FNB Mozambique is entering a new phase of its growth journey, following a deliberate period of internal reset aimed at strengthening the business for long-term success in a rapidly evolving market.

Over the past year, the bank has focused on delivering excellent service and meaningful help to its customers whilst reinforcing its operational resilience, sharpening its strategy, and building a leadership team equipped to compete at the highest level.

Following the appointment of Dennis Mbingo as Chief Executive Officer in January 2025, the bank has reshaped its Executive Committee - bringing together strong local expertise and experienced leaders to position the business for the opportunities ahead.

Explaining the changes, Dennis Mbingo said FNB Mozambique believes the long-term opportunities in the country were exciting despite current economic pressures.

“Mozambique remains a market with meaningful long-term potential. While there are undeniable challenges in the short term, these will be overcome through sustained collaboration between the public and private sectors. Our responsibility has been to ensure that FNB Mozambique is ready - structurally, operationally and culturally - to compete at the level this market demands.”

Leadership changes to reposition the business for growth

As part of this shift, the bank has made a series of strategic leadership appointments designed to build a leaner, more agile and technology-enabled organisation.

Mr. Kampamba Mulenga has joined from FNB Zambia as Chief Financial Officer, bringing experience from one of the FNB’s strongest-performing subsidiaries. Ms. Fatima Mohamed has been seconded from FNB Broader Africa as Chief Information Officer, strengthening the bank’s technology and digital capability.

The bank is also in the final stages of securing regulatory approvals for the appointment of a new Chief Operations Officer and Chief Risk Officer - both critical roles in enabling the next phase of growth.

Current executives Ms. Yolanda Braga and Ms. Mónica Souto are expected to transition into new roles, subject to regulatory approval, focused on Customer Experience and Company Secretary responsibilities, respectively, where their deep market knowledge will play a key role in supporting long-term value creation.

Sharpening focus and getting closer to customers

At the core of the bank’s repositioning is a deliberate shift towards building a more diversified and resilient business model.

Mbingo noted that recent performance underscored the need to evolve the bank’s approach in response to changing economic conditions.

“Our recent results reflect the pressure that has built within the broader environment. This has reinforced the need for us to accelerate our transformation - to diversify our business and build greater resilience over time.”

As part of this shift, FNB Mozambique appointed local banker Mr. Alberto Magaia Jr. in 2025 to lead its Commercial and SME business, where early results have been encouraging.

“He has delivered exceptional momentum, growing his portfolio significantly within a challenging environment. It is a strong signal of what is possible when we align the right talent with the right opportunities.”

Building on this momentum, FNB Mozambique is in the process of appointing another strong leader to run its corporate business. Mbingo highlights that, “While international expertise has helped establish strong foundations, long-term value in any market is built by people who understand it deeply. My belief in Mozambican talent is unwavering - and we are committed to creating the space and support for that talent to lead.”

 

Expanding reach and redefining customer engagement

The current Retail Executive, Mr Nasser Meggi, will have his portfolio expanded to cover opportunities in the centre and north of the country.

 

At the same time, the bank is rethinking how it serves its customers in a changing environment.

 

Concluding, Mbingo said “A key part of our future strategy is reimagining how we engage customers. As needs evolve, traditional branch-led models must be complemented by more innovative, accessible and scalable solutions. We will be returning to the market with a differentiated offering - one that is designed to better meet the expectations of current and future customers.”