Pursuant to the legislation dealing with the Angolan Payments System, which foresees the issuance of electronic money by payment services providers authorized by the National Bank of Angola (“BNA”), BNA’s Instruction No. 05/23, of 29 May 2023 (“Instruction”), which entered into force on the following day, sets forth four types of electronic money accounts, as well as the rules and procedures for opening and operating same.
It is worth highlighting:

1- the need to identify the client upon the opening of electronic money accounts, whereby payment services providers must request the information and evidence in relation to its identity; and

2- the prohibition to carry out foreign exchange transactions or payments abroad for any of the types of accounts foreseen.

Payment services providers have a transitional period to comply with the new rules, which varies between 60 and 180 days depending on whether it relates to new or existing accounts.

For more information on this Banking Alert please contact:
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