Value without volume: Mozambique’s wallets moved MT213.8bn in November 2025

November 30, 2025

The central bank’s table gave November’s money but repeated October’s operation counts, so the ticket size is the number to rebuild.

Mozambique’s electronic money institutions moved MT213.8bn in November 2025, by the difference between Banco de Moçambique’s cumulative tables, and MT2.18 trillion across January to November. That is 22.9% above the MT1.78 trillion moved in all of 2024, with a month still to run. But the same table repeats October’s operation counts without change, so November’s volume is not yet published.

A payments series that gives value without count cannot give a ticket size, and the ticket size is what pricing, agent float and loyalty design depend on. The month’s headline is therefore about method as much as money: what can be built from the November figures, and what has to wait.

What the November table does say

MT213.8bn moved, of which transfers were MT102.9bn.

The December summary, which carries data to November, sets cumulative wallet value at MT664.8bn for deposits, MT432.9bn for withdrawals, MT1,049.1bn for transfers and MT35.6bn for service payments. Subtracting the previous edition, which ends in October, leaves November at MT66.7bn, MT40.8bn, MT102.9bn and MT3.5bn respectively.

October’s total was MT216.3bn, so November is 1.1% lower in raw value. It also has one day fewer. Per calendar day, November ran at MT7.13bn against MT6.98bn in October, a rise of 2.2%. Read that way, the wallet economy did not pause; it kept growing at a modest rate in a shorter month.

Why the count went missing

Operation counts match October to the last digit, while values keep moving.

The counts in the December edition, 809.9 million deposits, 475.5 million withdrawals, 1,371.8 million transfers and 236.4 million service payments, are identical to the November edition’s. Values differ in every line. A count that fails to move while its value moves is a publication gap, not a quiet month, since wallets processed hundreds of millions of operations in every prior month. Monthly figures here are our own subtraction of cumulative columns, since the bank’s monthly workbook for 2025 stopped at July in the copy we could read, so treat each derived month as an estimate with the bank’s rounding.

The timing coincides with a new reporting regime. Notice No. 5/GBM/2025 of 21 October replaced the 2020 rules on how institutions submit statistics, including on the national payments system. The central bank has not said the two are linked, and we do not assert it. The practical point is that the October count remains the last verified one.

What can still be measured

Agents, accounts and terminals all updated: 432,341 agents, 25.07 million wallets, 33,662 POS.

Network data did move. Agents reached 432,341, up 4,694 on October, and wallet subscribers 25.07 million, up 443,368. Terminals gained again: POS rose by 471 to 33,662, the second straight monthly increase, while ATMs slipped from 1,399 to 1,373. Bank cards in circulation reached 3.58 million.

Against 6.57 million bank accounts by the summary’s own gender split, wallets outnumber bank accounts 3.8 to one, though many people hold several wallets. Lusa’s report on the previous edition, carried by Jornal Económico on 5 February 2026, framed the same gap as 24.6 million wallet accounts against 6.6 million at banks.

How to plan without the count

Anchor on the January-October ticket of MT680 and treat November as unconfirmed.

The last complete ratio is the ten-month one: MT1.97 trillion over 2.89 billion operations, an average of about MT680 per operation. A retailer, lender or advertiser modelling wallet spend for the year-end should use that as the base ticket, with a band of MT650 to MT675 that covers the monthly range seen since July. Avoid extrapolating a November count from October’s value share.

The reach point is safer. With remittances flowing about 80% through electronic money in the national inclusion strategy, as Club of Mozambique reported on 18 August, a brand campaigning around family transfers should buy media where agents cluster. The next decision is to ask the operators directly for November ticket data before signing any promotional pricing that depends on it. Agents should be told the same thing: plan float on the ten-month pattern of about 1.7 deposits for every withdrawal, and revise only when the missing operation counts arrive.