Regulatory Alerts2022-10-07
Notice No. 17/2022, of October 7
The National Bank of Angola issued Notice No. 17/2022 to mandate a minimum share capital of Kz 15 billion for all banking financial institutions under its supervision. Existing institutions with paid-up capital below this threshold must comply within twelve months of the notice's effective date. Non-compliance constitutes a punishable offense under financial institutions law, and the prior Notice No. 02/2018 is hereby repealed.
PUBLISHED IN THE OFFICIAL GAZETTE, I SERIES NO. 191, OF OCTOBER 7 NOTICE NO. 17/2022 SUBJECT: FINANCIAL SYSTEM
- Minimum Share Capital of Banking Financial Institutions
Given the need to update the minimum amount of share capital of Banking Financial Institutions subject to the supervision of the National Bank of Angola.
In accordance with the combined provisions of paragraph 1 of Article 163 of Law No. 14/21, of May 19, General Regime for Financial Institutions Law, and with the provisions set forth in paragraph d) of paragraph 1 of Article 31 and paragraph 1 of Article 98, both of Law No. 24/21, of July 15, National Bank of Angola Law.
I DETERMINE: Article 1. (Subject and Scope) This Notice establishes the minimum share capital of Banking Financial Institutions under the supervision of the National Bank of Angola.
Article 2. (Share Capital) Banking Financial Institutions must hold a subscribed and paid-up share capital of no less than Kz 15,000 (fifteen billion Kwanzas).
Article 3. (Transitional Provision) Banking Financial Institutions in operation, whose fully paid-up share capital is lower than the minimum established in this Notice,
CONTINUATION OF NOTICE NO. 17/2022 Page 2 of 2 must comply within a maximum period of 12 (twelve) months, counting from the date of entry into force of this Notice.
Article 4. (Infringements) Non-compliance with the provisions of this Notice constitutes an offense provided for and punishable under Law No. 14/2021, of May 19, General Regime for Financial Institutions Law.
Article 5. (Doubts and Omissions) Doubts and omissions resulting from the interpretation and application of this Notice are clarified by the National Bank of Angola.
Article 6. (Repealing Provision) Notice No. 02/2018, of March 2, and all regulations contrary to the provisions of this Notice are hereby repealed.
Article 7. (Entry into Force) This Notice enters into force on the day following its publication.
PUBLISHED. Luanda, October 5, 2022.
THE GOVERNOR JOSÉ DE LIMA MASSANO