Johannesburg, 23 September 2015. FinMark Trust released the results of its second FinScope Consumer Mozambique 2014 survey results today.  The FinScope Survey, developed by FinMark Trust, is a research tool to assess financial access in a country and to identify the constraints that preventfinancial service providers from reaching the financially under- and unserved people. The FinScope Survey is a nationally representative survey ofhow individuals source their incomes and how they manage their financial lives. It also provides insight into attitudes and perceptions regardingfinancial products and services. To date, FinScope Consumer Surveys have been conducted in 22 countries including Mozambique.

The FinScope Consumer Survey Mozambique 2014 was funded by FinMark Trust and UKaid from the Department of International Development Mozambique. Below are some of the highlights from the 2014 survey, conducted between April and July 2014, with a national representative sample of 3 905 adults aged 16 years and older.

Financial inclusion overview

The survey showed that 20% of the adult population of Mozambique are banked indicating an increase from 12% in 2009. The level of financial exclusion has decreased from 78% in 2009 to 60% in 2014. Banking is driven by transactional, remittances and savings products – the survey indicates that 76% of the banked population have transactional products, while 60% use banking products for remittances purposes and 36% use savings products.  On the other hand, informal mechanisms are mainly driven by savings whereby 84% of adults use savings groups and only 14% use informal remittance mechanisms. Other formal non-banking products are driven by mainly insurance (52%) and mobile money account at 26%. According to the survey, consumers use a combination of financial products and services to meet their financial needs. The survey showed that 10% of the population use a combination of formal and informal mechanisms to manage their financial needs indicating that their needs are not fully met by the formal sector alone. 16% of the population rely on informal mechanisms such as savings groups (Xitique) or Accumulating Savings and Credit Associations (ASCAs) to save or borrow money.


The survey shows that the banked population has increased from 12% in 2009 to 20% in 2014. 80% of the adult population are not banked with not having enough money (65%) cited as the main reason for not being banked. Others (20%) have indicated that banks are too far away while 8% do not understand the benefits of banking. Of the 20% who are banked, 70% open a bank account for safety reasons while 49% consider it an easy way to receive money from others, and 40% receive their salary from an employer via a bank account.

Savings and investments

According to the survey, 65% of adults in Mozambique do not save. The survey showed a significant decrease in savings from 79% in 2009. Of those who do not save, 51% indicated that they do not have spare cash after living expenses while 20% put all their money into the household pot.  Only 35% of adults save – of those who save, 37% do so to increase their income, while 31% save for living expenses and 11% save to build a house.

 Credit and borrowing

The survey shows that 90% of adults do not borrow decreasing from 92% in 2009. Of those who do not borrow, the main reasons for not borrowing are fear of debt (32%), while 28% have not thought about borrowing and 9% are concerned about defaulting.  On the other hand, only 10% of the population borrow mainly from family and friends. Of those who borrow, 32% do so for non-medical emergencies, while 26% borrow to start or expand a business, 19% borrow to build/renovate a house and 15% for living expenses.

Insurance driven by funeral and life insurance

The survey indicated that 92% of adults in Mozambique do not have insurance covering any kind of risk. Of those who are not insured, 58% claimed that they do not know about it while 30% claimed that they have never thought about it. 27% of the adult population claimed that they do not know how insurance works while 14% believe that they do not need insurance. According to the survey 8% of adults have insurance. Of those who are formally insured, the uptake is driven by personal funeral insurance (30%), employer funeral insurance (15%) and life insurance (13%). Only 8% of those who are insured have a medical aid with an employer. The uptake of informal insurance is driven by informal funeral plan (37%), other informal insurance (25%) and an agreement with a church (8%).


According to the survey, 23% of adults claimed to remit – of those who remit, 1% used other formal remittances channels mainly mobile money and other cross-border channels such as Teba, Moneygram, Western Union. 11% remitted through family and friends while 4% used informal mechanisms such as bus/taxis to send receive money. Only 12% of the population sent or received money through a bank.

Mobile money usage low

The survey showed that 97% of the population do not use mobile money services. Of those who do not use mobile money services, 79% are not aware of it, while 11% do not have enough information. 3% indicated that there are no mobile money service providers in their areas while 4% claimed to not have thought about it. On the other hand, of the 3% of Mozambicans who in fact use mobile money services, 39% claimed that it is convenient and 33% found it cheap while 21% found that it is suitable for clearing bills. 18% of those who use it claimed that it is the only service available in their area.


Overall the survey showed that the informal sector is the main source of income with farming as the main source of income for most Mozambicans. Financial inclusion increased from 22% in 2009 to 40% in 2014 mainly due to an increase in the banked population (12% in 2009 to 20% in 2014). Accessibility to banking infrastructure is still a barrier in the rural areas where 70% of adults live. Mozambicans are more likely to save (35%) than borrow (10%). Although mobile money is an effective platform with the potential to reach a large number of adult Mozambicans the adoption rate is low (3%) mainly due to lack of awareness (79%). Consumer education and financial literacy are issues which require emphasis at policy level and basic education level.