Regulatory Alerts2024-12-20
Notice No. 06/2024 on Requirements and Procedures for the Authorization of Non-Banking Financial Institutions
The Bank of Angola issued Notice No. 06/2024 to establish the requirements and procedures for authorizing the establishment of non-banking financial institutions, including exchange offices, e-money entities, microfinance companies, and payment service providers. The regulation mandates prior authorization, specific minimum share capital thresholds based on transaction volumes, robust corporate governance, and detailed documentation submission through the SILIF system. It also revokes Notice No. 11/22 and requires compliance with business plans, internal controls, and transparent ownership structures during the first three financial years.
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