Ver Angola

Banking and Insurance

BNA warns that e-money portfolios are subject to license

The National Bank of Angola (BNA) warned of the increase in electronic money portfolios (‘wallets') that are not incorporated as payment service providers, noting that the activity depends on a license.

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In a note posted on its website, the BNA points out that this activity is reserved for payment service providers, which must be qualified to do so by the regulator.

The BNA therefore recommends that companies operating in this field provide the necessary information (name of the legal entity, name of the application and reference of the entity in the Multicaixa System).

The financial institution will then communicate with each entity in order to present the regulatory requirements for licensing as payment service providers, with a period allowed for this purpose.

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