Bank of Mozambique establishes Mozambique Instant Payments System requiring funds availability within 25 seconds

The Bank of Mozambique has created the Mozambique Instant Payments System (SPIM) and approved a rulebook governing its operation, establishing an electronic mechanism for digital payments designed to make funds available to beneficiaries immediately. SPIM will be operated and managed by Sociedade Interbancária de Moçambique (SIMO). The framework applies to SPIM participants, including SIMO, credit institutions, payment service providers and other entities authorised by the Bank of Mozambique, and allows for direct participation (connection to SPIM) or indirect participation via a direct participant. Participation is mandatory for electronic money institutions, and direct participation is mandatory for credit institutions with at least 5,000 active clients/accounts or annual RTGS or CEL transfer volumes of 10,000 transactions or more; SIMO assesses participation requests and forwards them to the central bank within 30 days, with the Bank of Mozambique deciding within seven days. SPIM will operate 24/7, require funds to be made available within 25 seconds, and provide payment finality after netting results are calculated, with multilateral net positions capable of being settled more than once per day. Interbank SPIM transactions initiated by individuals are exempt from fees and commissions, and daily limits are set at MZN 200,000 for individuals and MZN 500,000 for legal entities (per bank account), while banks may set lower limits for risk and control reasons and electronic money institutions remain subject to existing limits. The notice enters into force on 2 March 2026.