Regulatory Alerts2024-12-18
Notice No. 03/2024 on Minimum Share Capital of Banking Financial Institutions
The Bank of Angola establishes minimum fully paid-up share capital requirements for Commercial Banks at Kz 15 billion and Development Banks at Kz 50 billion, thereby revising Notice No. 17/22 to clarify capital thresholds for banking financial institutions under Law No. 14/21. Non-compliance constitutes a punishable offence, while the Bank of Angola retains authority to resolve interpretative doubts and omissions. All conflicting prior regulations are explicitly repealed, with this Notice entering into force the day following its December 16, 2024 publication.
PUBLISHED IN THE OFFICIAL GAZETTE, 1ST SERIES, NO. 238, ON DECEMBER 16, 2024 NOTICE NO. 03/2024 SUBJECT: FINANCIAL SYSTEM − Minimum Share Capital of Banking Financial Institutions
Given the need to define the minimum share capital of Development Banks, it is necessary to revise Notice No. 17/22, dated October 07, on the Minimum Share Capital of Banking Financial Institutions.
In accordance with the combined provisions of paragraph 1 of Article 163 of Law No. 14/21, dated May 19, the General Regime of Financial Institutions Law, and with Article 31(1)(d) and Article 98(1), both of Law No. 24/21, dated October 18, the Bank of Angola Law.
I HEREBY DETERMINE:
Article 1. (Subject Matter) This Notice establishes the minimum share capital of Banking Financial Institutions.
Article 2. (Scope) This Notice applies to the Banking Financial Institutions set forth in paragraph 2 of Article 7 of Law No. 14/21, dated May 19, the General Regime of Financial Institutions Law, namely: a) Commercial Banks; and b) Development Banks.
Article 3. (Share Capital)
- The Banking Financial Institutions referred to in the preceding article must have their fully paid-up share capital at a minimum amount of:
CONTINUATION OF NOTICE NO. 03/2024 Page 2 of 2 a) For Commercial Banks - Kz 15,000 (fifteen billion Kwanzas); b) For Development Banks - Kz 50,000 (fifty billion Kwanzas).
Article 4. (Offences) Non-compliance with the provisions of this Notice constitutes an offence provided for and punishable under Law No. 14/21, dated May 19, the General Regime of Financial Institutions Law.
Article 5. (Doubts and Omissions) Doubts and omissions arising from the interpretation and application of this Notice are resolved by the Bank of Angola.
Article 6. (Repealing Provision) All regulations contrary to the provisions of this Notice are hereby repealed, namely Notice No. 17/22, dated October 07, on the Minimum Share Capital of Banking Financial Institutions.
Article 7. (Entry into Force) This Notice enters into force the day following its publication.
PUBLISHED. Luanda, December 09, 2024.
THE GOVERNOR MANUEL ANTÓNIO TIAGO DIAS