In recent times, the service Open Banking begins to gain space in Angola, with the entry into the scene of fintechs specialized in this functionality for the business and accounting sector, even without specialized regulation for this, going against the great challenge to achieve the objective of doing this trend, as already happens in everyone.
These were one of the main conclusions drawn from the Banking and Open Finance event, held in the country's capital, Luanda, on the 31st of March, where it also served to debate the great advantages of this system in the Angolan business ecosystem.
Organized by the consultancy KPMG, as well as by nBanks and Zenski, the meeting focused on the new Payment System Law (Law 40/20 of December 16, 2020), reinforcing the urgent need to create a regulatory framework, in order to allow payments through these fintechs, as well as the opening of bank and financial data, thus allowing national startups to create instruments of competition in the market.
BUT: National Bank of Angola prepares conditions to adopt Open Banking
For Orlando Costa, CEO of nBanks, the objective of Open Banking is “contribute positively to greater awareness of this new technological trend that is strengthening important pillars such as trust, transparency and security in the financial sector, with a significant impact on the business fabric and consumers".
It should be noted that Open Banking is a set of rules and technologies that allow the sharing of customer financial data between financial and payment institutions through the opening and integration of their respective systems. The basic premise of Open Banking is consent and its operating logic is quite simple: the customer owns their financial data and will be able to choose when and with which companies to share them🇧🇷 This information sharing will take place in a transparent manner, always with prior authorization, and the user himself will define the access permissions through the existing applications of the financial institutions.
