Banks in Angola

Angola’s formal banking system includes banks supervised by Banco Nacional de Angola (BNA), the central bank and authority for monetary, foreign-exchange, prudential and conduct supervision. The main legal framework includes Lei n.º 14/21 on financial institutions, Lei n.º 24/21 on the BNA, Lei n.º 40/20 on the payment system and Lei n.º 5/20 on anti-money-laundering, counter-terrorist-financing and counter-proliferation-financing measures. The BNA’s authorised-institution list is the relevant check before opening an account or handing money to a provider. Banks offer current accounts, savings accounts and term deposits in kwanza, as well as individual, joint, personal and business accounts. A bank will typically request a Bilhete de Identidade, passport or residence card, Número de Identificação Fiscal (NIF), address and contact details, signature and photograph. It may also request proof of income, business activity or source of funds, and the exact documents and processing time depend on the bank and the applicant’s status. Electronic-money providers have separate access rules: nationals and resident foreigners can qualify, as can foreign non-residents with lawful stay, minors with a parent or guardian’s authorisation, and micro or small legal entities. Remote opening is permitted for electronic-money accounts, with a valid passport and visa, refugee card or residence card serving as foreign identification where applicable. Simplified deposit accounts are available for resident individuals and informal or personal micro-entrepreneurs under Aviso n.º 12/2020 and Instrutivo n.º 08/2020. The limits depend on the account type. For a personal account, the minimum opening or daily balance is Kz 5,000, the maximum daily balance is Kz 300,000 and the monthly credit limit is Kz 600,000. For a commercial account, the corresponding limits are Kz 10,000, Kz 1,000,000 and Kz 2,000,000; a commercial account with a point-of-sale terminal has limits of Kz 20,000, Kz 2,000,000 and Kz 4,000,000. Simplified term deposits have minimum and aggregate maximum amounts ranging from Kz 50,000 to Kz 1,000,000 for personal accounts and from Kz 100,000 to Kz 2,000,000 for commercial accounts, or up to Kz 4,000,000 with a point-of-sale terminal. These term deposits use the LUIBOR reference rate with a maximum spread of 2%. Simplified accounts may use MULTICAIXA, internet banking, mobile or instant payments and counter services, but payments and transfers are in kwanza. Repeated breaches of the daily-balance or monthly-credit limits can trigger a 180-business-day conversion period to a conventional account. After that period, credit transactions can be blocked until the required Bilhete de Identidade and NIF are supplied. A bank that refuses to open such an account must give written reasons immediately in cases such as an existing account with the same bank, an irregular credit record or missing identification; complaints can be submitted to the BNA’s Departamento de Conduta Financeira. Payments use several connected systems. MULTICAIXA supports automated teller machines, point-of-sale terminals, online payments and MCX Express. The Sistema de Transferências a Crédito (STC) clears electronic interbank credit transfers in two daily sessions, while the Sistema de Compensação de Cheques (SCC) handles standardised cheques and the Sistema de Débitos Directos (SDD) handles authorised recurring debits. RUPE provides a reference for government payments, including taxes and other public payments. KWiK enables instant account-to-account transfers through participating banks and electronic-money providers using a mobile number, email address, nickname or IBAN; it can work through a smartphone or USSD where the participant supports that channel. Providers apply their own fees and limits within BNA rules and may set lower limits. MULTICAIXA debit, credit and prepaid cards are common, and some issuers also provide Visa or Mastercard cards. A debit card is linked to a current account and normally uses the available balance. Depending on the issuer, cards can support cash withdrawals, point-of-sale purchases, cash-out, online payments or QR payments through MCX Express. Domestic MULTICAIXA acceptance is broad across participating institutions, and the card PIN has four digits. Fees for account maintenance, cards, ATM or point-of-sale use, transfers, foreign exchange and international services vary by provider and should be checked in the current preçário. The BNA’s PEF comparator can help compare published charges. Small-business accounts and electronic-money accounts have fee-free maintenance under the applicable rules, although other services can still have separate charges. The Fundo de Garantia de Depósitos (FGD) protects eligible deposits held with BNA-supervised banks authorised to accept deposits. Coverage is capped at Kz 12,500,000 per depositor per bank, including the depositor’s aggregate eligible accounts and interest. Foreign-currency balances are converted into kwanza at the date the deposit becomes unavailable, and the FGD can pay within a maximum of three months after the BNA confirms that the bank cannot make deposits available. Certain deposits are excluded, including deposits connected with an anti-money-laundering conviction and specified bank insiders or shareholders. Electronic-money balances are not bank deposits and do not create an FGD claim; the issuer must instead maintain backing resources and redeem the balance within one business day. Electronic-money accounts are classified into types I to IV under Aviso n.º 4/25. Type I is an inclusion account with restricted limits and operations and may begin without identification, subject to a one-business-day grace period that can be renewed according to risk; the debit function is blocked until the required documents are provided. Types II and III serve individual personal and commercial users, while type IV serves legal entities for commercial use. Electronic-money accounts cannot make foreign-exchange or foreign payments, and remittance access depends on the identification condition. Providers cannot charge management or maintenance fees, must provide a statement on request and must give at least 60 business days’ notice before closure. Arrangements for a remaining balance must be completed within a maximum of 30 business days. Access varies across Angola. The BNA access-point map lists bank branches, bank agents, payment agents and automated teller machines; 6,092 map results were observed on 5 September 2026, but national coverage is not uniform. Branch or agent density, ATM availability, network reliability, app or USSD access, MULTICAIXA and KWiK reach, customer support, deposit products, tariffs and international card or foreign-exchange needs all affect which provider is practical. In June 2026, EMIS reported Kz 5,046.22 billion in card value, 2,266,401 STC transfers worth Kz 2,579.97 billion and 4,182,199 KWiK transfers worth Kz 118.22 billion, with KWiK volume up 107.9% year on year. Use only official applications and provider channels. Never disclose a PIN, SMS code, one-time password or app credential, and block a lost or stolen card immediately. Shield the PIN at an ATM, do not hand over the card or accept unrequested assistance, and check the amount and receipt at a point-of-sale terminal. An unrecognised transaction should be reported to the police and submitted in writing to the bank or provider with receipts, timestamps and transaction identifiers. The bank or provider is the first complaint contact; unresolved cases can be escalated through the BNA complaint-management portal or Departamento de Conduta Financeira. Know-your-customer updates and transaction monitoring can restrict or block an account, while informal or unlicensed payment offers carry a high fraud risk and lack the protections attached to regulated providers.