Notice No. 04/2024, of December 16: Minimum Share Capital of Non-Banking Financial Institutions

PUBLISHED IN THE OFFICIAL GAZETTE, SERIES I, NO. 238, OF DECEMBER 16, 2024 NOTICE NO. 04/2024 SUBJECT: FINANCIAL SYSTEM − Minimum Share Capital of Non-Banking Financial Institutions Considering that there is a need to define the share capital of Microfinance Financial Institutions, it is necessary to review Notice No. 05/23, of 29 June, on the Minimum Share Capital of Non-Banking Financial Institutions; Pursuant to the combined provisions of number 1 of article 19 of Law no. 14/21, of 19 May, Law on the General Regime of Financial Institutions, article 31 (1) (a) and (f) and article 98(1), both of Law No. 24/21, of 18 October, Law of the National Bank of Angola. I HEREBY DETERMINE: Article 1 (Object) This Notice establishes the minimum share capital of Non-Banking Financial Institutions linked to currency and credit, under the supervision of the National Bank of Angola. Article 2 (Scope) This notice applies to the Non-Banking Financial Institutions provided for in number 3 of article 7 of Law no. 14/21, of 19 May, Law on the General Regime of Financial Institutions, namely: a) Exchange Offices;

b) Microfinance Financial Institutions; c) Credit Cooperative Societies; d) Financial Assignment Companies; e) Credit Guarantee Companies; f) Financial Leasing Companies; g) Microcredit Societies; and h) Payment Service Providers. Article 3 (Share Capital)

1. The Non-Banking Financial Institutions referred to in the previous article must have their share capital fully paid up in the minimum amount of: a) For Payment Service Providers provided for in article 18 (2) (a) and (b) of Notice No. 02/22, of 02 February: i. Principal – K. 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 article 18 (2) (c) (d) and (e) of Notice No. 02/2022, of 02 February: i. Remittance of Values – Kz 70 000 000.00 (seventy million Kwanzas); ii. Payment Initiation Services – Kz 25 000 000.00 (twenty-five million Kwanzas); and iii. Account Information Services – Kz 20,000,000.00 (twenty million Kwanzas). c) For Exchange Offices – Kz 50 000 000.00 (fifty million Kwanzas); d) For Microfinance Financial Institutions – Kz 5 000.00

(five billion Kwanzas); e) For Credit Cooperative Societies – Kz 1,000,000.00 (one million Kwanzas); f) For Financial Assignment Companies – Kz 100 000 000.00 (one hundred million Kwanzas); g) For Financial Leasing Companies – Kz 100 000 000.00 (one hundred million Kwanzas); h) For Credit Guarantee Societies – Kz 250 000 000.00 (two hundred and fifty million Kwanzas); i) For Microcredit Societies – Kz 5 000 000.00 (five million Kwanzas). 2. Exchange Offices authorized to perform remittance services must adjust their capital stock to the minimum provided for in item i) of paragraph b) of the previous number. 3. Payment Service Companies must set up special reserves to strengthen their net worth or to cover losses that the profit and loss account cannot bear. Article 4 (Increase in Share Capital) Non-Banking Financial Institutions may increase their share capital by adopting one or two of the options listed below: a) Issuance and subscription of new shares; b) Incorporation of legal reserves, free reserves, or results for the year into their share capital, provided that they are audited; and c) Others permitted by law. Article 5 (Misdemeanours) Failure to comply with the provisions of this Notice constitutes a misdemeanour provided for and punishable under the terms of Law No. 14/21, of 19 May, Law on the General Regime of Financial Institutions.

Article 6 (Revocation) All regulations that contradict the provisions of this Notice, namely, Notice No. 05/23, of 29 June, on the Minimum Share Capital of Non-Banking Financial Institutions, are hereby revoked. Article 7 (Doubts and Omissions) Doubts and omissions arising from the interpretation and application of this Notice will be settled by the National Bank of Angola. Article 8 (Entry into force) This Notice shall be enter into force on the date of its publication. LET IT BE PUBLISHED. Luanda, 9 th December 2024 THE GOVERNOR MANUEL ANTÓNIO TIAGO DIAS