Instruction No. 07/2024 on Electronic Money Accounts

CONTINUATION OF INSTRUCTION NO. 07/2024 Page of 1 of 8 INSTRUCTION No. 07/2024 of 15 August SUBJECT: PAYMENT SYSTEM

• Electronic Money Accounts There is a need to adjust the rules and procedures for opening, operating and limits on the use of electronic money accounts, in order to facilitate access to financial services, particularly by citizens without a bank account, contributing to financial inclusion in the country; Pursuant to the combined provisions of article 6 of Law No. 40/20, of 16 December, Angola's Payment System Law, Article 36 of Law No. 14/21 of 19 May, Law on the General Regime of Financial Institutions, article 57(2)(a) of Law No. 5/20 of 27 January, Law on Preventing and Combating Money Laundering, Terrorist Financing and Proliferation of Weapons of Mass Destruction, Article 21 and Article 98 (1), both of Law No. 24/21, of 18 October, Law of the National Bank of Angola. I HEREBY DETERMINE:

1. Object This Instruction sets out the different types of electronic money accounts, as well as the rules and procedures for opening and operating them.

CONTINUATION OF INSTRUCTION NO. 07/2024 Page of 10 of 8 2. Scope This Instruction applies to payment service providers. 3. Definitions For the purposes of this Instruction, the following definitions shall apply: a) Customer – natural or legal person, national or foreign, resident, public or private, who enters into an electronic money account opening agreement with a payment service provider. b) Electronic Money Account – an account held by one or more holders for the execution of electronic money operations, operated under the terms defined in Annex II of this Instruction, of which it is an integral part. c) Testimony Statement – document in which a duly identified person attests to the identity and address of the customer for the purpose of opening an account, when that customer does not have a valid official identification document. 4. Types of Electronic Money Accounts 4.1. Five (5) different types of electronic money accounts are defined, depending on how the client proves his identity. 4.2. The different types are identified in Annexes I and II of this Instruction, of which they are an integral part. 5. Opening Electronic Money Accounts 5.1. Payment service providers are allowed to issue electronic money in exchange for an equal amount of legal tender. 5.2. Electronic money creates a liability of the issuer towards the bearer. 5.3. Accessibility 5.3.1 Electronic money accounts may be opened:

CONTINUATION OF INSTRUCTION NO. 07/2024 Page of 10 of 8 a) By national citizens or foreigners residing in the country and over 18 years of age, for private or commercial purposes; b) By national citizens under 18 years of age, provided that they are authorized by their parents, guardians or by whoever is in charge of the minor, and may be supplied by the Court, and provided that it is for private purposes; c) By non-resident foreign citizens, with a short-term stay visa valid for private purposes; and d) By legal persons with their registered office in the country, characterized as micro or small enterprises, in accordance with Law No. 30/11, of 13 September, and provided that its use is for commercial purposes. 5.3.2 Type I, II and III accounts are limited to natural persons, provided that its use is intended for private purposes. 5.3.3 Type IV accounts are limited to natural persons, provided that their use is for commercial purposes. 5.3.4 Type V accounts are limited to legal persons, provided that their use is for commercial purposes. 5.3.5 Type I accounts are financial inclusion accounts, and may be opened by any natural person, without identification requirements, intended to promote access to payment services, but with restrictions on the performance of payment transactions and limits on use. 5.3.6 Type II accounts are accounts with reduced identification requirements, and can be opened by citizens who do not have an official identification document and proof of address, but who, alternatively, must present a testimony statement signed by a suitable person confirming their identity and address. 5.3.7 Type III, IV and V accounts are accounts with all customer identification and due diligence requirements.

CONTINUATION OF INSTRUCTION NO. 07/2024 Page of 10 of 8 5.3.8 The opening of an electronic money account can be done in person or remotely, using the means available for this purpose. 5.3.9 The Type I Account has a grace period of 180 (one hundred and eighty) days, within which payment service providers must verify the identity of the Account Holder, based on the minimum requirements required for the opening of the Type II or III Account, after which the account must be blocked. 5.3.10 For the purposes of the preceding paragraph, payment service providers shall periodically notify the customer of the need to update the identification details of the account holder(s) upon presentation of documentation, as applies to type II or III accounts. 5.3.11 After opening the account and until the presentation of the documents listed in Annex I for the respective type, the account is blocked and only allows the reception of funds. 5.4. Identification of the Client when opening an Electronic Money Account 5.4.1 The payment service provider must create conditions for the collection of the information and evidence necessary for the identification of customers, respecting at least the elements referred to in Annex I of this Instruction, depending on the type of account to be opened. 5.4.2 The payment service provider must verify the authenticity of the information and documents collected, whether collected in person or using electronic means. 5.4.3 When opening a Type II account, the payment service provider shall create the technical conditions for capturing the client's photograph for registration/archiving purposes. 5.4.4 The opening of a type II account must be carried out with the presentation of the client's identification document or a testimony

CONTINUATION OF INSTRUCTION NO. 07/2024 Page of 10 of 8 statement duly signed and notarized, which attests to the veracity of the data and information collected from the client. 5.4.5 The witness who signs the statement referred to in the previous point must be a natural person who has an Identity Card. 5.4.6 The testimony statement must comply with the provisions of Annex III of this Instruction. 5.4.7 The identification of the foreign client residing in national territory must be proven through a passport with a valid visa and/or valid refugee card or valid resident card. 5.4.8 Where a natural person opens a Type IV account for business purposes, the payment service provider must confirm the customer's business activity. 5.4.9 The payment service provider shall verify the identification documents of the customer and/or his/her representative in order to ensure the authenticity of the documentation. 5.5. Remote Electronic Money Account Opening 5.5.1 The opening of an electronic money account using remote communication channels is permitted, provided that they guarantee the authenticity of the information collected, as well as compliance with all the requirements set forth in this Instruction. 5.5.2 When opening an e-money account using means of distance communication, the payment service provider shall request the customer's identification data as defined in this Instruction. 5.5.3 In the event that it is impossible to collect and verify the documents required for remote account opening, it will be blocked until the delivery of such documents, so that it is possible for the payment service provider to complete the account opening process, complying with the requirements and, if necessary, allow the collection of the photograph and signature of the customer and/or their representative.

CONTINUATION OF INSTRUCTION NO. 07/2024 Page of 10 of 8 6. Operation of Electronic Money Accounts 6.1. The nature of the movement allowed in accounts of different types is described in Annex II of this Instruction, of which it is an integral part. 6.2. Whenever there are changes in the movement and documentation requirements, electronic money accounts type I, II and III may be reclassified, under the following conditions: a) On the initiative and suggestion of the payment service provider, based on the analysis of the account data, which must be accepted by the customer; b) At the customer's request, followed by analysis by the payment service provider, which validates the customer's claim when it complies with the requirements of the requested account type; and c) As a result of the change in the regulations of the National Bank of Angola or the KWiK Payment Arrangement. 7. Value Limits on Movement The National Bank of Angola defines in specific regulations, the maximum limits for the movement of electronic money accounts. 8. Closure of Electronic Money Accounts 8.1. Electronic money accounts may be closed at the request of their holders or legal representatives, or at the initiative of the payment service provider. 8.2. The closure of an electronic money account may be carried out upon holder´s request, electronically or through another channel provided by the payment service provider, indicating the destination to be given to any balance deposited in the account.

CONTINUATION OF INSTRUCTION NO. 07/2024 Page of 10 of 8 8.3. The payment service provider may close accounts, and for this purpose, it must notify the customer at least 60 (sixty) days in advance of the date set for the closure. 8.4. For the closure of the e-money account, at least the following conditions must be adopted: a) Transfer of the remaining balance to an account indicated by the holder in another institution or the placement of the funds at his disposal, preferably by a payment instrument; b) Provision of information to the account holder on: i. the deadline, not exceeding 30 (thirty) days, for the adoption of the conditions provided for in the previous paragraph; ii. the procedures for payment of the outstanding balance and other commitments assumed with the institution or resulting from legal provisions, if applicable; and iii. the products and services contracted by the holder of the electronic money account that remain active or that are closed simultaneously with the electronic money account. 8.5. Without prejudice to the provisions of the previous paragraph, the payment service provider must block an electronic money account without the consent of the holder, verified, among others, in the following situations: a) The holder has violated provisions of the Law on Preventing and Combating Money Laundering, Terrorist Financing and Proliferation of Weapons of Mass Destruction or used deliberately an electronic money account for illegal purposes; b) Falsehood or inaccuracy in the information provided by the customer to the payment service provider; c) Non-compliance with the contractual conditions by the holders or their legal representatives, whose effects take effect 30 (thirty) days after their termination by the payment service provider; d) Extinction of a legal person;

CONTINUATION OF INSTRUCTION NO. 07/2024 Page of 10 of 8 e) By imposition of judicial or administrative authority; and f) Holder is considered an illegal resident. 8.6. For the purposes of the previous sub-point, the payment service provider must notify the account holder, informing them of the reasons that justify the blocking of the account. 8.7. Whenever the account holder presents elements that allow the situation that led to the blocking of the account to be regularised, the payment service provider must unblock the account. 8.8. Where the blocking of an account is the result of a decision of a judicial or administrative authority, the payment service provider may only unblock it after a further decision by the same authority. 8.9. Without prejudice to the provisions of the previous subparagraph, the payment service provider may close the account, whenever it remains blocked for a period of 12 months, without regularizing the situation that led to its blocking. 8.10.For the purpose of closing an e-money account with an available balance, the payment service provider shall: a) Maintain individualized internal controls per closed account until the full settlement of the bond; and b) Keep all documentation related to the closed account for at least ten (10) years, from the full settlement of the obligation, as provided for by current legislation. 8.11. The payment service provider must close the accounts without debit or credit movements within a period of 15 (fifteen) years, and this process must be preceded by all legal steps aimed at contacting the holder or any heirs, through the publication of notices, in the country's largest newspaper, to express its opposition to the payment service provider's claim. 8.12. Whenever the provisions of the previous paragraph are verified, the balance of electronic money accounts to be closed must be reverted to the

CONTINUATION OF INSTRUCTION NO. 07/2024 Page of 10 of 8 State, under the terms of Decree-Law No. 187/70, of 30 April, on the Prescription Regime of Certain Assets Abandoned by Their Owners in Favour of the State. 9. Reimbursement of Electronic Money 9.1. The issuer of electronic money shall manage the funds received from users in a prudent manner, so as to ensure the repayment of electronic money to users within 1 (one) business day. 9.2. The issuer of electronic money must ensure and present the appropriate evidence that it has sufficient liquidity capacity to meet any repayments of electronic money in large amounts, particularly when they occur in a short period of time, on a recurring basis. 9.3. In the event of the death of the e-money user, the payment service provider shall, upon production of appropriate documentation, recognize a legal representative of a deceased customer as a person who can exercise the right to reimbursement of e-money. 9.4. In the event of bankruptcy or liquidation of a customer, the payment service provider shall recognize, by producing appropriate documentation, the person legally entitled to the interests of a customer, as a person who can exercise the right to reimbursement of e-money. 10. Prevention and Combat to Money Laundering and Terrorist Financing 10.1. The payment service provider may apply simplified due diligence measures established in article 13 of Law no. 5/20, of 27 January, Law on Preventing and Combating Money Laundering, Terrorist Financing and Proliferation of Weapons of Mass Destruction, in view of the reduced risks as a result of the limits on the movement of electronic money accounts established for type I and II accounts.

CONTINUATION OF INSTRUCTION NO. 07/2024 Page of 10 of 8 10.2. The payment service provider shall apply standard or enhanced identification and due diligence measures in accordance with the conditions laid down in the laws and regulations on money laundering, terrorist financing and proliferation of weapons of mass destruction for Type III, IV and V accounts. 11. Transitional Provisions The payment service provider shall comply with the provisions of this Instruction within sixty (60) days from the date of its publication. 12. Sanctions Failure to comply with the provisions set out in this Instruction constitutes a misdemeanour punishable under the following laws: a) Law No. 40/20, of 16 December, Law on the Payment System of Angola; b) Law No. 14/21, of 19 May, Law on the General Regime of Financial Institutions; and c) Law No. 5/20, of 27 January, Law on Preventing and Combating Money Laundering, Terrorist Financing and Proliferation of Weapons of Mass Destruction. 13. Revocation Instruction no. 5/23, of 29 May, on Electronic Money Accounts and any regulation that contradicts the provisions of this Instruction is hereby revoked. 14. Doubts and Omissions Doubts and omissions arising from the interpretation and application of this

CONTINUATION OF INSTRUCTION NO. 07/2024 Page 11 of 22 Instructive will be settled by the National Bank of Angola. 15. Entry into force This Instruction shall enter into force on the date of its publication. BE IT BE PUBLISHED Luanda, 15th August 2024 THE GOVERNOR MANUEL ANTÓNIO TIAGO DIAS

CONTINUATION OF INSTRUCTION NO. 07/2024 Page of ANNEX I Customer Identification Requirements for Opening Electronic Money Accounts

1. Data to Collect at the Time of Account Opening Data of Individuals to be collected at the time of account opening Type I Type II Type III Type IV Type V Account holder details Details of the Representative Name S Date of birth S Marital status S Gender S Testimony 1 O O2 N/A Guardian Authorization *3 O N/A N/A Identification Document Number O O S Type of Identification Document (ID, P, CR, T) *4 O S Expiration Date *5 O O S Issuing Entity O O S Nationality S Tax Identification Number O O S Mobile phone S Email O Address S Municipality S

CONTINUATION OF INSTRUCTION NO. 07/2024 Page of Province S Signature O Photograph, when there is no official photo ID O Legend: S – Yes; O – Optional; N/A – Not applicable; *1. In the case of collection of the Testimony Statement, the witness's personal data must be collected, as stated in Annex III, namely Name, ID number, date and place (Municipality and Province) of birth, Nationality and telephone contact; *2. On the Type II account, either a testimony statement is presented, or a customer's Identification Document is presented; *3. In the case of opening an account by a minor, a Declaration of Authorization must be collected by the legal guardian, as per Annex IV; *4. ID – Identity Card, P – Passport, CR – Residency Card, T – Testimony; *5. Mandatory in case the ID is presented. 1.1 Company or Activity data to be collected at the time of account opening Company or Activity data to be collected at the time of account opening Type IV Type V Activity Details Company Details Company Name N/A S Trade Name O *1 O *1 Date of Incorporation / Commencement of Business O S Company Type (UP, QT) *2 N/A S

CONTINUATION OF INSTRUCTION NO. 07/2024 Page of Number of Signatures that bind the company N/A S Business identification S S Type of document proving business *3 S S Corporate purpose N/A S Tax Identification Number S S Nationality of the Company or Entrepreneur N/A S Address *4 O S Municipality O S Province O S Legend: S – Yes; O – Optional; N/A – Not applicable; *1. Trade name or business name; *2. UP – Single Owner, QT – By Quotas; *3. The identification of the activity, when requested, can be proven by one of the following documents, depending on whether it is a Natural or Legal Person: • Precarious trade license; • Street vendor card; • Stallholder card; • Municipal market vendor card; • Certificate of Commercial Registration; • Business License; • Other; • None;

CONTINUATION OF INSTRUCTION NO. 07/2024 Page of *4. Type IV – address of the person or permanent facility, if any; Type V – address of the company's headquarters;

2. Minimum Documents to Open an Electronic Money Account Minimum documents to be presented to open an electronic money account Type I Type II Type III Type IV Type V Identification Document (ID, P, CR, T) O O S *1 Testimony Statement *2 O O N/A Proof of address O O S Proof of activity *3 N/A N N O S Tax Identification Document O O S Declaration of origin of funds N/A S Legend: S – Yes; O – Optional; N/A – Not applicable; *1. Document of the company's representative; *2. Only for national citizens; *3. The identification of the activity, when requested, can be proven by one of the following documents, depending on whether it is a Natural or Legal Person: • Provisional trade license; • Street vendor card; • Stallholder card; • Municipal market vendor card; • Certificate of Commercial Registration; • Business License.

CONTINUATION OF INSTRUCTION NO. 07/2024 Page 14 of 21 ANNEX II Operation of Electronic Money Accounts

1. Operations Allowed Operations Allowed Type I Type II Type III Type IV Type V Cash in Deposits S Cash Out S N Instant Credit Transfers S Foreign Exchange Operations or Payments Abroad N Payments for Goods and Services in Kwanzas S National Securities Remittance Services N1 S International Remittance Services N1 N*1 S Legend: S – Yes; O – Optional; N/A – Not applicable; *1. These operations will be available in the event that the customer holding the account is identified by a personal identification document and not by testimony;

CONTINUATION OF INSTRUCTION NO. 07/2024 Page 15 of 21

Annex III Testimony Statement TESTIMONIAL STATEMENT FOR OPENING AN ELECTRONIC MONEY ACCOUNT Customer Data: I, (Full name) _______________________________________, born on //, Province _______________________, Municipality _________________________, Commune ___________________, of _____________________ nationality, gender _______________________, marital status ____________________, telephone number ________________________; Witness data: I, (Full name) _______________, holder of Identity Card No, born on //, Province _______________________, Municipality _____________________, Commune , of ______________________ Nationality, telephone number _______________________; Hereby declare for the due purpose that I know Mr. (Ms) _______________________________________________ and attest that I am fully aware of his mental capacity to answer for his rights and obligations. Date://

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Signature of the Client Signature of the witness CONTINUATION OF INSTRUCTION NO. 07/2024 Page 16 of 21

Annex IV Consent Form CONSENT FORM FOR OPENING AN ELECTRONIC MONEY ACCOUNT Details of the account holder: I, (Full name) _______________________________________, born on //, Province _______________________, Municipality _________________________, Commune ___________________, of _____________________ nationality, gender _______________________, marital status ____________________, telephone number ________________________; Details of the Responsible person: I, (Full name) _______________, holder of Identity Card No, born on //, Province _______________________, Municipality _____________________, Commune , of ______________________ Nationality, telephone number _______________________; I undertake to assume liability for the opening of account and to answer for other rights and obligations. Date://

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Signature of the Responsible Person CONTINUATION OF INSTRUCTION NO. 07/2024 Page 21 of 21