Markets From Scratch In Mozambique’s Boldest Financial Evolution Yet

Licensed primary dealer directly facilitating public debt and market education. Driving securitization projects across Mozambique’s capital markets sector.

“We’re helping the government cut interest costs and rethink how public debt is placed.” Joaquim Bazar, the founder and CEO of Amaramba Capital Dealer.

In a country with vast untapped potential, Amaramba Capital Dealer (ACD) is reshaping the very boundaries of Mozambique’s financial markets. By introducing modern brokerage practices and redefining public debt strategies, the firm is playing a central role in the evolution of the country’s investment landscape.

“Mozambique needed an independent player that could drive capital market growth,” says Joaquim Bazar, the founder and CEO of  Amaramba Capital Dealer. Drawing on years of
 banking experience, including time at Barclays,  Bazar identified a significant gap in the financial services sector. His goal: to establish a firm capable of challenging the dominance of traditional banking models and fostering deeper market participation.

“Capital markets were largely being handled by banks, but we saw the need for a dedicated, standalone institution focused entirely on market-making.”

Founded in 2019 as the country’s first independent stock brokerage firm, ACD quickly expanded its vision. By 2022, the company had transitioned into a primary dealer licensed by the Bank of Mozambique, giving it the authority to deal directly with the government on public debt instruments. “This change allowed us to do more than just execute trades. We now make markets, advise the government, and educate investors,” Bazar says.

One of Amaramba’s most impactful achievements came shortly after securing its primary dealer license. Working closely with the Debt Management Office, the firm helped lower the cost of public debt. “We reduced interest rates through more strategic placements. As we are a non-bank financial institution, our role is limited to market intermediation, which gives us room to negotiate and push for better terms for the state,” Bazar says.

The company’s transition wasn’t merely an expansion of services. It was a pursuit for a broader mission: making capital markets accessible and relevant to everyday Mozambicans. Amaramba has introduced a range of financial literacy initiatives, targeting universities, training centers, and businesses.

“People here often think investing is for the elite or that it’s a gamble,” Bazar says. “We’re changing that by sitting down with our clients, helping them understand what shares and bonds really are.”

The firm’s research team plays a key role in this process. They produce educational materials and deliver one-on-one training to equip clients with skills to interpret financial statements and assess investment opportunities. “We’re encouraging them to identify who is cash-rich and who is asset- poor and make informed decisions,” Bazar says.

Mozambique’s market has been dominated by banks and pension funds, many of which use a buy-and-hold strategy that limits liquidity. Amaramba is offering a different model. “We are creating a structure that supports investment flows and financial confidence by nurturing a culture of savings, accountability, and long-term planning,” Bazar says.

Despite challenges such as low market volatility and limited secondary trading, Bazar sees an opportunity. He envisions future growth tied to large infrastructure and logistics projects, such as developing a dry port in southern Mozambique. “We’ve got trucks lining up at borders and vacant plots ready to be used. Why not securitize those opportunities?” he says. He believes that capital markets should be the primary source of funding for national development, not just an alternative to bank loans.

Bazar also points to the potential of real estate investment trusts (REITs) and bond issuances backed by Mozambique’s abundant natural resources. “We have the minerals, the gas, the land. What we lack is the structure to link those assets to the market. If we had a bond tied to offshore projects in Pemba, we could trade that internationally,” he says.

Amaramba’s approach is collaborative. The firm is working closely with regulators, the central bank, and policymakers to ensure Mozambique’s financial ecosystem evolves in line with international best practices. “We are structuring great projects to expand investment options in Mozambique. With more options, you get a developed market,” Bazar says.

From market-maker to educator, Amaramba Capital Dealer is building a foundation for a more inclusive and dynamic financial future in Mozambique.