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Banking and Insurance

National Bank of Angola warns of illegal activity by Xtagiarious Finance

The National Bank of Angola (BNA) warned that the company Xtagiarious Finance, dedicated to financial services and monetary investments, is not authorized to carry out any financial activity in Angola.

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In a note published on its website, the regulator warns that Xtagiarious Finance is not authorized to carry out activities supervised by the BNA, namely the provision of payment services, taking deposits and monetary investments and other activities reserved for banking financial institutions.

"We appeal to banking financial institutions and the general public to refrain from establishing any business relationship with them, as well as to their promoters to refrain from performing any act that may be qualified as a very serious, foreseen and punishable misdemeanor" in terms of the Law on the General Regime of Financial Institutions, informs the BNA.

The financial company, led by Angolan businessman Edson de Oliveira, presented itself in April this year to Forbes Angola as a 'start-up' valued at more than 4 billion kwanzas.

"This is Xtagiarious Finance, founded in 2013 by Edson de Oliveira, and which today employs 128 young people directly and another 30 indirectly and is worth more than 4 billion kwanzas", revealed Forbes.

The entrepreneur told the magazine that it all started with a group of four friends who created a digital magazine eight years ago, with themes related to fashion, 'hip hop' and business, which later evolved into the provision of services to the financial sector.

Edson de Oliveira told Forbes that clients who invest their capital in Xtagiarious Finance earn 10 to 15 percent monthly income for four months, with the fifth month being the grace period and the sixth receiving back the amount initially invested. .

The company's Facebook social network page also features an interview by Edson de Oliveira to RTP África where he justified some delays in the payment of customer reimbursements, after information emerged linking Xtagiarious Finance to scams.

"In just over two months, we will have the whole situation stabilized due to this new partner of the bank who opened the doors for us. issues related to the most different areas related to complaints and reimbursements and we work on the attitude of the company's employees", said the president of Xtagiarious Finance.

In a July 29, 2021 publication, Xtagiarious Finance also announced that it would sue a customer who accused the company of cheating due to delays in reimbursement for "injury and defamation".

On this page, the company also publicizes several solidarity actions and partnerships with banks and also mentions the visit of the Viana municipal commander of the National Police, Deputy Chief Gabriel Capusso, to the company, who will have praised the impact that "has had in the fight against hunger, to poverty, unemployment and consequently to crime".

Xtagiarious Finance also mentions that the dissatisfaction of some customers due to the delay was addressed at this meeting, considering that they "seek to have an unworthy behavior such as directing moral offenses, creating panic and installing chaos within the institution, an attitude that is totally disapproved by account of having a contract".

According to Extagiarious Finance, the delay "is precluded in the act of signing the service subscription contract".

"We are working to mitigate the risks of the operation and streamline the repayments of our customers, so we call for patience and consideration in the reactions on the delay, as in addition to managing your assets, we are partners and we are here to safeguard your financial interests", stresses the company.

Lusa tried to contact the company through the mobile number provided on the Facebook page, but without success.