National Bank of Angola wants commercial banks across the country

11 March 2015

The National Bank of Angola (BNA) is negotiating the expansion of the banking system in order to allow the opening of branches in all municipalities and communes across the country, a bank official said in Menongue.

Jeremias Alfredo, responsible for technical supervision of banking institutions for the BNA, said the expansion of the system intended by the central bank aims to enable financial inclusion and economic stabilisation of small Angolan communities.

Alfredo also said that weak expansion of banks contributed to high levels of absenteeism and lost productivity, especially in the public sector, as it led to displacement of many employees to the cities looking for banking services.

“It is necessary that each municipality has branches of at least two banks to prevent employees from having to leave their workplaces for days or weeks to go looking for these services in other locations,” he said, cited by state newspaper Jornal de Angola.

Alfredo pointed out that the BNA also wanted, with the expansion of banking services to all municipalities and communes, to get the population to use banking services and thus gain greater control over the money supply. (macauhub/AO)

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