Regulatory Alerts2018-12-03
Directive No. 06/DEF/DRO-2018 of November 23, 2018
The National Bank of Angola, through its Financial Education and Financial System Regulation Departments, issued Directive No. 06/DEF/DRO-2018 to amend the remuneration interest rate for the Bankita à Crescer deposit account from 7% to 12.5% per annum, applicable to deposits established after publication. Commercial banks are mandated to disclose this updated rate truthfully, clearly, and objectively to current and potential customers across all service counters and electronic channels. Non-compliance with these mandatory provisions is punishable under the Financial Institutions Framework Law, while any interpretative ambiguities remain subject to resolution by the National Bank of Angola.
THE GOVERNOR
DIRECTIVE NO. 06/DEF/DRO/2018 ORIGIN: FINANCIAL EDUCATION DEPARTMENT (DEF) REGULATION AND ORGANIZATION OF THE FINANCIAL SYSTEM DEPARTMENT (DRO) DATE 23/11/2018 SUBJECT: Amendment of the Remuneration Interest Rate for the Bankita à Crescer Product
Given the need to adjust the remuneration rate of the Bankita à Crescer deposit account, currently set at 7% p.a., and considering that under the Product Bankita Adhesion Agreement established between the National Bank of Angola (BNA) and the subscribing Commercial Banks, the remuneration interest rate for the “Bankita à Crescer Savings” is established quarterly by the BNA; In accordance with the combined provisions of item f) of paragraph 1 of Article 21 and item d) of paragraph 1 of Article 51, both of Law No. 16/10 of July 15, the National Bank of Angola Law; This Directive serves to establish the following:
- The interest rate of the time deposit account named Bankita à Crescer Deposit is amended to 12.5% p.a.
- Commercial Banks must provide information regarding the interest rate mentioned in the preceding paragraph to customers and potential customers, truthfully, currently, and unequivocally, with such information expressed in clear and objective language.
- Commercial Banks must systematically maintain the aforementioned information at all counters and customer service locations, in a highly visible and directly accessible place, using an easy and direct consultation device, including its publication via electronic means.
DIRECTIVE NO. 06 / DEF/DRO/2018 Page 2 of 2 4. The interest rate of 12.5% p.a. applies to deposits established after the effective date of this Directive. 5. Non-compliance with the mandatory provisions of this Directive is punishable under Law No. 12/15, of June 17 - Framework Law on Financial Institutions. 6. Doubts and omissions arising from the interpretation and application of this Directive are resolved by the National Bank of Angola. 7. Directive No. 01/DSC/2014, of July 15, is hereby revoked. 8. This Directive enters into force on the date of its publication. Luanda, November 23, 2018. FINANCIAL EDUCATION DEPARTMENT
Margareth Lopes Leite Velho da Silva Deputy Director REGULATION AND ORGANIZATION OF THE FINANCIAL SYSTEM DEPARTMENT
Carla Marisa Rodrigues Madeira Gomes Director