Notice No. 05/2023 of June 29

PUBLISHED IN THE OFFICIAL GAZETTE, FIRST SERIES, NO. 119, OF JUNE 29 NOTICE NO. 05/2023 SUBJECT: FINANCIAL SYSTEM

• Minimum Share Capital of Non-Bank Financial Institutions

Whereas it is necessary to adjust the minimum share capital value of the Non-Bank Financial Institutions under the supervision of the Banco Nacional de Angola; Pursuant to the combined provisions of paragraph 1 of Article 19 of Law No. 14/21, dated May 19, the General Regime for Financial Institutions Law, of letters a) and f) of paragraph 1 of Article 31 and of paragraph 1 of Article 98, both of Law No. 24/21, dated October 18, the Banco Nacional de Angola Law. I HEREBY DETERMINE:

Article 1. (Subject Matter) This Notice establishes the minimum share capital applicable to Non-Bank Financial Institutions linked to currency and credit, under the supervision of the Banco Nacional de Angola.

Article 2. (Scope) This Notice applies to the Non-Bank Financial Institutions referred to in paragraph 3 of Article 7 of Law No. 14/21, dated May 19, the General Regime for Financial Institutions Law, namely: a) Exchange Houses; b) Microfinance Financial Institutions; c) Financial Assignment Societies; d) Credit Cooperative Societies; e) Credit Guarantee Societies; f) Financial Leasing Societies;

CONTINUATION OF NOTICE NO. xx/2023 Page 2 of 4 g) Microcredit Societies; and h) Payment Service Providers.

Article 3. (Share Capital)

1. The Non-Bank Financial Institutions referred to in the preceding article must have their share capital fully paid up at a minimum value of: a) For Payment Service Providers provided for in letters a) and b) of paragraph 2 of Article 18 of Notice No. 02/2022, dated February 02: i. Principal – Kz 70,000,000.00 (seventy million Kwanzas); ii. Standard Class 1 - Kz 40,000,000.00 (forty million Kwanzas); and iii. Standard Class 2 – Kz 25,000,000.00 (twenty-five million Kwanzas). b) For Payment Service Providers that provide the services provided for in letters c), d) and e) of paragraph 2 of Article 18 of Notice No. 02/2022, dated February 02: i. Value Remittance – Kz 70,000,000.00 (seventy million Kwanzas); ii. Payment Initiation Service - Kz 25,000,000.00 (twenty-five million Kwanzas); and, iii. Account Information Service - Kz 20,000,000.00 (twenty million Kwanzas). c) For Exchange Houses - Kz 50,000,000.00 (fifty million Kwanzas); d) For Financial Assignment Societies - Kz 100,000,000.00 (one hundred million Kwanzas); e) For Credit Cooperative Societies - Kz 1,000,000.00 (one million Kwanzas); f) For Financial Leasing Societies - Kz 100,000,000.00 (one hundred million Kwanzas); g) For Microcredit Societies - Kz 5,000,000.00 (five million Kwanzas); h) For Microfinance Financial Institutions – Kz 1,000,000.00 (one million Kwanzas).

CONTINUATION OF NOTICE NO. xx/2023 Page 3 of 4 2. Exchange Houses authorized to provide value remittance services must adjust their share capital to the minimum provided for in sub-item i) of letter b) of the preceding paragraph. 3. Payment Service Providers must establish special reserves intended to strengthen their net position or cover losses that the profit and loss account cannot absorb.

Article 4. (Increase of Share Capital) Non-Bank Financial Institutions may increase their share capital by adopting one or both of the following options: a) Issuance and subscription of new shares; b) Incorporation into share capital of legal reserves, free reserves or results from the fiscal year, provided they are audited; and c) Others permitted by law.

Article 5. (Infringements) Non-compliance with the provisions of this Notice constitutes a contravention provided for and punishable under Law No. 14/21, dated May 19, the General Regime for Financial Institutions Law.

Article 6. (Revocation) Notice No. 12/2022, dated March 29, is hereby revoked, along with any regulation that contradicts the provisions of this Notice.

Article 7. (Doubts and Omissions) Doubts and omissions resulting from the interpretation and application of this Notice are resolved by the Banco Nacional de Angola.

CONTINUATION OF NOTICE NO. xx/2023 Page 4 of 4 Article 8. (Entry into Force) This Notice enters into force on the date of its publication. PUBLISHED. Luanda, June 26, 2023. THE GOVERNOR MANUEL ANTÓNIO TIAGO DIAS