Regulatory Alerts2022-08-11
Instruction No. 09/2022 of August 10, Payments System of Angola: Direct Debit System
The Central Bank of Angola issued Instruction No. 09/2022 to mandate Banking Financial Institutions' adherence and active participation in the Direct Debit System (SDD) within national currency operations. The directive defines key roles, including Creditor and Debtor Banks, establishes operational governance under EMIS, and requires full certification and service disclosure within 120 days of publication. Non-compliance triggers sanctions under existing payments and financial institution laws, with the Central Bank retaining authority to suspend participants or resolve interpretative disputes.
INSTRUCTION NO. 09/2022 of August 10 SUBJECT: PAYMENTS SYSTEM OF ANGOLA
- Direct Debit System Whereas it is necessary to provide greater dynamism in the use of the Direct Debit System in national currency operations through the adherence and participation of Banking Financial Institutions; In accordance with the combined provisions of items a) and d) of Article 6.º of Law No. 40/20, of December 16, Payments System of Angola Act, item a) of Article 25.º and Article 36.º of Law No. 14/21, of May 19, General Regime of Financial Institutions Act, Article 21.º and No. 1 of Article 98.º of Law No. 24/21, of October 18, Central Bank of Angola Act. IT IS HEREBY DETERMINED:
- Object This Instruction establishes the terms and conditions to be observed in the adherence and participation of Banking Financial Institutions in the Direct Debit System, hereinafter designated SDD.
- Scope This Instruction applies to Banking Financial Institutions participating in the Payments System of Angola.
CONTINUATION OF INSTRUCTION NO. 09/2022 Page 2 of 4 3. Definitions Without prejudice to the definitions established in Law No. 40/20, of December 16, Payments System Act, and the SDD Manual of Standards and Procedures (MNP), for the purposes of this Instruction, is understood: a) Creditor's Bank: Banking Financial Institution participating in the SDD supporting the Creditor Entity; b) Debtor's Bank: Banking Financial Institution participating in the SDD supporting the Debtor Entity; c) Creditor Entity: Adherent entity to the SDD through its Debtor's Bank, which provides services or makes products available to third parties and collects payment for them through debit instructions, previously authorized by the Debtor Entity, through the granting of Debit Authorization in its respective Account; d) Debtor Entity: Entity that enters into an agreement with the Creditor Entity regarding the settlement of charges presented by its payment service provider, based on a Debit Authorization in Account accepted by the Debtor Entity to the Creditor Entity; e) Direct Debit: payment service consisting of debiting the payment account of an orderer, where the payment transaction is initiated by the beneficiary based on the consent given by the orderer to the beneficiary, to the payment service provider of the beneficiary or to the payment service provider of the orderer itself; and f) Direct Debit System: set of rules and operational infrastructures that enable direct debit payments in account, arising from contractual relationships, involving the creditor, the debtor and their respective credit institutions. 4. Adherence and Participation 4.1. Banking Financial Institutions participating in the Payments System of Angola must adhere and participate in the SDD, as well as comply with the rules
CONTINUATION OF INSTRUCTION NO. 09/2022 Page 3 of 4 established by the operator through the Manual of Standards and Procedures (MNP). 4.2. For the purposes of the preceding paragraph, Institutions must participate in the SDD with the following functions: a) Creditor's Bank (CB); and b) Debtor's Bank (DB). 4.3. The Central Bank of Angola determines the suspension or exclusion of an SDD participant for serious or very serious non-compliance with the duties required under the MNP. 5. Direct Debit System 5.1. The SDD is an integral part of the Automated Clearing House of Angola. 5.2. The SDD is managed and operated by Empresa Interbancária de Serviços, S.A. - (EMIS). 5.3. The Superintendence of the SDD and the settlement of multilateral balances resulting from clearing are the responsibility of the Central Bank of Angola. 5.4. It is incumbent upon the SDD operator to prepare and publish the MNP of said system. 5.5. For the purposes of the preceding paragraph, the MNP must contain at least the following: a) Rules and procedures to be adopted; and, b) Information to be shared. 6. Transitional Provisions Banking Financial Institutions must adhere and participate in the direct debit system including certification and recertification, and disclose direct debit services as established in the MNP, within 120 (one hundred and twenty) days from the date of publication of this Instruction. 7. Sanctions Non-compliance with the provisions established in this Instruction constitutes an offense punishable under Law No. 40/20, of December 16, Payments System Act and Law No. 14/21, of May 19, General Regime of Financial Institutions Act.