The president of Moza Banco, considered this Wednesday that the positive result of 146 million meticais in 2020 was due to the internal restructuring process started after the public intervention in the bank, in 2016.
“Consumers felt afraid to work with the bank, we had to tell customers that they could trust, and in 2020 we achieved ‘break-even’ [positive result against costs], which is fantastic in a very difficult year, not only because of the pandemic, but also because we still have problems in our country that create more difficulties, such as the war in the north, floods and cyclones in 2019 that destroyed a lot of infrastructure, and in three years we recovered from this situation,” said João Figueiredo.
Speaking at a virtual conference promoted by African Banker magazine on the development of the African financial sector, Moza’s president said that “the secret is to ‘grab’ people,” referring to the bank’s employees and stressed that the bank did not hire anyone from outside in the process of restructuring operations, after the public intervention made by the Mozambican central bank in 2016.
Moza bank had a positive net income of 146 million meticais, compared to a negative 776 million meticais in 2019, according to information available on the bank’s website, which also reports “growth in its assets by 14%, growth in resources by 20%, and a slight growth in the loan portfolio by 1%.”
After the deep operational restructuring, financial reorganization and reconfiguration of the capital structure, resulting from the Central Bank’s intervention, they are now even better illustrated with the scope of its Break Even
These results, the text adds, come “after the deep operational restructuring, financial reorganization and reconfiguration of the capital structure, resulting from the intervention of the Central Bank, are now even better illustrated with the scope of its Break Even” last year, in which, in terms of market share, the bank reached 6.1% in assets and deposits and 10.3% in credit.
Speaking at the webinar on Wednesday morning, João Figueiredo was asked about the digitalization process that has been accelerated due to covid-19, and said that the pandemic has accelerated this transformation that was already underway.
“The digitalization process is ongoing, the pandemic helped accelerate it, but it had already started, and Moza Bank was the first, in 2017, to open the digital branch, where customers could go and learn how to work digitally with their bank,” the banker explained.
The relationship with the client, he concluded, is what will determine the future of this Mozambican bank, since “technology and digitalization will be the same for everyone, so what makes the difference is the relationship with the client, knowing the needs and designing the specific solutions for each client.”
