Best bank: Millennium bim
Millennium bim, Euromoney’s best bank in Mozambique this year, has focused its efforts on technological improvements during the period under review.
AfE 2024
This has included work on branch transformation, integrating automated solutions into the network. In late 2023, the bank opened its first branch under the new scheme in Maputo, offering automated 24/7 service to customers.
The east-African bank achieved a net profit of Mt7.2 billion ($110 million) during the year – compared to Mt6.6 billion in 2022, representing steady growth of 9%.
It also continued to develop its app SmartIZI. This involved improving the user interface and adding features such as Western Union transfers, cancellation of debit cards and travel insurance. These product developments saw results and the app userbase reached 200,000 by the end of the year.
Mobile wallets are a large part of the financial space in Mozambique.