Banking moratorium in Angola will be granted only to customers in difficulties

24 April 2020

Banks should grant a moratorium of 60 days only to customers that have complied with credit payments until March 2020 and that are now facing difficulties in complying with the payment of their instalments, considering the state of emergency that the country is experiencing, said the Angolan National Bank (BNA).

The measure is included in BNA instruction no. 04/2020, of 30 March, within the scope of Presidential Decree no. 82/20, of 26 March, which established the state of emergency in the country, as a result of the negative impact of the new coronavirus (Covid-19).

For this purpose, all interested parties who have up to date credit operations, which are in their repayment period or started this period in March 2020, should make a request in physical or digital format, to financial institutions, and later settle outstanding payments in line with contractual addenda, said the BNA.

The customer requests should be directed to the banks with which they signed their contract, along with a justification of the economic impact suffered following the declaration of a state of emergency.

The BNA also said that the moratorium should be granted by all financial institutions that have granted credit operations, specifically, commercial banks, credit unions and micro-credit companies.

The document also sets out the temporary suspension of all asset seizures and executions resulting from delay in meeting those obligations.

The instruction, published on the central bank’s website, said that during this period financial institutions are prohibited from making charges, charging interest or additional fees on the cost of the obligations initially taken on and to increase instalments in the future, and are only permitted to increase the number of instalments paid. (macauhub)