Notice No. 03/2017 of March 30, Monetary Policy - Exemption of Fees for Minimum Banking Services

Published in the Official Gazette – First Series, No. 51 of March 30, 2017

NOTICE No. 03/2017 SUBJECT: MONETARY POLICY

• EXEMPTION OF FEES WITHIN THE SCOPE OF MINIMUM BANKING SERVICES

Considering the development of the Angolan Financial System and the need to establish rules and procedures regarding the exemption from charging commissions, expenses, and other charges related to banking services considered essential for promoting financial inclusion.

Under the combined provisions of paragraph f) of paragraph 1 of Article 21 and paragraph d) of paragraph 1 of Article 51, both of Law No. 16/10 of July 15, Law of the Bank of Angola, and Article 90 of Law No. 12/15 of June 17, Law of the Basic Framework of Financial Institutions.

I DETERMINE:

Article 1. (Object) This Notice establishes the rules and procedures applicable to the exemption from charging commissions, as well as the information duties to be observed within the scope of minimum banking services.

Article 2. (Scope)

1. This Notice applies to banking financial institutions under the supervision of the Bank of Angola, under the terms and conditions provided for in the Law of the Basic Framework of Financial Institutions, hereinafter abbreviated as Institutions.
2. This Notice applies to banking contracts in force on the date of its publication, as well as to contracts that may be entered into from that date onwards.

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Article 3. (Definitions) Without prejudice to the definitions established in the Law of the Basic Framework of Financial Institutions, for the purposes of this Notice, the following are understood: a) ATM (Automatic Teller Machine): Automated Teller. b) Electronic Banking: service that allows each client to access remotely, through electronic channels, the services, products, and operations made available by the Financial Institution. c) Automated Teller: electromechanical equipment that allows authorized users, through the use of plastic cards, to withdraw cash from their bank accounts and/or access other services. d) Cash-advance: The possibility granted to the holder of a credit card to withdraw money on credit, with the value of this withdrawal posted to the respective card account. The use of cash-advance is subject to the payment of interest rates and commissions that must be included in the general conditions of use agreed with the respective card issuer. e) Commissions: monetary payments required from clients by Financial Institutions as remuneration for services provided by them, or subcontracted to third parties, within the scope of their activity. f) Banking contract: agreement between Bank and client to create, regulate, or extinguish a relationship that has as its object the intermediation of credit. g) Demand deposits: banking operation in which banks capture funds, assuming the quality of debtors towards depositors. The deposited funds are payable at all times and may or may not be remunerated based on a certain interest rate. h) Expenses: charges borne by Financial Institutions, which are required from them by third parties, and passed on to clients, namely payments to Land Registries, Notary Offices, or those of a fiscal nature. i) Minimum banking services: basic and essential banking services that allow the use of bank accounts in a simple manner.

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j) Interbank transfer: operation carried out at the initiative of the originator for credit to an account domiciled at another Financial Institution. Interbank transfers can be: i. National: when they occur between Institutions located within the national territory; and ii. International: when they occur between Institutions located in different countries. k) Intra-bank transfer: operation carried out at the initiative of the originator for credit to an account domiciled at the same Financial Institution.

Article 4. (Minimum banking services)

1. For the purposes of this Notice, minimum banking services are: a) Opening, maintenance, and closure of time deposit accounts and savings accounts within contractual timeframes; b) Opening and closure of demand deposit accounts; c) Commissions associated with the processing of credit provision and direct debits; d) Account movement inquiries through ATMs and electronic banking, and provision at branches and premises of the Institution of, at least, 1 (one) statement per month per account, with movements from the last 90 (ninety) days; e) Direct debits; f) Return of checks to the beneficiary; g) Issuance of debit cards for the movement of all types of accounts; h) Provision of at least 5 (five) checks per month per account; i) Withdrawals for individuals at branches and premises of the Institution and through ATMs; j) Maintenance of accounts with salary domiciliation; k) Account movement through ATMs and electronic banking; l) National intra-bank transfers in the currency of the account, through ATMs and electronic banking.

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2. The Bank of Angola may alter the list of minimum banking services considered in the previous paragraph of this article, whenever this proves necessary.

Article 5. (Provision of minimum banking services)

1. Institutions are prohibited from charging commissions or any other type of remuneration for the provision of the minimum banking services provided for in paragraph 1 of Article 4 of this Notice.
2. The preceding paragraph of this article applies whenever the clients are natural persons, whether for individual or collective accounts.
3. In the provision of minimum banking services, Institutions must observe the conditions provided for in the law and specific regulation, namely in matters of information duties, and respect the same standards of quality and efficiency that are required for the provision of banking services not mentioned in Article 4 of this Notice.

Article 6. (Information duties) In compliance with the provisions of Article 8 of Notice No. 02/2014, regarding general information duties in the provision of financial services and products, Institutions must include minimum banking services in the price list, as services exempt from commissions.

Article 7. (Non-compliance with the exemption regime)

1. In cases where the exemption from charging commissions as provided for in Article 5 of this Notice is not observed, the Bank of Angola shall determine that the Institution in question proceeds to correct the irregularities committed.
2. For the resolution of complaints presented in writing and substantiated by clients, Institutions have the period stipulated in Notice No. 12/2016 of September 5 to proceed with the correction of the irregularities referred to in the previous paragraph, and must provide effective documentary proof to the Bank of Angola.

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3. The correction of irregularities must involve the return to clients of charges already paid or the alteration of charges to be collected in the remaining period of the service provision contract in question.

Article 8. (Sanctions) Non-compliance with the imperative norms established in this Notice constitutes a misdemeanor punishable under the terms of the Law of the Basic Framework of Financial Institutions.

Article 9. (Doubts and omissions) Doubts and omissions resulting from the interpretation and application of this Notice are resolved by the Bank of Angola.

Article 10. (Transitional provisions) Institutions must be in compliance with the provisions of this Notice within a period of 30 (thirty) days after the date of entry into force.

Article 11. (Entry into force) This Notice enters into force on the date of its publication.

PUBLISH. Luanda, February 17, 2017. THE GOVERNOR VALTER FILIPE DUARTE DA SILVA