At the beginning of the year 2023, the National Bank of Angola (BNA) made it known that it is currently creating conditions to be able to make the first issue of electronic money in the near future, as part of the modernization of payment instruments.
Apparently, the results of the conditions that are being created are already starting to show results, taking into account that the regulator released on May 30, 2023, “Instruction n.º 05/2023 deliberated on May 29”, which establishes a set of rules and procedures that will govern, from now on, an entire process of creating and operating electronic money accounts, as well as their typologies.
What is electronic money?
According to what is explained in the instruction of the regulator, an electronic money is the monetary value denominated or indexed to a currency, stored electronically, including magnetically, represented by a credit on the issuer and issued after receipt of funds with the objective to carry out transfer or payment operations, and be accepted by a person other than the electronic money issuer.
account typologies
The National Bank of Angola has defined (4) four different types of electronic money accounts, depending on how the customer proves his identity:
