Regulatory Alerts2018-11-10
Directive No. 06-DEF-DRO-2018, of November 11
The National Bank of Angola, through its Financial Education and Financial Regulation Departments, issued Directive No. 06/DEF/DRO/2018 to amend the remuneration interest rate for the Bankita à Crescer deposit account from 7% per annum to 12.5% per annum. Commercial banks are required to communicate this updated rate to current and prospective customers in clear, accurate, and unambiguous language while maintaining organized records at all public service counters and electronic platforms. The revised rate applies to deposits established after the directive's publication, with non-compliance subject to penalties under existing financial institution laws and unresolved interpretive matters falling under the National Bank of Angola's authority.
THE GOVERNOR
DIRECTIVE NO. 06/DEF/DRO/2018 ORIGIN: FINANCIAL EDUCATION DEPARTMENT (DEF) FINANCIAL REGULATION AND ORGANIZATION DEPARTMENT OF THE FINANCIAL SYSTEM (DRO) DATE 23/11/2018 SUBJECT: Amendment of the Remuneration Interest Rate for the Bankita à Crescer Product
Given the need to adjust the remunerative rate of the Bankita à Crescer deposit account, currently set at 7% per annum, and considering that under the Bankita Product Subscription 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 subparagraph f) of paragraph 1 of Article 21 and subparagraph d) of paragraph 1 of Article 51, both of Law No. 16/10 dated July 15, the National Bank of Angola Law; This Directive serves to establish the following:
- The interest rate for the time deposit account named Bankita à Crescer Deposit is amended to 12.5% per annum.
- Commercial Banks must provide information regarding the aforementioned interest rate to customers and potential customers in a true, current, and unambiguous manner, with such information expressed in clear and objective language.
- Commercial Banks must systematically maintain the aforementioned information at all counters and public 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% per annum 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, dated June 17 - Framework Law of 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, dated 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 FINANCIAL REGULATION AND ORGANIZATION DEPARTMENT OF THE FINANCIAL SYSTEM
Carla Marisa Rodrigues Madeira Gomes Director