Regulatory Alerts2024-12-20
Notice No. 06/2024 on Requirements and Procedures for Incorporating Non-Banking Financial Institutions
The National Bank of Angola issued Notice No. 06/2024 to establish revised requirements and procedures for incorporating Non-Banking Financial Institutions, including bureaux de change, electronic currency institutions, microfinance entities, and payment service providers. The notice mandates minimum regulatory share capital, robust corporate governance and risk management frameworks, and a tiered transaction-volume classification for payment service providers, while detailing the application submission, inspection, and business plan compliance processes. It formally revokes Notice No. 11/22 and takes effect upon publication, requiring approved institutions to provide at least one month’s prior notice before commencing operations.
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