Compensation Chamber starts working this year in Angola

30 March 2010

Luanda, Angola, 30 March – The Automated Compensation Chamber of Angola (CCAA) is due to start working before the end of the year, on an experimental basis, the chairman of banking services company Emis said Monday in Luanda.

As part of the 4th Meeting on Payment Systems in the Community of Portuguese-speaking countries, held in Luanda, José Guadalberto de Matos told Angolan news agency Angop that the initiative aimed to overcome the constraints of traditional compensation of cheques and would move over to electronic compensation.

Currently, de Matos said, legal conditions were being set up for the CCAA to start operating.

Via the Compensation Chamber banks operating in the Angolan market will send electronic information to the Angola National Bank (BNA) about each cheque issued, which will make it possible to reduce the current compensation time of 72 hours.

The CCAA will be a central entity or central processing mechanism via which banks will agree the exchange of payment instructions or other financial obligations.(macauhub)