Angola: Banking system sees significant growth over last six years

30 April 2008

Luanda, Angola, 30 April – The Angolan banking system has grown over the last six years, particularly in terms of deposits, loans granted and the number of branches, the vice-president of the Angolan banking association, Coutinho Nobre Miguel said Tuesday in Luanda.

In an interview with Angolan news agency Angop on the expansion of banking activities in the country, Nobre Miguel, who is also president of the executive commission of Banco Sol said that growth in deposits and loans granted also meant there had been increased Access to banking in the economy in general.

He noted that the expansion of banking activities was due to three main factors: the diversification of banking products and services, the opening of more banks in the market, as well as exponential growth of the national economy.

According to Nobre Miguel, the Angolan economy has entered a phase of growth and development and this is increasing the confidence of national and foreign business owners that are looking to carry out their transactions with the country’s banks.

With the increase in deposits, particulalry long term, he said, the banks will be in na optimum position to help develop the economy, by providing loans to the manufacturing sector, and this is, in fact, what has been happening.

In relation to the benefits of the expansion of the bank sector, the vice president of Abanc said that these were clearly visible, as, for example there had been a significant increase in the amount of cash circulating in the official market, which had previously been in the black market. (macauhub)