Regulatory Alerts2023-07-06
Operational Rules for Credit Cooperative Societies – Notice No. 07/2023
The National Bank of Angola issued Notice No. 07/2023 to establish operational rules and information reporting requirements for Credit Cooperative Societies. The regulation permits these entities to exclusively collect member deposits, grant member credit, acquire public debt or central bank securities, and place time deposits in financial institutions. Furthermore, it mandates prudential supervision, external audits by certified accountants, compliance with payment service laws for complementary activities, and repeals conflicting prior notices, with penalties enforced under the General Regime for Financial Institutions Law.
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