Notice No. 07/GBM/2024 of 29 February 2024 establishes the transaction limits applicable to Electronic Money Institutions, which are defined by the Law on Credit Institutions and Financial Companies, as financial companies authorised to provide payment services, whose main purpose is to issue means of payment in the form of electronic money.
Under the terms of Notice 07, EMIs must comply with the following transaction limits, when carrying out their business:
|
TRANSACTION LIMITS IN METICAIS |
|||
|
Customer classification according to risk level |
LEVEL 1 |
LEVEL 2 |
LEVEL 3 |
|
Maximum account balance |
200.000 MZN |
500.000 MZN |
3.000.000 MZN |
|
Daily transfer and withdrawal limit |
200.000 MZN |
500.000 MZN |
3.000.000 MZN |
|
Monthly transfer limit |
- |
- |
- |
|
Annual transfer limit |
500.000 MZN |
- |
- |
|
Transfer and withdrawal limit per transaction |
40.000 MZN |
75.000 MZN |
-
|
The following organisations are exempt from applying the above limits: medium and large companies and Public Administration bodies and institutions.
We would also like to inform that Notice 07 comes into force 30 days after its publication.
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Read the original publication at Sal & Caldeira Advogados