The National Bank of Angola (“BNA”) has recently issued new legislation applicable to Non-Banking Financial Institutions, namely:

Order No. 7/2018, of 29 November 2018, which establishes the requirements and procedures for authorizing the establishment of Non-Banking Financial Institutions linked to Currency and Credit, namely:

(a) Exchange Houses;
(b) Co-operative Credit Societies;
(c) Financial Leasing Companies;
(d) Monetary or Monetary Stock Market Companies;
(e) Microcredit Companies;
(f) Payment Service Providers;
(g) Payment Systems, Compensation or Clearing House Companies;
(h) Credit Guarantee Companies; and
(i) Other companies qualified as such by law.

The incorporation of these Institutions is subject to authorization from the BNA by submitting the documentation set forth in this Order, which entered into force on 30 November 2018. This Order partially revoked Order No. 15/2012, of 3 April 2012, Order No. 18/2012, of 3 April 2012, Order No. 08/2012, of 30 March 2012, Order No. 09 / 2012, of 2 April 2012, Order No. 07/2013, of 22 April 2013, and Order No. 05/2014, of 1 October 2014.

Order No. 8/2018, of 29 November 2018, which establishes the new minimum share capital and regulatory own funds applicable to Non-Banking Financial Institutions linked to Currency and Credit. Under the aforementioned Order, non-banking financial institutions whose registered capital and regulatory funds are lower than those established must:
(a) Adjust same by 30 June 2019; and,
(b) Submit to the BNA, within 120 (one hundred and twenty) days counted as of 29 November, a detailed action plan describing the measures that they intend to implement in order to achieve compliance with this Order.

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