Nedbank goes after youth of Mozambique
Mobile banking and focus on SMEs can serve burgeoning population, bank says
Despite a faltering economy on the back of a hidden debt scandal that has stoked some tensions in a number of banks, Nedbank has not let a good crisis go to waste in neighbouring Mozambique. The bank, South Africa's fourth-biggest, has plans to expand its subsidiary in Mozambique, Banco Único. Único was the 18th bank to enter the market when it opened its doors in 2011, but has since become the country's fifth-largest bank by deposits and loans, after gaining traction with corporate customers, small and medium-size enterprises and affluent retail customers. It will now pursue the country's mass market, with the launch of its first mass-market branch early next year. "When we started we were very focused on corporate clients. Those are the ones with less risk in terms of loans. But that was not our main strategic decision, [instead it] was to be a universal bank," said Único CEO António Correia. Some of Único's 20 branches, most of which are in Maputo, are specialised, in line with t...
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