Regulatory Alerts2021-09-02
Directive No. 09-DSP-DCF/2021, of September 14
The Bank of Angola, through its Payment Systems and Financial Conduct Departments, mandates that commercial banks maintain ATM cash availability at no less than 95% during normal business hours from the 25th to the 5th of each month and on Saturdays until noon, while also extending branch operating hours—including Saturdays—whenever necessary to accommodate public sector salary payments. Banks must clearly publish these extended schedules on their websites and in-branch, report them to the central bank per Notice No. 12/2016, and ensure full compliance by September 15, 2021. Non-compliance with these operational standards and the overarching duty to deliver quality customer service is subject to penalties under Law No. 14/21 of May 19, with this Directive taking immediate effect upon issuance.
GOVERNOR DIRECTIVE NO. 09/DSP/DCF/2021 Whereas, pursuant to Notice No. 12/2016 of September 5 on the Protection of Consumers of Financial Products and Services, Commercial Banks must:
Provide their customers with a quality service based on best banking and financial practices; and
Make every effort to ensure that, during normal operating periods, subject to force majeure reasons, none of their activities or functions remain inaccessible, inactive, or significantly reduced in response capacity. This Directive serves to establish the following:
- Operation of ATMs Commercial Banks must ensure that their ATMs maintain a cash availability rate of not less than 95% (ninety-five percent) during normal business hours from the 25th of each month until the 5th day of the following month, inclusive, and on Saturdays until noon.
- Operating Hours of Bank Branches 2.1. With the aim of providing customers with a quality service, Commercial Banks must: a) Consider extending the operating hours of their busiest bank branches, including Saturdays, whenever deemed necessary, particularly during periods when public sector salaries are paid. ORIGIN: Payment Systems Department (DSP) Financial Conduct Department (DCF) DATE 03/09/2021 SUBJECT: FINANCIAL SYSTEM
- Customer Service Services
DIRECTIVE NO. 09/DSP/DCF/2021 Page 2 of 2 b) Publish on their websites and in the aforementioned bank branches, clearly and visibly, the counters and operating hours mentioned in the preceding sub-paragraph. 2.2. Commercial Banks must report extended operating hours to the Bank of Angola, in accordance with paragraph 2 of Article 16 of Notice No. 12/2016 of September 5. 3. Non-compliance with this Directive, as well as the duty to provide customers with a quality service, is punishable under Law No. 14/21 of May 19 – Law on the General Regime of Financial Institutions. 4. Commercial Banks must comply with this Directive by September 15, 2021. 5. This Directive enters into force immediately. Luanda, September 3, 2021. PAYMENT SYSTEMS DEPARTMENT Edgar Bruno da Costa -Director- FINANCIAL CONDUCT DEPARTMENT Osvaldo Manuel Pedro dos Santos -Director-