The number of bank branches in operation in Mozambique has reached an all-time high, at 541. That is an increase of 21 units over 2013, according to the country’s central bank.

The number of banking institutions in Mozambique is unchanged from 2013 levels at 18, local newspaper O País reported, quoting Ernesto Gove, the head of the Bank of Mozambique.

The number of branches for microbanks also increased in 2014. There was a net increase of eight outlets, raising the total to 37.

Mozambique’s banking system also includes eight cooperative banking institutions.