It was approved on the former 18 April, the Regulation on the Advertisement of Financial Products and Services, approved by the Order No. 3 / GBM / 2018 of 18 April 2018 of the Bank of Mozambique. The Regulation herein establishes the rules and principles governing the advertisement of financial products and services, as marketed by credit institutions and financial companies as well as other entities under the supervision of the Bank of Mozambique regardless of the medium used to advertise such products.
This order must be read in conjunction with Decree no. 38/2016 of 13 August 2016, which approved the Mozambican Advertising Code. This Order shall come into force 90 days after its publication, that is, on July 18.
This Order regulates the use of commonly used terms within the advertisement of financial products and services, such as "free of charge", "free of charge", "we pay" and "new customers", as well as the principles that govern the advertisement of such products, namely the principles of lawfulness, veracity and transparency of information. Although the regulation is drafted as a general framework applied to the sector, the Bank of Mozambique has specifically regulated the "Housing Loan", "Consumer Credit" and "Deposits" advertisement, to the extent of their importance in the Mozambican banking economy.
The supervision within this framework is carried out by the Bank of Mozambique, based on a compliance model, which may be assessed prior or after the disclosure of the relevant advertisement within Mozambican media.
The breach of the rules of this order are punishable under the Law of Credit Institutions and Financial Companies, and the Bank of Mozambique may, in case of irregularity, require the removal of the campaign in question.