be withdrawn.

Use secure authentication. Protect banking and business accounts with strong passwords and multi-factor authentication where available. Never share one-time passwords or banking credentials with an unverified provider.

Limit access. Give applications only the permissions required for the service. A tool designed to organise transaction history should not need unrestricted control over unrelated account functions.

Review connected services. Periodically check which applications have access to financial information and revoke permissions that are no longer needed.

Maintain internal controls. Businesses should limit employee access to financial records and maintain clear procedures for approving payments.

Cybersecurity is not only a technical responsibility. It is also a business management issue. A compromised account can interrupt operations, expose customers and damage a company’s reputation.

7. Challenges that could slow open banking in Mozambique

Although the opportunities are promising, Mozambique must address several obstacles before open banking can deliver widespread benefits.

Unequal digital access

Not every entrepreneur has a smartphone, reliable internet access or the technical skills needed to use advanced financial applications. Rural businesses may face additional connectivity and infrastructure challenges.

Digital financial services should therefore complement, rather than immediately eliminate, accessible offline options.

Interoperability between providers

Open banking depends on systems being able to communicate securely and consistently. If banks and fintech companies use incompatible technical standards, building reliable connections becomes more expensive.

Common technical standards, clear participation rules and strong supervision can help reduce this problem.

Consumer trust

Business owners may hesitate to share financial information with third parties, particularly when they do not understand how the data will be used.

Providers must explain consent clearly, respond to complaints and demonstrate that they protect customer information.

Costs of implementation

Building secure APIs, maintaining infrastructure, meeting compliance requirements and testing applications require investment. Smaller fintech companies may struggle to afford these costs without partnerships or access to innovation programmes.

Financial literacy

Entrepreneurs need to understand digital financial services before they can benefit fully from them. Training should cover fees, data permissions, fraud prevention, digital payments and responsible borrowing.

8. How Mozambican entrepreneurs can prepare now

Business owners do not need to wait for a comprehensive open banking framework before improving their financial management.

Start by maintaining accurate records of sales, expenses, supplier payments and customer transactions. Separate personal and business finances where possible, and reconcile payment records regularly.

Next, review the digital financial services already available through reputable banks and payment providers. Understand their fees, transaction limits, security arrangements and customer support procedures.

Businesses should also strengthen their digital practices. Use secure passwords, limit employee access to financial accounts and keep copies of essential records in protected storage.

Entrepreneurs considering fintech partnerships should ask practical questions:

• Does the provider have the necessary authorisation for its service?
• Which financial institutions or payment providers does it connect to?
• What customer information does it collect?
• How does it obtain and manage consent?
• What happens if the service experiences a security incident?
• What fees apply, and how can the business leave the service?

Finally, follow announcements from the Bank of Mozambique. Its financial inclusion strategy, payment-system developments and regulatory sandbox provide important indications of how the country’s digital financial environment is evolving.

9. What banks, fintech companies and policymakers must do

A successful open banking ecosystem requires cooperation.

Banks need secure, reliable infrastructure and clear procedures for handling authorised data requests. Fintech companies must develop useful products while respecting customer privacy and regulatory requirements.

Policymakers and regulators should provide clarity on participation, technical standards, consumer rights, liability and dispute resolution. They should also ensure that innovation does not create unnecessary barriers for smaller providers.

Business associations can help entrepreneurs understand new financial services through workshops, practical guides and partnerships with regulated providers.

Education should be central to the process. A small business owner should not need specialist technical knowledge to understand what information an application is accessing or how much a payment service will cost.

Preparing for a more connected financial future

Mozambique is making important progress in digital financial services through its National Financial Inclusion Strategy 2025–2031, regulatory sandbox and instant payment infrastructure. These developments create opportunities for businesses to manage payments more efficiently and prepare for more connected financial products.

However, entrepreneurs should not confuse this progress with proof that a complete open banking framework is already operational across the country. The next stage will depend on regulation, secure technical connections, participation by financial institutions and public confidence.

For now, businesses can prepare by improving financial records, adopting secure digital practices and learning how existing payment services work. As the ecosystem develops, entrepreneurs who understand their financial data and protect their customers’ information will be better positioned to take advantage of new opportunities.

Frequently Asked Questions

1. What is open banking in simple terms?

Open banking allows customers to authorise approved third-party companies to access specified financial information from their banks through secure digital connections. These companies can use the information to provide services such as budgeting, accounting and financial management.

2. Does Mozambique currently have open banking?

Mozambique is developing its digital financial infrastructure and has introduced policies supporting financial inclusion, innovation and digital payments. However, these developments should not be interpreted as proof of a comprehensive, standardised open banking framework operating across all banks.

3. How can open banking benefit small businesses in Mozambique?

Where suitable services become available, open banking could help businesses automate bookkeeping, monitor cash flow, compare financial information and support more informed credit assessments. It may also contribute to more connected payment services.

4. What is the difference between open banking and mobile money?

Mobile money allows customers to store and transfer electronic value through a mobile financial service. Open banking allows customers to authorise third-party providers to access specified financial data and, where supported, initiate payments. They are different services that may work together.

5. Is sharing banking information with a fintech company safe?

It depends on the provider, its security controls, regulatory status and the permissions requested. Entrepreneurs should verify providers, read consent terms, use secure authentication and avoid sharing passwords or one-time codes with unverified services.