Mozambique’s banking system is booming, thanks to it starting from a low base and the country’s thriving economy. However, the system is also very concentrated, with the biggest four lenders in the southern African country enjoying a market share of 85%.
Yet the progress made by Banco Único, which opened to the public in mid-2011, shows that new entrants can succeed. Led by João Figueiredo, formerly the head of Mozambique’s biggest bank, Millennium BIM, and with shareholders that include Portuguese investment company Corticeira Amorim and the Mozambican national pension fund, its assets have grown from about $75m at the end of 2011 to $230m today. “We were the 18th bank to set up in the country,” says Mr Figueiredo. “And in 18 months, we’ve gone from last position to sixth in terms of deposits and eighth in terms of loans. That gives you an idea how strong our strategy to penetrate the market is.”
