Rate of use of banking services in Angola rises to 22 pct in 2011

29 November 2012

The rate of use of banking services in Angola rose from 13.2 percent in 2010 to 22 percent in 2011, according to a the “Analysis of the Angolan banking sector,” drawn up by the KPMG consultancy and presented Wednesday in Lisbon.

Vítor Ribeirinho, of KPMG, noted during the presentation the “strong trend for opening branches outside Luanda,” which is driving this increase in the use of banking services by the Angolan population.

In 2011 153 new bank branches opened I Angola, which was a rise of 18.3 percent against the previous year, according to the same report, which increased the total branches in the country to 991.

KPMG also said it was “convinced that there is still potential for opening branches, particularly in coastal provinces and later on in the interior.”

However, Ribeirinho said, this is expected to be quite gradual growth as “transferring resources from Luanda to any province in the interior has enormous costs,” as it is necessary to ensure a steady supply of electricity, water and Internet access, as well as facilities for qualified staff.

Increased investment in the sector has pushed to alter this trend, not only in terms of opening up new branches, but also in terms of growth, by around 50 percent, in Automatic Payment Terminals (APTs), to a total of 18,199 units and of over 25 percent in Automatic Teller Machines (ATMs) to 1.629 units in 2011. (macauhub)