Digital Financial Services in the Achievement of the Sustainable Development Goals in Mozambique

The main purpose of this chapter is to share how digital financial inclusion can contribute to achieving the Sustainable Development Goals (SDGs) in Mozambique. The chapter presents an insight into the opportunities for digitalization in deepening financial service provision to rural communities, closing the gender gap, and supporting the delivery of multiple SDGs. Financial Sector Deepening Moçambique (FSDMoç) contributes to SDG delivery in Mozambique through its work on innovation and digital financial services. The authors consider financial inclusion a vital issue in driving sustainable livelihoods. The main driver of financial inclusion in Mozambique has been adopting digital financial products and services. According to FinScope 2019, mobile money usage increased from 10% in 2014 to 41% in 2019, showing the potential for digitalization to improve access to financial services in rural communities. However, accessing and using digital financial services (DFS) remains challenging in Mozambique. Many people – mainly women – are excluded from accessing and using digital financial services, enabling them to respond to their family needs, build assets, and take advantage of economic opportunities. This chapter highlights how DFS opportunities can link with real economy initiatives supporting the SDGs’ achievement. The authors make the point that to leverage the potential of digital finance fully, an effort is required from all stakeholders – citizens, government, private and public sector, non-governmental organizations (NGOs), financial service providers (FSPs), media institutions, and academia.