Mozambique’s Ministry of Finance published an update on Parliament’s approval, in general terms, of a draft law establishing the Insurance and Pension Funds Supervisory Authority of Mozambique, intended to create an autonomous supervisor for the insurance and pension funds sectors. Finance Minister Carla Loveira framed the initiative as aligning Mozambique’s supervisory framework with international core principles and with regional standards in the Southern African Development Community, as well as with requirements associated with the African Continental Free Trade Area. The ministry noted the insurance market comprises 19 insurers, eight pension fund management entities and one microinsurer, alongside a broad network of intermediaries, and highlighted low penetration indicators from a 2022 national financial literacy survey, including 30.6% of adults having a bank account, pension coverage of 14% of the adult population and 17% of adults having access to an insurance product. The release did not set out a timeline for the authority’s establishment or the remaining legislative steps.
Ministry of Finance (Mozambique) 2025-12-10
Mozambique Ministry of Finance announces Parliament has approved in principle a bill creating an Insurance and Pension Funds Supervisory Authority
Mozambique’s Ministry of Finance announced Parliament's general approval of a draft law to establish the Insurance and Pension Funds Supervisory Authority, aiming to align with international and regional standards. The initiative addresses low financial penetration, with only 30.6% of adults having a bank account and 17% accessing insurance. No timeline was provided for the authority's establishment.