National Bank of Angola sets minimum services to be provided by commercial banks

13 March 2018

Banking institutions operating in Angola by April will have to provide a set of seven commission-free services, defined as the minimum banking services by Notice 3/2018 of the National Bank of Angola.

Operations to open, maintain and close a current account will be commission free, with the exception of accounts that require a dedicated manager, as well as processing of loans and direct debits and checking account transaction and balances through ATMs and electronic banking.

The commission exemption also applies to bank transfer through ATMs and electronic banking and issuance of the first debit card and its replacement after it is no longer valid.

Thirty banking institutions are authorised to operate in the Angolan financial system, 27 of which are in operation and three are public banks, 18 are private national banks and six are branches of foreign banks. (macauhub)