Regulatory Alerts2018-11-29
Notice No. 08/2018 of November 29 on Minimum Social Capital and Regulatory Own Funds for Non-Bank Financial Institutions
The Bank of Angola issued Notice No. 08/2018 to adjust the minimum social capital and regulatory own funds for non-bank financial institutions, including exchange houses, leasing companies, payment service providers, and microcredit firms. The regulation mandates that these institutions fully paid-up capital must meet specified Kwanza thresholds ranging from 25 million to 100 million Kwanzas depending on their business type, with payment service providers required to maintain special reserves. Non-compliant institutions must submit a detailed action plan within 120 days of publication and fully adjust their capital by June 30, 2019, under penalty of legal sanctions.
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