Stronger economy fuelling Metrofile growth in Mozambique

Strong economic growth in Mozambique has contributed to a significant business uptake at Metrofile Records Management Mozambique – a group company of JSE-listed Metrofile Holdings Limited.

The Mozambican economy grew by 6.5% in the first six months of 2013, compared to the same period last year, with the strongest growth of 23.3% being recorded in the financial services sector.

According to Artur Martins General Manager of Metrofile Records Management Mozambique – a group company of JSE-listed Metrofile Holdings Limited, the positive economic growth in the country has required Mozambican businesses to catch up to international standards of information and records management.

This uptake is proven by the significant growth of the Metrofile Records Management Mozambique branch (first established in the capital city of Maputo in 2008) which has achieved its 5 year forecasted growth in only one year, says Martins. “This has resulted in the company having to increase its capacity to cater for this continuous growth. Only a year ago the branch moved to new facilities with two warehousing spaces (12000m2 each) and we are now looking for a third warehouse.”

This adoption of information and records management solutions is especially evident in the Mozambican banking sector. “All banks have to comply with legislative requirements for information and records management in order to avoid the overall rating of the country being downgraded, so effective records management is becoming increasingly critical as the economy grows.”

He highlights that Mozambican banks are required to keep accurate records for a period of between 15 to 20 years, compared to South African banks which are only required to store documents for up to five years. “The amount of paper that has to be stored for 20 years is significant. As markets mature and the economy continues to grow at a fast pace, companies are opting to outsource this service to specialists as they do not have the necessary resources or skills to effectively manage this growing amount of information and records.”

Martins says the market is also maturing with regards document management trends as there is a bigger uptake of data storage services in the country. “This means companies in Mozambique are slowly starting to adhere to the digital document format, proving the market is aligning itself more closely to international trends.”

We anticipate further growth as businesses become more aware of the business benefits of effective information and records management solutions, concludes Martins.