Regulatory Alerts2021-04-27
Circular Letter No. 02/DSP/2021
The National Bank of Angola, through its Payments System Department, requires Banking Financial Institutions to comply with specific instructions for processing transactions in National Institute of Social Security (INSS)-held accounts within the national banking system. This mandate operationalizes INSS's indirect participation in Angola's Payments System (SPTR) by decentralizing pension disbursements and streamlining social contribution collections. Financial institutions must direct account movements to the coordinates designated by INSS at BNA, while any interpretative doubts regarding this Circular Letter must be directed to the Payments System Department via electronic mail.
GOVERNOR CIRCULAR LETTER NO. 02/DSP/2021 SUBJECT: FINANCIAL SYSTEM
- Payment of Social Security Contributions in SPTR
Within the framework of the technical partnership agreement concluded between the National Institute of Social Security (INSS) and the National Bank of Angola (BNA), the indirect participation of INSS in the Payments System of Angola is provided for.
The aforementioned agreement will allow, on one hand, the decentralization of pension payments and the provision of automatic payment channels and means to beneficiaries under INSS's responsibility, thereby providing greater speed and convenience to them, and on the other hand, the collection of social contributions, enabling INSS to efficiently manage and settle pension payments.
For the purposes of paying social contributions, Banking Financial Institutions must comply with the instructions for the movement of bank accounts held by INSS in the national banking system, to the benefit of the account coordinates titled by this Institute at the National Bank of Angola.
Doubts and omissions resulting from the interpretation of this Circular Letter must be submitted to the Payments System Department of BNA for appropriate clarification or support, and may use electronic mail at dsp@bna.ao for this purpose.
Luanda, April 20, 2021. PAYMENTS SYSTEM DEPARTMENT