Banks in Cabo Verde

The formal banking system in Cabo Verde consists of commercial banks licensed by the BCV. The 2024 register listed eight commercial banks; the current list should be checked directly with the BCV before opening an account. Commercial banks offer, among other products, current accounts (contas à ordem) for everyday payments, savings accounts, fixed-term deposits, foreign-currency accounts, and emigrant accounts. These deposit products differ from investment products because they serve account management, safekeeping, and payment processing. When opening an account, banks verify the customer’s identity and financial background. Nationals and residents generally use the national identity card, while non-residents use a valid passport. Depending on the bank, proof of address, occupation, or employer may also be required. Companies typically need commercial registration, published articles of association, a tax identification number (NIF), identity documents for shareholders, and, where applicable, a power of attorney. The minimum amount, exact documents, product access, and processing time differ by bank and account. Unemployment or having no occupation alone is not a proven general reason for refusal; however, a nationwide entitlement to a basic account has not been established. Payment services include transfers, checks, direct debits, cash withdrawals at an automated teller machine (Caixa Automático, or ATM), card payments at payment terminals (TPA) or POS terminals, and online payments. The national payment institution (SISP) manages national and international payment systems, issues debit cards, and processes electronic payments. The local payment system (vinti4) and the digital payment service (Televinti4) are part of the local payment infrastructure. The BCV-operated deposit and settlement system (SGDL) handles deposit and settlement processes; the clearing and settlement system (SICIL) handles, among other things, the clearing and settlement of checks, transfers, and payment cards. International acceptance, payment limits, exchange rates, and fees depend on the provider and product. International payments and transfers are subject to the BCV’s foreign-exchange, anti-money-laundering, and counter-terrorist-financing rules. When comparing banks, consider the current published tariff schedule (Preçário), including fees, costs, and interest rates, as well as branches, ATMs, and service channels on the relevant island or in the relevant municipality. Banks must provide clear and complete product information before the contract is concluded and make the current Preçário accessible in branches and on their websites. Payment service providers, electronic-money institutions, and registered agents may offer payment services or electronic money, but they do not replace a bank account with deposit protection. The Deposit Guarantee Fund (Fundo de Garantia de Depósitos (FGD)) was established by Law 07/IX/2017 (Lei 07/IX/2017) and is administered with the support of the BCV. The official BCV information states that reimbursement is available up to 1,000,000 CVE per depositor and bank; before making a choice, check the current statutory limit, covered deposits, and the institution’s participation. Do not share cards, PINs, passwords, or one-time codes. Report unknown payments, phishing, or a lost card immediately through the official provider and have the payment instrument blocked. Complaints should first be submitted to the bank and the complaints book (Livro de Reclamações); the BCV’s Behavioral Supervision Office (Gabinete de Supervisão Comportamental) may then be contacted. The official complaint information specifies a response deadline of ten days.