Regulatory Alerts2021-09-13
Directive No. 10-DIF-DRO-2021 of September 14
The National Bank of Angola’s Financial Inclusion and Regulation Departments issued Directive No. 10-DIF-DRO-2021 to set the annual interest rate for the 'Poupança Bankita à Crescer' time deposit product at 16.5%. Commercial banks must clearly communicate this rate to current and potential customers, update their financial product price lists, and prominently display it across branches and electronic channels. Non-compliance constitutes a punishable offense under the General Regime for Financial Institutions, with interpretive disputes resolved by the National Bank of Angola.
GOVERNOR DIRECTIVE NO. 10/DIF/DRO/2021 ORIGIN: Financial Inclusion Department (FID) Department of Regulation and Organization of the Financial System Financeiro (DRO) DATE 14/09/2021 SUBJECT: FINANCIAL SYSTEM
- Amendment of the Interest Rate for the "Poupança Bankita à Crescer" Product Whereas, under the Bankita Product Membership Agreement established between the National Bank of Angola (BNA) and the subscribing Commercial Banks, the interest rate for the “Poupança Bankita à Crescer” is established quarterly by the BNA, it is urgent to adjust it; Pursuant to the combined provisions of paragraph f) of item 1 of Article 21 and paragraph d) of item 1 of Article 51, both of Law No. 16/10 of July 15, the National Bank of Angola Act. This Directive serves to establish the following:
- The interest rate for the time deposit account named Poupança Bankita à Crescer is amended to 16.5% p.a. (sixteen point five percent per annum).
- Commercial Banks must provide information in a clear, objective and unambiguous manner regarding the interest rate mentioned in the preceding number to customers and potential customers.
- Commercial Banks must update the aforementioned rate in the Price List of Products and Financial Services and publish it in all counters and public service locations, in a highly visible and directly accessible place, using an easy inquiry device, including its publication via electronic means.
CONTINUATION OF DIRECTIVE NO. 10/DIF/DRO/2021 Page 2 of 2 4. Non-compliance with the provisions of this Directive constitutes an offense provided for and punishable under Law No. 14/21 of May 19, the General Regime for Financial Institutions. 5. Doubts and omissions resulting from the interpretation of this Directive are resolved by the National Bank of Angola. 6. Directive No. 06/DEF/DRO/2018 of November 23 is hereby revoked. 7. This Directive enters into force on the date of its publication. Luanda, September 14, 2021. FINANCIAL INCLUSION DEPARTMENT
Teresa Nainde Evaristo Pascoal -Director- DEPARTMENT OF REGULATION AND ORGANIZATION OF THE FINANCIAL SYSTEM
Cândido Abrantes Pina -Deputy Director-