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Mozambique Banking Outage Wreaks Revenue Havoc for Business

  • Customers unable to swipe cards, withdraw cash from ATMs
  • System’s operator unable to say when outage will be resolved
Updated on

Mozambican companies are facing a collapse in revenue because of an interbank-payments system outage that began last week, according to the country’s biggest business association.

Retailers are seeing daily sales fall by as much as 90 percent, with restaurants and hotels suffering reductions of as much as 70 percent, Bernado Cumaio, director for financial policy at the Confederation of Business Associations of Mozambique, told reporters Monday.