Africa Award Banking Fintech Mozambique Tech

Millennium bim awarded “Bank of the year” by The banker magazine

Millennium bim has been distinguished with the “Bank of the Year of Mozambique 2019” Award by FT’s The Banker magazine. The award marks the bank 100th accolades, a collection awarded by different entities.

A ceremony took place in London, highlighting Millennium bim as the banking reference in Mozambique and recognizing its performance and credibility in the sector.

The award is widely recognized as a benchmark for international banking and the magazine’s editors base their decision on different factors such as profitability, growth and efficiency, as well as strategy, leadership, innovation and social responsibility to select the winners.

The judges awarded the title of Bank of the Year to Millennium bim thanks to improvements in the bank’s asset base and profitability, together with the landmark launch of its WhatsApp banking service and its partnership with mobile money pioneer M-Pesa.

Millennium bim’s asset base grew by 10.3% in 2018, compared with just 0.9% in 2017, with its Tier 1 capital position improving by 17.1%. The lender’s net profits, meanwhile, rose by 14.2%.

Key ratios were mixed, with return on equity falling to 22.4% in 2018 from 23.6% in 2017, and the lender’s non-performing loan ratio edging up to 5.3% from 5% previously. Efficiency continued to improve, however, with the cost-to-income ratio falling to 38.96% from 39.8%.

In December 2018 the lender announced a partnership with M-Pesa, the Kenyan mobile banking pioneer, enabling customers to make mobile money transfers between the two platforms from their mobile phones, without needing to visit a branch.

Then in May 2019, the bank became one of the first in Africa to launch banking services on WhatsApp on its existing IZI platform. IZI on WhatsApp offers functions including balance and transaction checks, withdrawals and airtime top-ups.

“By ensuring we have the best professionals, we have become market leaders in balance sheet strength, capital adequacy, efficiency, digitisation, security and innovation,” says José Reino da Costa, Millennium bim’s CEO. “We are focused on ensuring we provide services and products that exceed our customers’ expectations. Our ever-growing footprint keeps us close to the community.”

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

%d bloggers like this: