Notice No. 03/2018 on the Exemption from Commission Charges for Minimum Banking Services

NOTICE NO. 03/2018 SUBJECT: FINANCIAL SYSTEM

• Exemption from Commission Charges in the Context of Minimum Banking Services

Given the need to review the regulations regarding the provision of minimum banking services made available by Banking Financial Institutions;

In accordance with the combined provisions of Article 70 of Law No. 12/2015, of June 17, the Basic Law of Financial Institutions, and of item f) of paragraph 1 of Article 21 and item d) of paragraph 1 of Article 51, both of Law No. 16/10, of July 15, the Law of the National Bank of Angola.

I DETERMINE:

Article 1. (Object) This Notice establishes the set of minimum banking services exempt from commission charges.

Article 2. (Scope)

1. This Notice applies to Banking Financial Institutions under the supervision of the National Bank of Angola, hereinafter abbreviated as Institutions, under the terms and conditions provided in the Basic Law of Financial Institutions.
2. The exemption from commission charges established in this Notice applies to accounts, individual or collective, held by retail clients.
3. This Notice also applies to bank accounts existing at the date of its publication, as well as to bank accounts opened from its entry into force.

CONTINUATION OF NOTICE NO. 03/2018 Page 2 of 4

Article 3. (Definitions) For the purposes of this Notice, the following are understood as: a) ATM (Automatic Teller Machine): Automated Teller; b) Electronic Banking: service that allows each client to access remotely, through electronic channels, the services, products, and operations made available by the Financial Institution; c) Automated Teller: electromechanical equipment that allows authorized users, through the use of plastic cards, to perform various transactions, among them, cash withdrawals from their bank accounts and access to other services; d) Debit Card: payment card associated with a demand deposit account opened with the issuer, which allows its holder to carry out financial transactions, namely payments and cash withdrawals, through the use of its respective balance; e) Commissions: monetary payments required from clients by Institutions as remuneration for services provided by them, or subcontracted to third parties, within the scope of their activity; f) Bank Account: a deposit product available at Institutions, characterized by a custody contract for funds (money) in which the bank is the faithful depositary and the holder(s) is/are the owner(s); g) Direct Debit: payment service that consists of automatically and regularly debiting a certain amount from the client's account, upon their request; h) Demand Deposits: banking operation in which banks capture funds, assuming the quality of debtors towards depositors. The deposited funds are payable at all times and may or may not be remunerated; i) Minimum Banking Services: are the banking services established in Article 4 of this Notice.

Article 4. (Minimum Banking Services)

1. For the purposes of this Notice, the minimum banking services are: a) Opening, maintenance, and closure of a demand deposit account, with the exception of accounts that require the assignment of a dedicated manager; b) Processing of credit provision and direct debits; c) Inquiry of account movements through ATM and electronic banking;

CONTINUATION OF NOTICE NO. 03/2018 Page 3 of 4 d) Bank transfer through ATM and electronic banking; e) Provision of 1 (one) statement per month for each account; f) Provision of information on account movements for the last 90 (ninety) days, through electronic banking; g) Issuance of the first debit card and its replacement upon expiration for the movement of all types of accounts; 2. The National Bank of Angola may alter the list of minimum banking services considered in the previous point of this article, whenever this proves necessary.

Article 5. (Provision of Minimum Banking Services) Institutions are prohibited from charging commissions or any other type of remuneration for the provision of minimum banking services.

Article 6. (Information Duties) Institutions must include the minimum banking services in the fee schedule, as services exempt from commissions, in compliance with the provisions of Notice No. 02/2014, of March 28, on general information duties in the provision of financial services and products.

Article 7. (Non-compliance)

1. Without prejudice to the powers provided in Article 95 of Law No. 12/15, of June 17, the Basic Law of Financial Institutions, the National Bank of Angola may determine that the Financial Institution that fails to comply with the provisions established in Article 5 of this Notice proceed to correct the detected irregularities, returning what was improperly charged.
2. For the purposes of the preceding paragraph, the institution must proceed to return what was improperly charged, within a period of 30 (thirty) days from the date of notification by the National Bank of Angola to remedy the irregularity.

Article 8.

CONTINUATION OF NOTICE NO. 03/2018 Page 4 of 4 (Offense) Non-compliance with the provisions of the previous article constitutes an offense punishable under the terms of Law No. 12/15, of June 17, the Basic Law of Financial Institutions.

Article 9. (Doubts and Omissions) Doubts and omissions resulting from the interpretation and application of this Notice are resolved by the National Bank of Angola.

Article 10. (Transitional Provisions) Institutions must comply with the provisions of this Notice within a period of 30 (thirty) days, after the date of entry into force.

Article 11. (Repealing Clause) All legislation contrary to the provisions of this Notice is hereby repealed, namely Notice No. 03/2017, of March 30.

Article 12. (Entry into Force) This Notice enters into force 5 (five) days after the date of its publication.

PUBLISH. Luanda, February 21, 2018.

THE GOVERNOR JOSÉ DE LIMA MASSANO