Bank of Mozambique created Government of Mozambique took over, without compensation, the Mozambican operations of Banco Nacional Ultramarino, a Portuguese colonial bank that had been acting as the bank of issue for the colony. This became the nucleus of Bank of Mozambique. In 1977 the government also nationalized almost all banks in the country, including the Casa Bancária de Moçambique, and the Mozambican operations of Banco de Crédito, Comercial e Industrial and Banco Comercial de Angola, and merged them into Bank of Mozambique. At the same time it closed the operations of Banco de Fomento Nacional and Banco Pinto e Sotto Mayor. (The
Bahá'í Faith in Mozambique who returned to Portugal also had contact with the Bahá'í Faith. In 1977 Swaziland elected their own national assembly and Angola and Mozambique continued with a shared assembly. From 1978 to 1992 Angola and Mozambique shared a regional national assembly. In 1985 the Bahá'ís of Mozambique elected their first National Spiritual Assembly, witnessed by Continental Counselor Shidan Fat'he-Aazam. Since its inception the religion has had involvement in socio-economic development beginning by giving greater freedom to women, promulgating the promotion of female education as a priority concern, and that involvement was given practical expression by creating schools, agricultural coops, and clinics.