Credit and debit card transactions by Mozambicans abroad drastically increased from US$300 million in 2012 to US$800 million in 2014. This is equivalent to more than half of the Southern African country’s exports made last year, valued at US$1.5 billion.

To help reduce foreign exchange flows and ultimately protect Mozambique’s economy, the government plans to limit the use of locally issued credit and debit cards by its nationals travelling abroad. According to a Mail & Guardian Africa report, authorities are still working on what the card usage limit will be.

8 December 2015
Image: iStockPhoto