Regulatory Alerts2023-06-28
Notice No. 06/2023: Operational Rules for Microcredit Societies
The Bank of Angola issued Notice No. 06/2023 to establish operational rules for Microcredit Societies and Operators, aligning their activities with national financial legislation. The regulation defines permissible services, financing sources, and prudential supervision standards while capping maximum credit grants at Kz 2.5 million for licensed Societies and Kz 250,000 for registered Operators. It mandates specific accounting practices, external audits, and periodic information reporting, with non-compliance subject to sanctions under the General Regime of Financial Institutions Law.
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