Regulatory Alerts2014-09-15
Notice No. 05/2014 of September 15 on the Authorization for the Establishment of Payment Service Providers in Angola
The Banco Nacional de Angola issued Notice No. 05/2014 to establish the authorization, operational, and dissolution procedures for payment service providers in Angola, aligning domestic financial regulations with international standards. The regulation mandates a minimum share capital of Kz 25,000,000, requires comprehensive documentation including business plans and criminal records, and stipulates that own funds must maintain at least 2% of the monthly average transaction volume over the preceding year. Furthermore, it outlines strict timelines for company establishment and activity commencement, mandates pre-activity inspections and special registration, and defines grounds for authorization expiration or revocation, including non-compliance, prolonged inactivity, or failure to meet creditor obligations.