Angola’s banking system used by just 11 pct of the population

3 November 2011

Luanda, Angola, 3 Nov – The market penetration of the banking system in Angola in 2010 totalled just 11 percent of an estimated population of 18 million despite investments made by financial institutions in expanding business, according to a study on the Angolan banking system.

The study, which was presented Tuesday in Luanda by the KPMG consultancy, was based on the performance of the Angolan banking market in 2010 and concluded that the rate of penetration was lower than that of other African countries or emerging economies, which showed the potential growth of this segment of the economy.

Presenting the results of the “Analysis of the Banking Sector in Angola,” the chairman of KPMG in Angola, José Luís Silva, noted that the sector continued to have a number of opportunities for growth and development.

“In order to drive this potential there has been a high level of growth in investment in infrastructure, systems and human resources, such as boosting the ATM payment system and Automatic Payment Terminals (APT) system,” he said.

The chairman of KPMG also said that the growth if the ATM system in 2010 totalled 26 percent (1,250 terminals), whilst the APT system grew by 60 percent (12,140 terminals), and that 150 new branches of different retail banks had opened, resulting in an increase from 680 branches in 2009 to 830 in 2010.

In an interview given on 30 October to Angolan television channel Televisão Pública de Angola (TPA) the governor of the National Bank of Angola (BNA), José de Lima Massano, said that market penetration of the banking system had reached 13 percent of the population. (macauhub)