Mozambique’s banking sector is emerging as a critical engine for economic growth, financial inclusion, and foreign investment. In 2023, financial services—including banking—accounted for approximately 5.2 % of GDP, underscoring its growing importance in a landscape traditionally dominated by agriculture and natural resources.

As of 2023, total bank assets equated to nearly 67 % of GDP, reflecting an expanding, though still under-penetrated, financial system .Banks are well-capitalized, with capital adequacy ratios well above regulatory minimums and Non‑Performing Loan (NPL) rates moderating around 6–8 %. 

A noteworthy shift is under way: as European banks retreat, American banking interests are increasing their presence in sub‑Saharan Africa. Institutions like Citi and Bank of America actively explore business across sectors including energy, minerals, and infrastructure. Mozambican commercial banks are expanding capacity and could be potential partners for American firms .

The U.S. Ex‑Im Bank has underpinned financing for over USD 4.7 billion toward Mozambique LNG, enabling American contractors to secure an estimated 30 % of project contract value  This involvement naturally increases demand for correspondent banking, trade finance, and FX services.

Mozambique’s banking sector is strategically poised to support and benefit from the country’s ambitious economic agenda. With strong fundamentals, rising infrastructural needs, and growing U.S. engagement—fueled by robust LNG and energy projects—there is a compelling opportunity for U.S. banks, fintech innovators, and investors to help shape the future of finance in Mozambique.

By partnering with Mozambican institutions, expanding digital inclusion, and financing transformative ventures, American financial players can both capture significant returns and foster sustainable economic growth.