About Us

About Company

Who We Are

Amaramba Capital Dealer – Sociedade Financeira de Corretagem, SA (ACD) provides cross-asset, domestic securities trading, as well as market intelligence services to institutional, corporate, and retail clients.

With the transformation of Amaramba Capital Broker – ACB in June 2022 Amaramba Capital Dealer – ACD has now positioned itself as Mozambique’s largest full service brokerage & dealership and non-bank advisory institution.

Amaramba Capital Broker – ACB was a full-service brokerage entity affiliated on the Mozambican Stock Exchange (BVM), member of Depository & Settlement Services Scheme (CVM) with a history dating back to the 2019.  ACB adds over four years of excellence in financial services across Mozambique’s Capital and Monetary Markets up to its transformation in June 2022 to Amaramba Capital Dealer – ACD leading brokerage & dealership and investment advisory platforms with the aim to increase over time its foothold in Mozambique.

ACD’s core strategy is underpinned by an unwavering focus on exceeding client expectations through unmatched excellence across the financial services spectrum by providing cross-asset, domestic securities trading, as well as market intelligence services to institutional, corporate, and retail clients. With some 4 years’ experience as a licensed firm under stockbroking scheme, ACD has a team of qualified investment dealers and research analysts which will help you make informed decisions for your investments on the domestic capital market with emphasis to primary and secondary markets through Stock Exchange of Mozambique (Bolsa de Valores de Moçambique – BVM).

ACD services cover trade execution, intermediary settlement on behalf of the Central Depository & Settlement (Central de Valores Mobiliários – CVM), intermediary custodian services through the CVM, lead brokerage/dealership services for an IPO (primary market), additional listing or takeovers. In addition to our share trading related services, we also cover in-depth market analysis with the help of our research team who regularly produce an economic perspective on key market sectors and company valuations.

We are fully aware that timely knowledge and responsiveness are key catalysts to stay ahead of markets. Hence, our fundamental research and our near intuitive feel for prevailing market conditions helps us guide our clients towards optimizing their investment portfolios.

ACD is regulated by the Bank of Mozambique (BM) in Mozambique. The company is a member of the Stock Exchange of Mozambique and participant of the Central Depository & Settlement (CVM).

Since 2019, being pioneer in the capital market in Mozambique, we have created and developed our own market niche, which we manage in-house, as our team with emphasis to traders are trained to be proactive and provide our clients with real-time actionable updates by breaking news flow followed by impact assessment through our research team. This allows our clients to remain ahead of the curve in terms of information efficiency.


Committed to reshape capital market in Mozambique and improve the financial well-being of its people


Emerge as the premier Mozambican primary dealer with best-in-class global practice in securities trading, products innovation, and customer service to facilitate the financial well-being of the society.


To unleash the true potential of wealth to enhance the wealth-generating capability of our client base in a globalizing environment.


ACD is committed to core values - Integrity, Customer Centricity, Trust, Respect, Passion for Excellence, Teamwork.


Corporate Social Responsibility (CSR) in ACD is aligned with its tradition of creating wealth in the community with a two-pronged focus on Education & Health. Besides planning on funding charitable causes for the elderly and the physically challenged, ACD will be supporting the rehabilitation and restoration efforts in sponsoring sustainable growth of communities deprived of the basics in Mozambique.*'

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Meet the Team

Meet our Directors and Company Secretary

Joaquim Moisés Bazar ​

Founding & Managing Partner

An accomplished investment and financial professional with more than 20 years of experience in contributing extensive financial and business acumen to high net worth and corporate clients. He worked for one of the biggest names in the industry, Barclays Bank.

Bazar has served on several privately-owned companies, has been a guest lecturer on Management, Accounting & Finance at various training entities/institutes and serves on the college of Finance as a Financial Lecturer at Universidade Técnica de Moçambique (Technical University of Mozambique).

In late 2015, he founded Amaramba Investimentos, a financial and investment boutique firm serving the local market and in late 2017 founded Amaramba Capital Broker, the first independent stockbroker in Mozambique which has been rebranded and transformed to Amaramba Capital Dealer (Primary Dealer) later in 2022. Bazar is the managing partner for both entities and chairs the entities’ board of directors. His focus is ensuring Amaramba Capital Dealer as well as Amaramba Investimentos live up to their dual mission of assisting our clientele realize lasting and substantial improvements in their performance when comes to funding and/or investment schemes, while also attracting developing and retaining exceptional people in an inclusive culture. Bazar holds a degree in Finance, summa cum laude, from Universidade Técnica de Moçambique (Technical University of Mozambique) and holds an MBL as well as professional certifications in:

1. Management Business & Leadership from Gordon Institute of Business Science (GIBS) – South Africa, Pretoria
2. Management Business & Leadership from Duke University – South Africa, Johannesburg.
3. Certificate of Completion and Mastery: Capital Markets Professional Certificate Course from New York Institute of Finance (NYIF) – USA, New York
4. Financial Market Certificate: Financial Markets Course from Stock Market College – South Africa, Johannesburg

Baptista is an excellent professional in the Financial Management area, having a versatile profile that allows him to rigorously adjust the most diverse related tasks. He possesses outstanding competencies that will process accounting data to objectively shape the economic-financial perspective of the institution in a real determination, with a view to assessing the need for increased productivity and certain “optimal” levels and mastery of the “optimal” levels to seek to maximize them. He is also responsible for analysing trends and scenarios where an institution is integrated, oriented to/assessing risks and opportunities from an accounting and financial point of view, as well as their impacts within the various functional units. He is also well-versed in human resources management and taxation subjects.

Baptista Machava Júnior

Head of Finance / Human Resources

Allen do Rosário Neves Mudaúca

Head of Risk / Data Analysis

Allen provides hands-on development of risk models involving operational risk, assures controls are operating effectively, and provides research and analytical support. He has excellent quantitative and analytical skills, along with the ability to apply those skills across a variety of business processes. Allen develops risk maps and formulates strategic action plans to help minimize, manage, and mitigate primary risks and then monitor the progress of these efforts. He ensures that risk management priorities are reflected in the company’s strategic plans. In the Data Analyst arena, he reviews data to identify key insights into the business customers and ways the data can be used to solve problems. Allen has an eye for detail, commercial awareness, planning and organizational skills, the ability to understand broader business issues, and communication and presentation skills.

Renata draws from knowledge of specific markets to develop a trading strategy that responds to trends in the current market to enact trades on both the sell side and the buy side. An outstanding individual with solid skills in interpreting and presenting business & financial analysis. Renata’s key strengths lie in her ability to influence future business decision-making and the ability to effectively juggle multiple priorities. She is more than able to work in an environment of change, challenge and multiple deadlines. On top of this, she is well-versed in reviewing accounts and communicating key information and analysis to senior management. As a true all-rounder, she has building experience in streamlining business processes and driving efficiency.

Renata Fernanda N. Dos Santos

Head of Trading (Fixed & Floating)

Luane Bernardo

Head of Operations

Luane Bernardo started as Executive Personal Assistant and has been awarded the promotion to Head of Operations effective February 1, 2023. During her short tenure with us, she has worked in the admin & executive sphere, proving herself to be a loyal advocate for our company.

Luane’s great wealth of experience and ability in stakeholder management, customer service, and communications, along with her years of experience in admin, made her an excellent candidate for the position of Head of Operations. She now organizes and oversees the daily operations of our financial entity by making sure that our business is well-coordinated and productive. Her area of responsibility is very wide and thus requires thorough knowledge of various processes across the entity. Luane is multi-skilled and able to plan many kinds of operational activities. She can discover the most efficient ways to run the business to safeguard and augment the efficiency of our operations stream to facilitate accelerating development and long-term success.

Mário is an organized, diligent, and proactive Head of Legal & Compliance and ensures that all our operations comply with government regulations and industry-specific requirements.

He is in charge of developing a comprehensive compliance management strategy, contracts, and service-level agreements and overseeing their implementation. He formulates internal legal & compliance frameworks and guidelines and makes sure they satisfy all the demands from the body of regulators. He coordinates, assesses and reviews reports from third parties (outsourced service providers) to mitigate any compliance risks, legal irregularities, and various regulatory gaps, and provides guidance to the team for viable solutions to different legal & compliance issues. Periodically, he promotes awareness of proper measures and practices required to ensure high levels of compliance across all departments. Mário is also responsible for organizing meetings and seminars, as well as holding presentations on new compliance policies framework. To that end, he is always up to date on any changes to relevant laws and regulations that affect our industry in Mozambique.

Mário Jorge Ferreira

Head of Legal & Compliance

Fernando Hassane Reinaldo Cuna

Management Accountant

Fernando is responsible for tax and financial analysis, having developed experience and mastery in the various stages of the accounting process, with emphasis on the recording of all the facts that occur and can be represented in the form of monetary values, allowing the calculation of revenues, costs, expenses, profit, taxes, as well as the statement based on the records made, periodically expose the economic, patrimonial and financial situation of the company. He also has basic knowledge in data analysis and problem-solving in the phenomena that result from the tax performance of the business.

Crice is heading Market Survey and Marketing & Communications at ACD.  She is results-oriented and data-driven with a comprehensive background in completing strategic market planning, developing new business strategies, and creating marketing plans.  She leads a variety of market research projects (including both primary and secondary research) for business development and market expansion activities under the domestic capital market through the development, implementation, and evaluation of marketing initiatives to boost branding and sales. In parallel, she engages customer solution process (Customer Value Management) by conceptualizing and renovating existing CRM and in-depth analysis of market trends. Crice is an insightful and internal advocate with cross-functional teams including product, product marketing, engineering, and communications. She is also responsible to expand the alliance relationships network by building relationships directly with market key stakeholders and across the entire institution.

Crice holds an Honors Degree in Business Management.

Crice Eunice Amosse

Head of Market Intelligence & Research / Marketing & Comms

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Securities Market Overview​

The Mozambican securities market is regulated by the Bank of Mozambique (BM).

The Stock Exchange of Mozambique (BVM) is the sole securities exchange in Mozambique and specializes on equity and fixed income securities.

The BVM is still a ‘traditional’ market whereby sellers cannot ‘short sell’ (i.e. sell securities that they do not yet own) and buyers have to take delivery of securities that they purchase. The BVM allows trading in multiple classes of securities: equity, floating and fixed income. We are working to expand the classes of securities by adding unit trust.

Equities are traded on two markets: the ‘Official List’ and the ‘Second Market – Development and Enterprise’ (SME). The difference between the two lies principally in the minimum free-float and number of shareholder thresholds. Fixed Income securities are also traded on multiple boards: one for ‘Official List’ debentures, one for ‘SME’ debentures, and final board for Government of Mozambique Treasury Bills through Bank of Mozambique. Unit Trust will also be traded on the same board at bonds and equities.


Board Charter

AMARAMBA CAPITAL DEALER, SA is a Mozambican company and the first licensed independent stock broker by the Central Bank (Capital Market Authority), which is engaged in the business of stock brokerage, bond dealing and financial advisory.

A key flow of the system and one of the Capital Market maintains a low profile in having a vivid and sound Capital Market. Notably, all major banks have their own brokerage arms or at least hold the respective licenses, however, the Expressive part of major banks has its own brokerage arms only by a way of addition to the core business.

Being the first independent broker firm operating in Mozambique, we intend to catch the same market pool merely for capital market as opposite to commercial banks (for those looking for funding and those investing).

The Board of Directors is responsible for the management of the company. The current members of the Board of Directors were elected at the General Meeting on dd:mm 2022, having xx executive members, of whom xx are independent directors. The members of the Board of Directors have recognized skills, academic background, and professional experience, considering the activities intended by the Company and the strategy defined for future years.

The Operational Risk Governance at ACD is aligned with the Operational Risk Platform, standards, policies and procedures often implemented in active markets. ACD may establish, where deemed appropriate, additional/complementary business specific standards, policies and procedures under the General Regime of Credit Institutions and Financial Companies.

Risk management is a fundamental pillar of ACD’s strategy, applied, structured and disciplined to risk management throughout the organization. ACD has a risk management framework (ACD Operational Risk Platform) related to its activities and positions, which includes tools to monitor the symptoms of institutional management such as Detailed Risk and Control Assessment (RCAs), Key Risk Indicators (KRI), Key Risk Events (KRE) and Key Risk Scenarios Assessment (KRS), in which the primary responsibility for Operational Risk management resides in the Functional and Business Areas where the risk is taken.

The Operational Risk platform that is aligned and obligated to comply, meets the needs of internal management, and satisfies a number of governance requirements, including Basel and Principal Risks.


Project Concept


Market Intelligence

Project Information Pack

License Application

Project presentation to Central Bank Executive and DRL (Regulatory and Licensing Division)
Operation Risk Framework

Follow up meetings and exchange of several information with Regulatory and Licensing Division, Central Bank

Authorization by Central Bank


Corporate certificate and Special regime


Securities Exchange co-ordination and Kickoff


Late in 2022, repositioning from Broker to Dealer (Primary Dealer) and appointed as Specialist Government Bonds Trader


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Frequently Asked Questions

Financial markets, from the name itself, are a type of marketplace that provides an avenue for the sale and purchase of assets such as bonds, stocks, foreign exchange, and derivatives.