INSTRUCTION NO. 07/2024

of August 15

SUBJECT: PAYMENT SYSTEM

• E-Money Accounts

Whereas it is necessary to adjust the rules and procedures for opening, operating, and setting limits on e-money accounts, aiming to facilitate access to financial services, particularly for citizens without bank accounts, thereby contributing to financial inclusion in the country; Under the combined provisions of Article 6 of Law No. 40/20, dated December 16, the Payment System Act of Angola; Article 36 of Law No. 14/21, dated May 19, the General Regime of Financial Institutions Act; paragraph a) of paragraph 2 of Article 57 of Law No. 5/20, dated January 27, the Act on Prevention and Combating Money Laundering, Terrorist Financing, and Proliferation of Weapons of Mass Destruction; Article 21 and paragraph 1 of Article 98, both of Law No. 24/21, dated October 18, the Bank of Angola Act;

I DETERMINE:

1. Object

This Instruction establishes the different types of e-money accounts, as well as the rules and procedures for their opening and operation.

2. Scope

This Instruction applies to payment service providers.

3. Definitions

For the purposes of this Instruction, the following are understood: a) Client – natural or legal person, national or foreign, resident, public or private, who enters into an e-money account opening contract with a payment service provider. b) E-Money Account – an account held by one or more holders for executing e-money operations, operated in accordance with the terms defined in Annex II of this Instruction, which forms an integral part thereof. c) Witness Declaration – a document in which a duly identified person attests to the identity and address of the client for account opening purposes, when that client does not hold a valid official identification document.

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4. Types of E-Money Accounts

4.1. Five (5) different types of e-money accounts are defined, based on how the client proves their identity. 4.2. The different types are identified in Annexes I and II of this Instruction, which form an integral part thereof.

5. Opening of E-Money Accounts

5.1. Payment service providers are authorized to issue e-money in exchange for an equal amount of legal tender currency. 5.2. E-money creates a liability of the issuer to the holder. 5.3. Accessibility 5.3.1 E-money accounts may be opened: a) By national or foreign resident citizens over 18 years of age, for personal or commercial purposes; b) By national citizens under 18 years of age, provided they are authorized by parents, guardians, or whoever has custody of the minor, which may be supplemented by the Court, and provided they are for personal purposes; c) By foreign non-resident citizens, with a valid short-stay visa for personal purposes; and d) By legal entities headquartered in the country, characterized as micro or small enterprises, according to Law No. 30/11, dated September 13, and provided their use is for commercial purposes. 5.3.2 Type I, II, and III accounts are limited to natural persons, provided their use is for personal purposes. 5.3.3 Type IV accounts are limited to natural persons, provided their use is for commercial purposes. 5.3.4 Type V accounts are limited to legal entities, provided their use is for commercial purposes. 5.3.5 Type I accounts are financial inclusion accounts, which may be opened by any natural person without identification requirements, aimed at promoting access to payment services, but with restrictions on making payments and usage limits. 5.3.6 Type II accounts have reduced identification requirements, which may be opened by citizens who do not possess an official identification document and proof of address, but who must alternatively present a witness declaration signed by a reputable person confirming their identity and address. 5.3.7 Type III, IV, and V accounts have all identification requirements and customer due diligence. 5.3.8 An e-money account may be opened in person or remotely, using the available means for that purpose. 5.3.9 Type I accounts have a grace period of 180 (one hundred and eighty) days, within which payment service providers must verify the identity of the account holder based on the minimum requirements for opening a Type II or III account, after which the account must be blocked. 5.3.10 For the purposes of the preceding paragraph, payment service providers must periodically notify the client regarding the need to update the identification details of the account holder(s), by submitting documentation, as applicable to Type II or III accounts. 5.3.11 After account opening and until the documents listed in Annex I for the respective type are submitted, the account remains blocked, allowing only the receipt of funds. 5.4. Client Identification at the Time of E-Money Account Opening 5.4.1 The payment service provider must create conditions to collect the information elements and proofs necessary for client identification, respecting at minimum the elements referred to in Annex I of this Instruction, according to the type of account to be opened. 5.4.2 The payment service provider must verify the authenticity of the collected information elements and documents, whether collected in person or using electronic means. 5.4.3 For opening a Type II account, the payment service provider must create technical conditions for capturing the client's photograph for registration/archiving purposes. 5.4.4 A Type II account must be opened by presenting the client's identification document or a duly signed and notarized witness declaration, attesting to the veracity of the collected client data and information. 5.4.5 The witness signing the aforementioned declaration must be a natural person holding an Identity Card (Bilhete de Identidade). 5.4.6 The witness declaration must comply with the provisions of Annex III of this Instruction. 5.4.7 The identification of a foreign client residing in national territory must be proven by a valid passport with visa and/or valid residence card or refugee card. 5.4.8 Whenever a natural person opens a Type IV account for commercial purposes, the payment service provider must confirm the client's commercial activity. 5.4.9 The payment service provider must verify the client's and/or representative's identification documents to ensure document authenticity. 5.5. Remote Opening of E-Money Accounts 5.5.1 Remote opening of e-money accounts using communication means is permitted, provided they guarantee the authenticity of collected information and compliance with all requirements set forth in this Instruction. 5.5.2 At the time of opening an e-money account using remote communication means, the payment service provider must request the client's identification data defined in this Instruction. 5.5.3 In case of impossibility to collect and verify the documents required for remote account opening, the account remains blocked until the submission of said documents, allowing the payment service provider to complete the opening process, complying with requirements and, if necessary, permitting the collection of the client's and/or representative's photograph and signature.

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6. Operation of E-Money Accounts

6.1. The nature of the permitted operations in accounts of different types is described in Annex II of this Instruction, which forms an integral part thereof. 6.2. Whenever changes in operation and documentation requirements occur, Type I, II, and III e-money accounts may be reclassified under the following conditions: a) By initiative and suggestion of the payment service provider, based on account data analysis, which must be accepted by the client; b) By request of the client, followed by analysis by the payment service provider, which validates the client's claim when it conforms to the requirements of the requested account type; and c) As a result of changes in the regulation by the Bank of Angola or the KWiK Payment Arrangement.

7. Value Limits in Operation

The Bank of Angola defines maximum operation limits for e-money accounts in specific regulations.

8. Closing of E-Money Accounts

8.1. E-money accounts may be closed upon request by their holders or legal representatives, or by initiative of the payment service provider. 8.2. E-money account closure may be carried out via a request submitted by the holder, electronically or through another channel provided by the payment service provider, indicating the destination to be given to any balance deposited in the account. 8.3. The payment service provider may proceed with account closure, notifying the client at least 60 (sixty) days in advance of the defined closure date. 8.4. For e-money account closure, at minimum, the following conditions must be adopted: a) Transfer of the remaining balance to an account indicated by the holder in another institution, or placing the funds at their disposal preferably through a payment instrument; b) Provision of information to the account holder regarding: i. The deadline, not exceeding 30 (thirty) days, to adopt the conditions set forth in the preceding paragraph; ii. The procedures for paying any outstanding balance and other commitments assumed with the institution or arising from legal provisions, where applicable; and iii. The products and services contracted by the e-money account holder that remain active or are closed simultaneously with the e-money account. 8.5. Without prejudice to the preceding paragraph, the payment service provider may block an e-money account without the holder's consent, upon verification of, among others, the following situations: a) The holder infringed provisions of the Act on Prevention and Combating Money Laundering, Terrorist Financing, and Proliferation of Weapons of Mass Destruction or deliberately used the e-money account for illegal purposes; b) Falsity or inaccuracy in information provided by the client to the payment service provider; c) Breach of contractual conditions by the holders or their legal representatives, whose effects take place 30 (thirty) days after notification by the payment service provider; d) Extinction of a legal entity; e) By imposition of a judicial or administrative authority; and f) The holder is considered an illegal resident. 8.6. For the purposes of the preceding subpoint, the payment service provider must notify the account holder, informing them of the reasons justifying the account block. 8.7. Whenever the account holder presents elements that allow regularizing the situation leading to the block, the payment service provider must proceed with unblocking the account. 8.8. Whenever an account block results from a judicial or administrative authority's decision, the payment service provider may only proceed with unblocking after a new decision by the same authority. 8.9. Without prejudice to the preceding subpoint, the payment service provider may close the account whenever it remains blocked for a period of 12 months without regularization of the situation leading to its block. 8.10. For closing an e-money account with available balance, the payment service provider must: a) Maintain individualized internal controls per closed account until full settlement of the obligation; and b) Retain all documentation related to the closed account for at least 10 (ten) years, from full settlement of the obligation, as provided by current legislation. 8.11. The payment service provider must close accounts with no debit or credit movements over a period of 15 (fifteen) years, this process being preceded by all legal diligence to contact the holder or potential heirs, through publication of notices in the country's most widely circulated newspaper, to express opposition to the payment service provider's claim. 8.12. Whenever the preceding paragraph applies, the balance of e-money accounts to be closed shall revert to the State, under the terms of Decree-Law No. 187/70, dated April 30, on the Regime of Prescription of Certain Abandoned Goods in Favor of the State.

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9. E-Money Redemption

9.1. The e-money issuer must manage funds received from users prudently, ensuring the redemption of e-money to users within 1 (one) business day. 9.2. The e-money issuer must guarantee and provide adequate evidence of sufficient liquidity capacity to meet potential high-amount e-money redemptions, particularly when they occur in a short period of time and recurrently. 9.3. In case of the e-money user's death, the payment service provider must, upon submission of appropriate documentation, recognize a legal representative of a deceased client as the person entitled to exercise the right to redeem e-money. 9.4. In case of a client's bankruptcy or liquidation, the payment service provider must recognize, upon submission of appropriate documentation, the person legally qualified to represent the client's interests as the person entitled to exercise the right to redeem e-money.

10. Prevention and Combating of Money Laundering and Terrorist Financing

10.1. The payment service provider may apply simplified due diligence measures established in Article 13 of Law No. 5/20, dated January 27, the Act on Prevention and Combating Money Laundering, Terrorist Financing, and Proliferation of Weapons of Mass Destruction, regarding reduced risks resulting from the operation limits established for Type I and II e-money accounts. 10.2. The payment service provider must apply standard or enhanced identification and due diligence measures, in accordance with the conditions set forth in legislation and regulations on money laundering, terrorist financing, and proliferation of weapons of mass destruction for Type III, IV, and V accounts.

11. Transitional Provisions

The payment service provider must comply with the provisions of this Instruction within 60 (sixty) days from its publication date.

12. Sanctions

Non-compliance with the provisions established in this Instruction constitutes a regulatory offense punishable under the following laws: a) Law No. 40/20, dated December 16, the Payment System Act of Angola; b) Law No. 14/21, dated May 19, the General Regime of Financial Institutions Act; and c) Law No. 5/20, dated January 27, the Act on Prevention and Combating Money Laundering, Terrorist Financing, and Proliferation of Weapons of Mass Destruction.

13. Revocation

Instruction No. 5/23, dated May 29, on E-Money Accounts and all regulations contrary to the provisions of this Instruction are revoked.

14. Doubts and Omissions

Doubts and omissions resulting from the interpretation and application of this Instruction are resolved by the Bank of Angola.

15. Entry into Force

This Instruction enters into force on the date of its publication.

PUBLISH. Luanda, August 15, 2024. THE GOVERNOR MANUEL ANTÓNIO TIAGO DIAS

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ANNEX I

Client Identification Requirements for Opening E-Money Accounts

1. Data to be Collected at Account Opening

Element	Type I	Type II	Type III	Type IV	Type V
Elements of the Holder
Name	Y	Y	Y	Y	Y
Date of Birth	Y	Y	Y	Y	Y
Marital Status	Y	Y	Y	Y	Y
Gender	Y	Y	Y	Y	Y
Witness Testimony *1	O	O	-	-	-
Guardian Authorization *2	-	O	N/A	N/A	N/A
ID Number (BI, P, CR, T)	O	O	Y	-	-
ID Type (BI, P, CR, T) *3	O	Y	-	-	-
Validity Date *4	O	O	Y	-	-
Issuing Entity	O	O	Y	-	-
Nationality	Y	Y	Y	Y	Y
Tax ID Number (NIF)	O	O	Y	-	-
Mobile Phone	Y	Y	Y	Y	Y
E-mail	O	O	O	O	O
Address	Y	Y	Y	Y	Y
Municipality	Y	Y	Y	Y	Y
Province	Y	Y	Y	Y	Y
Signature	O	O	O	O	O
Photograph (if no official ID with photo)	O	-	-	-	-

Legend: Y – Yes; O – Optional; N/A – Not applicable. *1. In case of collecting a Witness Declaration, the witness's personal data must be collected as per Annex III, namely Name, ID number, date and place (Municipality and Province) of birth, Nationality, and telephone contact; *2. For Type II accounts, either a Witness Declaration is presented or the client's Identification Document; *3. For account opening by a minor, a Guardian Authorization Declaration must be collected, as per Annex IV; *4. BI – Identity Card (Bilhete de Identidade), P – Passport, CR – Residence Card, T – Testimony; *5. Mandatory completion when Identity Card is presented.

1.1 Company or Activity Data to be Collected at Account Opening

Element	Type IV	Type V
Elements of Activity
Company Name	N/A	Y
Commercial Designation *1	O	O
Date of Constitution / Start of Activity	O	Y
Type of Society (UP, QT) *2	N/A	Y
Number of Signatures binding the company	N/A	Y
Identification of activity	Y	Y
Type of document proving activity *3	N/A	Y
Elements of the Company
Social Object (Business Purpose)	N/A	Y
Tax ID Number (NIF)	Y	Y
Nationality of Company/Entrepreneur	N/A	Y
Address *4	O	Y
Municipality	O	Y
Province	O	Y

Legend: Y – Yes; O – Optional; N/A – Not applicable. *1. Commercial name or activity designation; *2. UP – Unipersonal/Single-member, QT – Limited Liability (Por Quotas); *3. Activity identification, when requested, may be proven by one of the following documents, depending on whether it is a Natural or Legal Person: • Temporary trade license; • Street vendor card; • Fair trader card; • Municipal market seller card; • Commercial Registration Certificate; • Trade License (Alvará); • Other; • None; *4. Type IV – address of the person or stable establishment, if applicable; Type V – registered office address of the company;

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2. Minimum Documents to Open an E-Money Account

Document	Type I	Type II	Type III	Type IV	Type V
Identification Document (BI, P, CR, T)	O	O	Y	*1	-
Witness Declaration *2	O	O	N/A	-	-
Proof of Address	O	O	Y	-	-
Activity Proof Document *3	N/A	N/A	N/A	O	Y
Tax ID Document (NIF)	O	O	Y	-	-
Declaration of Source of Funds	N/A	Y	-	-	-

Legend: Y – Yes; O – Optional; N/A – Not applicable. *1. Representative's identification document; *2. Only for national citizens; *3. Activity identification, when requested, may be proven by one of the following documents, depending on whether it is a Natural or Legal Person: • Temporary trade license; • Street vendor card; • Fair trader card; • Municipal market seller card; • Commercial Registration Certificate; • Trade License (Alvará).

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ANNEX II

Operation of E-Money Accounts

1. Permitted Operations

Operation	Type I	Type II	Type III	Type IV	Type V
Cash Deposits (Cash In)	Y	-	-	-	-
Cash Withdrawals (Cash Out)	Y	N	-	-	-
Instant Credit Transfers	Y	-	-	-	-
Foreign Exchange / International Payments	N	-	-	-	-
Goods and Services Payments in Kwanzas	Y	-	-	-	-
National Value Transfer Services	N	-	*1	Y	-
International Remittance Services	N	-	*1	N	*1

Legend: Y – Yes; O – Optional; N/A – Not applicable. *1. These operations will be available if the account holder is identified by a personal identification document rather than by testimony;

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ANNEX III

Witness Declaration

WITNESS DECLARATION FOR OPENING AN E-MONEY ACCOUNT

Client Data: I, (Full Name) _______________________________________, born on //, Province _______________________, Municipality _________________________, Comuna ___________________, of Nationality _____________________, Gender ___________________, Marital Status , Telephone Contact;

Witness Data: I, (Full Name) _________________________________________________, holder of Identity Card No. ______________________, born on //________, Province _______________________, Municipality _________________________, Comuna _______________, of Nationality , Telephone Contact;

I hereby declare for all legal purposes that I know Mr./Mrs. _________________________________________________ and attest that I am fully aware of their psychological capacity to respond for their rights and obligations.

Date: ___ / _______________ / _______

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Client Signature Witness Signature

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ANNEX IV

Liability Statement / Term of Responsibility

TERM OF RESPONSIBILITY FOR OPENING AN E-MONEY ACCOUNT

Holder Data: I, (Full Name) _______________________________________, born on //, Province _______________________, Municipality _________________________, Comuna ___________________, of Nationality ______________,

[End of Document]