By Stélvio Martins
Maputo (MOZTIMES) – Mozambique is running serious risks of being regarded as a refuge for criminals practicing illicit acts in the financial area, because it has not taken concrete actions to combat this evil, according to specialists in the matter.
For example, the illegal credit application “Mz Cash”, operated by Visioncred, Lda, is challenging the supervision of the Bank of Mozambique (BM). There are concerns that this platform, which has been available in Play Store for more than six months, is linked to money laundering and terrorism financing. It thus threatens to perpetuate the inclusion of Mozambique on the grey list of the Financial Action Task Force (FATF).
“Mz Cash” charges exorbitant interest rates, collects personal data such as names, addresses and photographs, and uses the M-Pesa mobile bank to grant loans. It uses coercive debt collection methods, including visits to the homes of clients before the payment deadline has expired, which has led to on-line denunciations, and exposes risks to the safety of users.
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