africa Banking Economy FDI Finance Financial Inclusion Mozambique

UnionPay launches card service in Mozambique

China’s UnionPay International has reached an agreement with Banco Société Génerale Moçambique to launch its payment cards in Mozambique.

The launch is intended to facilitate transactions for Chinese cardholders who live in Mozambique, as well as to promote business between the countries.

China UnionPay International managing director Laurent Thong Vanh said: “We launched the payment card in Chinese currency today and with this launch we complete the map of the presence of UnionPay International in the countries where the SG Group is represented.

“We only needed Mozambique to have the service in all 17 countries where we have a presence in Africa.”

Thong Vanh added that the move is expected to enhance the attractiveness of the Mozambican market for Chinese tourists and investors.

Société Générale Moçambique is the current name of French group Société Générale that changed after the purchase of 65% stake in Mauritius Commercial Bank Moçambique in October 2015.

Source: Cards International

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