2012年-世界发展银行全球_Mozambique_Diagnostic_Review_of_Consumer_Protection_and_Financial_Literacy___Volume_2_Comparison_with_Good_Practices_106页_1002kb

Summary of the Diagnostic Review of Consumer Protection and Financial Literacy in Mozambique

Core Content

This document is a Diagnostic Review of Consumer Protection and Financial Literacy in Mozambique, focusing on the banking sector and the non-bank credit sector. It was published in December 2012 by the World Bank, as part of its Financial Inclusion Practice. The report compares Mozambique's current consumer protection and financial literacy frameworks with good international practices and offers recommendations for improvement.

Main Points

Overview of the Banking Sector

• Banking Sector Dominance: Banks account for 97% of the credit volume in Mozambique's financial system.
• Ownership Structure: Almost all banks are majority foreign-owned, with only three (Millennium-BIM, Banco Nacional de Investimento (BNI), and Banco Unico) having minority government participation.
• Services Offered: Most banks provide retail banking services, including deposits, foreign exchange, and consumer loans. Four banks focus on microfinance.
• Growth and Expansion: The sector has expanded significantly since 2007, with total assets increasing 3.18 times in five years and bank assets as a percentage of GDP rising from 39% to 54.6% by 2011.
• Branch and ATM Growth: Bank branches and ATMs have increased substantially, especially in non-urban areas, with Millennium-BIM and BCI leading the expansion.

Concentration in the Banking Sector

• Market Concentration: The top three banks hold 76% of total sector assets, and their combined deposits and loans account for 78.2% and 75.7% of the sector respectively.
• Profitability: Despite a decline since 2008, bank profitability remains high, with net interest margins in 2010 higher than in most low-income countries.

Key Legal and Institutional Framework

• Consumer Protection Law (Law 22/2009): Provides a wide range of consumer rights and obligations for financial institutions, including those related to credit granting and debt collection.
• Lack of Awareness: The law is not well known in the financial industry, and compliance is inconsistent.
• No General Consumer Agency: Mozambique lacks a general consumer agency or a specialized financial consumer protection agency.
• Responsibility of BdM: The Bank of Mozambique (BdM) is responsible for implementing, overseeing, and enforcing consumer protection in the banking sector.
• GPI and BSD: The Gabinete de Planeamento Estratégico, Comunicação e Imagem (GPI) handles financial education and consumer complaints, while the Banking Supervision Department (BSD) is responsible for supervision and regulation.
• Consumer Associations: There are consumer associations such as DECOM (Consumer Defense Association), but they lack capacity and interest in financial consumer protection.

Comparison with Good Practices

Good Practice A.1: Consumer Protection Institutions

• Clear Legal Framework: The law should provide clear consumer protection rules and institutional arrangements for their implementation.
• Specialized Agency: A specialized financial consumer protection agency should be established to handle complaints, data collection, and enforcement.
• Transparency and Accountability: The agency should operate with transparency, accountability, and integrity.
• Coordination: There should be coordination and cooperation between consumer protection institutions and financial regulators.
• Private Sector Role: The private sector should be allowed to play a voluntary role in consumer protection.

Good Practice A.2: Code of Conduct for Banks

• Principles-Based Code: A principles-based code of conduct should be developed in consultation with banks, regulators, and consumer associations.
• Public Awareness: The code should be publicized and disseminated to the general public.
• Voluntary Codes: Voluntary codes should cover account switching, terminology standardization, and fair practices.
• Enforcement: The code should be formally adhered to by all sector-specific institutions.

Recommendations

1. Strengthen BdM's Capacity:

   • Establish a new financial consumer protection unit within the BdM to monitor, supervise, and enforce consumer protection laws.
   • Ensure this unit is separate from prudential supervision to avoid conflicts of interest.
   • Improve the capacity of the GPI team to handle consumer complaints and financial education.

2. Enhance Transparency and Data Quality:

   • Improve the transparency, availability, and quality of data related to consumer protection and financial literacy.
   • Include consumer complaints, their resolution, and relevant recommendations in the data.

3. Legal Reform:

   • Review Law 22/09 to ensure it is not in conflict with the BdM's consumer protection role.
   • Consider amending Law 1/92 to include financial consumer protection and education as core mandates.
   • Explore the possibility of drafting a new statute dedicated to financial consumer protection.

4. Support Consumer Associations:

   • Strengthen consumer organizations such as DECOM to ensure they can support financial consumer protection.
   • Provide grant funding and technical assistance to help these associations develop effective roles.
   • Encourage involvement in consultative processes to ensure consumer voices are heard in policy formulation.

5. Interim Measures:

   • Strengthen the roles of BSD and GPI to ensure coordinated consumer protection.
   • Consider establishing a consultative council to address consumer protection issues effectively.

Key Tables and Figures

• Table 1: Ownership of banks and their share of total banking sector assets.
• Table 2: Growth of the banking sector assets and GDP over the years.
• Table 3: Share of total assets, deposits, and loans by the leading five banks in Mozambique.
• Figure 1: Comparison of Return on Assets with other countries.
• Figure 2: Net interest margin in 2010 compared to other low-income countries.

Conclusion

Mozambique's banking sector is highly concentrated, with limited competition, and consumer protection is not effectively enforced. The legal and institutional framework is inadequate and underutilized, and consumer associations lack capacity and interest. The report recommends strengthening the BdM's role, improving transparency, and legal reform to better protect financial consumers and promote financial literacy.