Angolan banks are obliged to grant the productive sector a volume of credit not less than 2 per cent of the total value of assets recorded in their balance sheets on 31 December 2018, a target not met by 12 financial institutions.
Contravention proceedings were initiated and financial penalties imposed on the following commercial banks: Banco Prestígio, Banco de Negócios Internacional (BNI), Finibanco Angola, Banco Yetu, Banco Comercial Angolano, Banco Comercial do Huambo, Banco de Comércio e Indústria, Banco de Fomento Angola (BFA), Banco BAI Microfinanças, Banco Sol, Banco Millenium Atlântico and Banco BIC.
At stake is the failure to meet the target for granting credit, created to promote the diversification of the economy and reduce excessive dependence on the import of goods and services, as well as the requirements and information associated with it.
The highest fines, in the amount of 45 million kwanzas, were imposed on BNI and BFA.
