Standard Bank appoints acting CEO in Mozambique after US$4.6m fine

MOZAMBIQUE – Standard Bank has appointed an unnamed acting Chief Executive Officer to replace the outgoing country MD, Adimohanma Chukwuma Nwokocha, who was fined roughly R1.5 million (US$103,405) by the Bank of Mozambique for fraudulent activities, following an on-site inspection by the bank. Also fined was Domingos Francisco Madeira, director of corporate and investment banking “for serious infringements of prudential and exchange rate nature,” according to a statement by the Bank of Mozambique. Madeira was fined the equivalent of R3.3 million (US$227,492). Standard Bank was fined the equivalent of R66.18…

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Bank of Mozambique strengthens its board as Silvina António assumes office

MOZAMBIQUE – Bank of Mozambique – the central bank of the country- has received fresh blood in its board following the swearing in of Silvina António De Abreu as an administrator. The Prime Minister, Carlos Agostinho do Rosário, challenged the central bank’s board of administrators to contribute to the bank fully fulfilling its mission of preserving the value of the national currency.  “We believe that the newly sworn-in administrator, with her extensive professional experience in the service of the Bank of Mozambique, will contribute to ensuring that this institution fully…

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German government invests US$10.99m in Mozambique agriculture sector

MOZAMBIQUE – The German government is investing €10 million (US$10.99) to finance micro, small and medium-sized enterprises in the agricultural sector in Mozambique. Bank of Mozambique Governor Rogério Zandamela said he hoped the line of credit would help reduce poverty and increase economic inclusion. The Bank of Mozambique signed credit agreements with the four national financial institutions that will intermediate the German Development Bank (KFW) funds. Speaking for the Bank of Mozambique, Jamal Omar said it was agreed that the cost of such financing should be as low as possible,…

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