Order no. 03/GBM/2018 of 22 March 2018 regulates the Products and Financial Services advertisement in Mozambique.
Under such Order, Banking and Financial Institution under the supervision of the Bank of Mozambique must abide to the principles of transparency and precision when proceed with the advertisement of its products and Services, regardless of the type of advertisement used for such effect.
Furthermore, words or expressions equal to “without interest”, “without costs”, “without initial deposit”, “guaranteed acceptance”, “money back” or “offer”, among others, may only be strictly used under the prescribed context. This specific regime also provide certain rules intended for the regulation of housing and consumer loans.
The Sanction Framework determines that such conducts are punished under the Credit and Financial Institutions Law and the Bank. Further, the advertisement campaign, in case of detection of any type of violation, may be suspended, amended or withdrawn.
Order no. 03/GBM/2018 of 22 March 2018 shall enter into force 90 days after its publication.