Regulatory Alerts2018-03-09
Notice No. 03/2018 on the Exemption from Commission Charges for Minimum Banking Services
The Bank of Angola issued Notice No. 03/2018 to mandate the exemption of commission charges for a defined list of minimum banking services provided to retail clients. This regulation prohibits financial institutions from charging fees for services such as account opening, ATM transactions, electronic banking, and debit card issuance. Institutions are required to comply within 30 days, update their fee schedules, and face penalties for non-compliance, including the mandatory refund of improperly charged amounts.
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