Notice No. 1/94 of January 3, 1994

NOTICE No. 1/94 of January 3, 1994

In order to facilitate and ensure greater security in the payment of transactions for goods and services between residents throughout the national territory, it is intended to promote the introduction into the market of other instruments that facilitate these payments; Checks, banknotes, and coins have been the payment methods used; Thus, with a view to providing greater convenience, speed, and security to the public, debit cards will henceforth be issued throughout the country by authorized entities; Considering the provisions of paragraph c) of Article 16 of Law No. 4/91, which specifically assigns to the Banco Nacional de Angola the coordination, guidance, and control of monetary and exchange rate policy and their respective markets; Under Article 60 of the Organic Law of the Banco Nacional de Angola, I HEREBY DETERMINE:

ARTICLE 1
The issuance of debit cards shall be subject to prior authorization from the Banco Nacional de Angola.

ARTICLE 2
The activity of issuing debit cards may only be carried out by a company whose corporate purpose permits it, under the regulatory legislation for quasi-banking institutions, or by commercial banks.

ARTICLE 3
The debit card is intended for the payment of transactions for goods or services denominated in national currency.

ARTICLE 4
The debit card is a card linked to a card account opened, at the issuing institution, in the name of its holder.

ARTICLE 5
The debit card shall be for exclusive use within the country.

ARTICLE 6
The standard conditions for the use of the debit card, as well as those representing improper use that justify its seizure, shall be defined and previously submitted for approval to the Banco Nacional de Angola.

ARTICLE 7
It shall be the responsibility of the issuing institution to ensure proper control over the use of the card, in compliance with current legislation, as well as to prevent its irregular use.

ARTICLE 8
This notice enters into force immediately.

PUBLISH
Luanda, January 3, 1994
THE GOVERNOR
Generoso Hermenegildo Gaspar de Almeida