Mozambique’s banking sector is growing at a pace in keeping with the country’s rapid annual gross domestic product (GDP) expansion of 8%. The south-east African country has recently become a major coal exporter and is in the process of developing what are among the world’s biggest gas fields off its coast. As a result of this economic buoyancy, the country's middle class is swelling, albeit from a low base, and demand for corporate, investment and retail banking products is on the up.
Three banks dominate the banking sector in Mozambique. The biggest, Millennium bim, is owned by Portugal’s Millennium bcp and has about $2.5bn in assets. It has 1.2 million customers and 158 branches, about 30% of the country's total branch network. Over the past three years, Millennium bim has doubled its equity and grown its asset base by almost 80%. It is looking to continue this trend. Ranked 66th by Tier 1 capital in The Banker’s latest top 400 African banks ranking, it hopes to be in the top 50 next year, says Manuel Marecos Duarte, its chief executive.
