Regulatory Alerts2018-11-29
Notice No. 07/2018 of 29 November on Requirements and Procedures for Authorizing Non-Bank Financial Institutions
The National Bank of Angola issued Notice No. 07/2018 to establish standardized requirements and procedures for authorizing the establishment of Non-Bank Financial Institutions, including exchange houses, leasing companies, microcredit entities, and payment service providers. The regulation mandates that applicants demonstrate minimum legal capital, robust corporate governance, effective risk management, and adequate professional qualifications, integrity, and independence for all administrative and supervisory board members. Authorization is subject to strict document submission deadlines, comprehensive background checks on shareholders and directors, and may be refused or revoked if supervisory difficulties arise or if the institution fails to commence operations within the stipulated six-month and one-year windows.