Regulatory Alerts2025-03-11
Regulation (NAP) – Financial Inclusion Account
The Central Bank of São Tomé and Príncipe (BCSTP) establishes the Financial Inclusion Account (FIA), a special national-currency current account designed to ensure affordable access for financially disadvantaged individuals. The regulation mandates all authorized domestic banks to offer the FIA, which is restricted to natural persons aged 18 or older with declared monthly incomes not exceeding Db. 2,000 and daily balances capped at the same threshold. Eligible accounts receive comprehensive fee waivers—including free card issuance, partial annual fees, and internet banking—and are subject to suspension or conversion to standard accounts if income or balance limits are breached.
| NAP | CODE |
|---|---|
| PERMANENT APPLICATION REGULATION | R.D. 99 |
| PROPONENT(S) | ENTRY INTO FORCE | ISSUE DATE | DOC NO. | PG 1/4 |
|---|---|---|---|---|
| G.I.F. | 12/05/2025 | 11/03/2025 | 04/2025 |
Subject: Financial Inclusion Account (FIA)
Preamble
Access to adequate and affordable financial services and products, notably a current account, is considered one of the main tools to achieve desired levels of financial inclusion.
However, survey results revealed that although almost all São Toméans consider holding a bank account relevant, more than half declare having insufficient income to cover the expenses associated with this service.
In this context and with the aim of mitigating this access difficulty for the financially disadvantaged, the Financial Inclusion Account (FIA) is established.
Accordingly, under the powers conferred by items d) and f), paragraph 2 of Article 8 of the Organic Law – Law No. 8/92, dated August 3, the Central Bank of São Tomé and Príncipe (BCSTP) determines the following:
Article 1. (Subject and Scope)
- This regulation creates and establishes the terms to be applied to the FIA.
- All banking institutions authorized to operate in the national financial system are required to provide the FIA.
Article 2. (Definition)
The FIA is a special current account in the national currency.
| Reviewed | Revocation Data: |
|---|
| NAP | CODE |
|---|---|
| PERMANENT APPLICATION REGULATION | R.D. 99 |
| PROPONENT(S) | ENTRY INTO FORCE | ISSUE DATE | DOC NO. | PG 2/4 |
|---|---|---|---|---|
| G.I.F. | 12/05/2025 | 11/03/2025 | 04/2025 |
Article 3. (Access to the FIA)
- Access to the FIA is granted to: a. Natural persons aged 18 or older, with declared income equal to or less than Db. 2,000.00 (two thousand Dobras) who do not yet have an account in the national banking system; b. Natural persons aged 18 or older who wish to convert their bank account into an FIA; c. Each natural person must hold only one FIA in the national banking system; d. The daily and/or monthly balance of the FIA may not exceed Db. 2,000.00 (two thousand Dobras); e. The minimum deposit required upon account opening is Db. 100.00 (one hundred Dobras).
Article 4. (Required Documents)
For the purposes of this Regulation, the following documents are required: a. Valid original identification document or authenticated copy, bearing the holder's photograph and signature, issued by a competent public authority; b. Tax identification number; and c. Low-income declaration, according to the attached form.
Article 5. (Services covered by FIA free-of-charge status)
The FIA includes the following free services: a) 24/7 Dobra Card issuance fully covered by the BCSTP; b) 50% of the annual fee for the Dobra Card guaranteed by the Automatic Payments Society (SPAUT); c) Enrollment in the internet banking service; d) Account maintenance; e) Other services whose free status is included in NAP 02/2016, or other regulatory provisions that may replace it.
Article 6. (FIA Suspension)
The FIA is suspended or converted to a standard current account when it no longer meets the requirements listed in items a), c), and d) of Article 3.
Article 7. (Penalties)
Violation of the provisions of this regulation is subject to penalties under Law No. 9/92 - Financial Institutions Act, in the provision on Supervisory Action and Application of Penalties, or other legal and regulatory provisions that may replace them.
Article 8. (Entry into Force)
This regulation enters into force 60 days after its publication.
Central Bank of São Tomé and Príncipe, on the 11th day of March 2025.
| Reviewed | Revocation Data: |
|---|
| NAP | CODE |
|---|---|
| PERMANENT APPLICATION REGULATION | R.D. 99 |
| PROPONENT(S) | ENTRY INTO FORCE | ISSUE DATE | DOC NO. | PG 3/4 |
|---|---|---|---|---|
| G.I.F. | 12/05/2025 | 11/03/2025 | 04/2025 |
Appendix
INCOME DECLARATION FOR THE PURPOSE OF OPENING THE FIA
I, ________________________________________________________, holder of ID No. ________________, Tax ID No. ________________, declare to the Bank ________________, for the purpose of opening the Financial Inclusion Account, that I am not economically self-sufficient and have a net average monthly income not exceeding Db. 2,000.00 (two thousand Dobras).
As true, I hereby issue this declaration in good faith, duly signed by me in person, accepting and assuming full civil liability for the information provided above.
__________________, on the ______ of ________________ ______.
(Signature of the declarant)
| Reviewed | Revocation Data: |
|---|
| NAP | CODE |
|---|---|
| PERMANENT APPLICATION REGULATION | R.D. 99 |
| PROPONENT(S) | ENTRY INTO FORCE | ISSUE DATE | DOC NO. | PG 4/4 |
|---|---|---|---|---|
| G.I.F. | 12/05/2025 | 11/03/2025 | 04/2025 |