Luanda, Angola, 26 April – The regulation of leasing and factoring companies in Angola is in its final phase and, as happened with micro-credit companies and credit cooperatives, the National Bank of Angola (BNA) plans to make it easier for new operators to enter the market, state newspaper Jornal de Angola reported.
The newspaper added that central bank officials believed it was necessary for the development of the economic system for leasing and factoring companies to enter the market, which would make it possible to acquire goods and equipment in ways that differ from Angola’s traditional cash buying process.
The Financial Institutions Law structures the financial system into three segments – financial institutions linked to credit and currency (supervised by the BNA), non-banking institutions linked to insurance and social welfare (supervised by the Insurance Supervision Institute) and another non-banking segment (supervised by the Capital Markets Commission, which is responsible for the Stock Exchange).
In a leasing contract one of the parties allows the other to make use of a particular item in exchange for a rental payment and factoring companies deal with debt collection, acting as intermediaries between the buyer and the seller or between the loaner and the beneficiary of a specific item. (macauhub)