Circular No. 02/2026 of 24 September: Sustainability Principles of the Angolan Financial System – Principle V – Transparency and/or Information Reporting

CARTA – CIRCULAR NO. 02/2026
SUBJECT: FINANCIAL SYSTEM
− Sustainability Principles of the Angolan Financial System − Principle V – Transparency and/or Information Reporting

Considering the need to guide financial institutions in the gradual implementation of the Sustainability Principles of the Angolan Financial System, approved by the Supervisory Council of the Angolan Financial System (CSSF);

For the purposes of implementing Principle V, regarding Transparency and/or Information Reporting:

1. The Implementation Guide for Principle V – Transparency and/or Information Reporting, hereinafter referred to as the Guide, is published, attached to this Circular Letter.
2. The Guide applies to financial institutions supervised by the National Bank of Angola, as provided for in paragraphs 2 and 3 of Article 7 of Law No. 14/21 of May 19, 2021, the General Regime of Financial Institutions Law, hereinafter referred to as Institutions.
3. This Circular Letter enters into force on the date of its publication.

Luanda, September 24, 2026.

DEPARTMENT OF REGULATION AND
ORGANIZATION OF THE FINANCIAL SYSTEM

---

Cândido Abrantes Pina
-Director-

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ANNEX I
IMPLEMENTATION GUIDE FOR PRINCIPLE V
TRANSPARENCY AND INFORMATION REPORTING

1. GENERAL PROVISIONS
   1.1. To implement the principle on transparency and information reporting, financial institutions must ensure the consistency, comparability, and credibility of information disclosed to the market and stakeholders.
   1.2. The information disclosed must be useful for decision-making, consistent with the institution's risk profile, and progressively aligned with international best practices.
   1.3. In implementing transparency and information reporting rules, financial institutions must observe the principle of proportionality provided for in Article 22 of Law No. 14/21 of May 19, 2021, the General Regime of Financial Institutions Law.

2. SUSTAINABILITY REPORT
   2.1. The institution's governing body must approve the annual sustainability report for public disclosure of information.
   2.2. The annual sustainability report must contain, at a minimum, information on:
   2.2.1. Sustainability Governance
   2.2.1.1. The institution must disclose, proportionally, how sustainability matters are supervised and integrated into its governance structure, including:
   2.2.1.1.1. Responsibilities of the governing body and relevant committees;
   2.2.1.1.2. Competence and experience in sustainability and climate, environmental, and social risks;
   2.2.1.1.3. Internal structure responsible for sustainability;
   2.2.1.1.4. Form and frequency of reporting to the governing body;

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2.2.1.1.5. Integration of sustainability objectives or indicators into performance evaluation, where applicable;
2.2.1.1.6. Main policies, procedures, and control mechanisms related to sustainability;
2.2.1.1.7. Degree of implementation of the Sustainability Principles of the Angolan Financial System.
2.2.2. Strategy, Risks, and Opportunities
2.2.2.1. The institution must present sustainability risks and opportunities that are relevant to its business model, including, when material:
2.2.2.1.1. Main physical and transition risks related to climate;
2.2.2.1.2. Other relevant environmental risks, including those related to water, biodiversity, pollution, soil degradation, or natural resources;
2.2.2.1.3. Relevant social risks, including human rights, working conditions, inclusion, and consumer protection;
2.2.2.1.4. Opportunities associated with transition, adaptation, innovation, and sustainable financing;
2.2.2.1.5. Sectors and geographies particularly exposed to identified risks;
2.2.2.1.6. Time horizons used to assess risks and opportunities.
2.2.3. Impact on Business, Strategy, and Financial Planning
2.2.3.1. The institution must describe the current and potential effects of sustainability risks and opportunities on:
2.2.3.1.1. The business model and main lines of activity;
2.2.3.1.2. Revenues, costs, assets, liabilities, and quality of exposures;
2.2.3.1.3. The strategic plan and capital allocation;
2.2.3.1.4. Financial and investment planning;
2.2.3.1.5. Adaptation and/or transition strategy;
2.2.3.1.6. Business continuity and operational resilience.

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2.2.4. Sustainability Risk Management
2.2.4.1. The report must present the processes implemented to identify, assess, prioritize, monitor, and mitigate sustainability risks, including:
2.2.4.1.1. Integration of ESG risks into the global risk management system;
2.2.4.1.2. Integration into the credit and investment cycle;
2.2.4.1.3. Environmental and social due diligence in higher-risk activities;
2.2.4.1.4. Monitoring of sectoral and geographic exposures;
2.2.4.1.5. Exclusion, conditioning, or mitigation criteria;
2.2.4.1.6. Adaptation and transition plans;
2.2.4.1.7. Use of internal and external data and main limitations.
2.2.5. Scenarios, resilience tests, and planning
2.2.5.1. Whenever they have sufficient capacity and information, institutions must disclose scenarios or other prospective analyses used to assess the resilience of their strategy and business model.
2.2.5.2. Where applicable, the disclosed information must identify the scenario considered, main assumptions, time horizon, scope, results, and response measures.
2.2.5.3. The absence of scenario analysis should not, by itself, condition the disclosure of the annual sustainability report, which should present the plan for developing the skills necessary to carry out such analyses.
2.2.6. Metrics, Indicators, and Targets
2.2.6.1. The institution must disclose indicators relevant to its sustainability profile, prioritizing quantitative, comparable metrics accompanied by their respective definition, methodology, and reference period.
2.2.6.2. The indicators must be accompanied by targets, and the institution must periodically disclose the progress achieved against the established targets.

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2.2.6.3. The annual sustainability report must include, at a minimum, the indicators contained in Annex II, in alignment with the indicators defined in Circular Letter No. 02/2025 of December 3, 2025, Implementation Guide for Principle II – Identify and Incorporate Socio-Environmental Risks into the Governance and Risk Management Model.
2.2.7. Sustainable Financing
2.2.7.1. The annual sustainability report must include information on:
2.2.7.1.1. The volume and proportion of green, social, or sustainable credit;
2.2.7.1.2. The volume of green, social, or sustainable financial instruments;
2.2.7.1.3. Financial products that promote adaptation, energy efficiency, inclusion, or other sustainability objectives;
2.2.7.1.4. The criteria used to classify operations as sustainable;
2.2.7.1.5. Alignment with taxonomies recognized by the National Bank of Angola, when available;
2.2.7.1.6. The annual evolution of relevant flows and stocks.
2.2.8. Financial inclusion and social dimension
2.2.8.1. The annual sustainability report must include information on the institution's contribution to financial inclusion and relevant social objectives. Among the possible indicators are:
2.2.8.1.1. The geographic and digital coverage of services;
2.2.8.1.2. The number or proportion of customers with access to accounts and financial services;
2.2.8.1.3. Products aimed at vulnerable or lower-income populations;
2.2.8.1.4. Access to credit by micro, small, and medium-sized enterprises;
2.2.8.1.5. Financial education initiatives;
2.2.8.1.6. Products or channels adapted to people with specific needs;

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2.2.8.1.7. Disaggregation by gender and, where relevant, by geographic location;
2.2.8.1.8. Initiatives with impact on communities and their measurable results, where applicable.

3. PERIODICITY AND DISCLOSURE
   3.1. The annual sustainability report must be published on the institution's website, preferably in coordination with the annual financial reporting cycle.
   3.2. The institution must ensure that the information disclosed in the annual sustainability report is relevant, clear, reliable, complete, timely, accessible, granular, methodologically consistent, and comparable over time.
   3.3. The institution must maintain a public archive of the disclosed information.

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ANNEX II
MINIMUM SUSTAINABILITY INDICATORS

Dimension | Indicator | Explanatory Description | Formula / Calculation Method --- | --- | --- | --- Governance | Existence of sustainability governance structure | Indicates whether the institution has a formal body, committee, unit, or function responsible for coordinating ESG matters, including reporting to the governing body | Binary indicator: Yes/No. Additionally, describe the responsible body, reporting frequency, and main competencies Governance | Level of implementation of Sustainability Principles | Measures the degree of adoption of principles applicable to the financial system, allowing assessment of institutional maturity and annual progress | (Number of implemented requirements ÷ Number of total applicable requirements) × 100 Governance | Number of employees by gender, holding positions in administration, management, middle management, and coordination | Indicates the proportion of workers by gender holding relevant positions | Number of administrators, directors, middle management, and coordination by gender ÷ Number of administrators, directors, middle management, and coordination Governance | Number of employees by gender | Indicates the proportion of workers by gender | Number of employees by gender ÷ Number of employees ESG Risks | Credit portfolio subject to environmental and social analysis | Assesses the proportion of the credit portfolio submitted to criteria for identifying, assessing, and mitigating socio-environmental risks, in line with ESG management practices observed in the sector | (Value of portfolio analyzed according to ESG criteria ÷ Total value of eligible credit portfolio) × 100 ESG Risks | Exposure to environmentally or socially sensitive sectors | Identifies credit concentration in sectors with higher exposure to physical, transition, environmental, or social risks, allowing assessment of portfolio vulnerabilities | (Value of exposures in sensitive sectors ÷ Total value of credit portfolio) × 100 Sustainable Financing | Green, social, or sustainable credit | Measures the volume and weight of credit operations classified as green, social, or sustainable, including financing for energy efficiency, climate adaptation, inclusion, or projects with social impact | (Value of green, social, or sustainable credit ÷ Total value of credit portfolio) × 100; include absolute value Sustainable Financing | Financial products with sustainability objectives | Identifies products or financing lines that promote financial inclusion, innovation, environmental efficiency, support for SMEs, or other sustainability objectives | Number of active sustainable products in the period and/or value captured/conceded per product Financial Inclusion | New financial inclusion accounts | Measures the expansion of access to financial services by lower-income segments or previously unbanked individuals, based on accounts or financial inclusion products reported by sector institutions | Number of new financial inclusion accounts opened in the
period; where applicable: (new inclusion accounts ÷ total new accounts) × 100 Financial Inclusion | Digital and multi-channel coverage | Assesses the reach of digital channels and the use of applications, platforms, or remote services, based on digitalization indicators reported by sector institutions | Number of active digital users, application downloads, or digital transactions; annual variation = ((current year value − previous year value) ÷ previous year value) × 100 Social | Training hours per employee | Measures investment in employee skill development, including technical, behavioral, regulatory, and sustainability training | Total training hours ÷ Average number of employees in the period Social | Participation rate in training | Assesses the scope of training actions carried out by the institution and the dissemination of skills, including training on sustainability and ESG risks | (Number of employees participating in training actions ÷ Total number of employees) × 100

CONTINUATION OF CIRCULAR LETTER NO. 02/2026 page 8 of 10 Social | Financial education and community support initiatives | Measures the institution's contribution to financial literacy, social inclusion, and community development, including social campaigns, educational programs, and community support | Number of initiatives carried out; number of beneficiaries reached; value invested in social programs Environmental | Total energy consumption | Measures energy usage in the institution's operations, allowing monitoring of operational efficiency and consumption evolution over time | Sum of direct and indirect energy consumption in the period, in GJ or kWh Environmental | Energy intensity | Assesses energy consumption efficiency relative to the institution's operational size, allowing comparison over time | Total energy consumption ÷ Average number of employees or ÷ occupied area Environmental | Greenhouse gas emissions | Measures emissions associated with own operations, including direct and indirect emissions, expressed in tons of carbon dioxide equivalent | Total emissions = Scope 1 emissions + Scope 2 emissions, expressed in tCO2e Environmental | Carbon intensity | Allows assessment of the relationship between emissions and operational size, supporting environmental efficiency targets | Total GHG emissions ÷ Average number of employees or ÷ occupied area Environmental | Water consumption per employee | Measures efficiency in water resource use in the institution's operations, allowing monitoring of consumption per operational unit or per employee | Total water consumption in the period ÷ Average number of employees Environmental | Waste collected, recycled, or directed | Assesses the adoption of waste management practices and circular economy, including collection, recycling, reuse, or proper disposal of materials | Total waste collected, recycled, or directed in the period, in tons; recycling rate = (recycled waste ÷ total waste generated) × 100 Environmental / Community | Reforestation or environmental compensation actions | Measures environmental initiatives with community impact, including reforestation, recovery of degraded areas, environmental education, or compensation of operational impacts | Number of trees planted, area rehabilitated, or number of communities/provinces covered

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