O National Bank of Angola (BNA) defined new requirements and procedures for authorizing the creation of electronic money institutions, as well as non-banking institutions linked to money and credit, namely, exchange offices, financial assignment companies, credit guarantee companies, financial leasing companies, companies that mediate money or exchange markets, companies that operate payment systems, clearing or clearing house, based on the terms of the Payment System Law of Angola and companies that provide payment services.
In Instruction 11/22, which has already been published in the Diário da República, the rules contained therein are applicable to non-banking financial institutions under the supervision of the BNA, in accordance with Law 14/21, of May 19, General Regime Law of Financial Institutions, although they do not apply to non-bank financial institutions for microfinance, cooperative credit societies, microcredit societies and savings and loan societies.
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The order also contains the rule that the constitution of non-banking financial institutions with head office in the country depends on the authorization to be granted by the BNA, and must comply with requirements such as “have as its sole object the exercise of the legally permitted activity, in accordance with the provisions of n.02 of article 12 of Law n.14/21, of 19 May, adopt the legally permitted form of company, have a share capital not less than the minimum regulate, identify the partners or shareholders and the actual benefits, demonstrate the economic and financial capacity of the partners or shareholders, present solid devices in terms of the company's corporate governance, including a clear organizational structure, with well-defined lines of responsibility, transparent and coherent".
The document also adds that “organize effective processes for identifying, managing, controlling and communicating the risks to which it is or may be exposed, have adequate internal control mechanisms, including solid administrative and accounting procedures, have remuneration policies and practices that promote and are consistent with sound and prudent risk management, to have members in the management and supervisory bodies whose suitability, professional qualifications, independence and availability demonstrate, either individually or at the level of the bodies as a whole, guarantees of sound and prudent management of the institution financial institution whose ultimate beneficiaries of qualifying holdings must be suitable and competent".
It should also be informed, at the end of the regulation, that non-banking financial institutions must be constituted with the regulatory minimum share capital in force on the date of their approval, as defined.
