Legal Update/Angola: Minimum share capital of Banking Financial Institutions

 

Angola has revised the minimum share capital of Banking Financial Institutions under the supervision of the National Bank of Angola (BNA), according to official legal database Legis-PALOP+TL.

Notices on Banking Financial Institutions which came into force, respectively, on the 7th, 8th and 12th of October mandate banks will now have to comply with new rules, under penalty of fines that may amount to 500,000,000 Kwanzas (approximately USD 1,130,000).

As of October 7, 2022, for the purposes of the Liquidity Assistance Mechanism in the Real-Time Payment System:
⦁ Ensure the maintenance of minimum balances in the Escrow Account;
⦁ Immediately revert the funds assigned by the BNA to the Liquidity Assistance Mechanism account for the Real-Time Payment System, with the borrowing participant being responsible for the settlement of the referred funds assigned;
⦁ Whenever the participant fails to settle the intraday transaction, convert it automatically into a Permanent Overnight Liquidity Assignment Facility (FCO) transaction; and
⦁ Whenever there is a lack of liquidity during weekends or holidays, set up the intraday operation on the following business day with the accrued interest incorporated, taking into account the period for granting the resources.

Legal Update/ Angola: Rates applicable to the Securities Market

 

As of October 8, 2022, for the purposes of minimum share capital:
⦁ Have subscribed and paid-up share capital of not less than 15,000,000,000 Kwanzas (approximately USD 34,170,000);
⦁ If its fully paid-up share capital is less than this minimum value, adapt within a maximum period of 12 months, that is, until October 8, 2023;

Legal Update/Angola: Industrial Tax Code

As of October 12, 2022, for the purposes of expanding the Banking Network:
⦁ Have a Banking Network that ensures, at least, one service point in each of the seats of municipalities in the Angolan territory; and
⦁ Provide information to the National Bank of Angola on the opening of service points, the modality and opening hours of each one, at the time of its establishment;
⦁ Comply with Notice No. 18/22 by June 30, 2023.

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