Angola’s central bank sets up Information and Credit Risk Centre

4 May 2011

Luanda, Angola, 4 May – Angola’s Information and Credit risk Centre (Central de Informação e Risco de Crédito – CIRC) is currently being set up by The National Bank of Angola (BNA), and will cover both companies and individuals making it possible for retail banking customers to make risk assessments, Angolan newspaper O País reported.

The paper said that financial institutions had already started sending information about loans taken on by customers and bounced cheques. This information goes back to June, 2010.

In a circular issued on 4th October, 2010, the central bank ruled that all financial institutions would send monthly information to the CIRC about customer credit operations, including companies and individuals.

Information about bounced cheques, after being presented for payment twice by customers, should also be communicated to the CIRC.

The new information platform about credit granted and bounced cheques will make it possible to assess the credit risk and history of potential borrowers.

The newspaper said that Angola’s financial system had shown a trend towards a deterioration of its credit portfolio, with unpaid loans accounting for 8.1 percent of total credit at the end of 2010. (macauhub)