Instruction No. 05/2023 of May 29 - Payment System - Electronic Money Accounts

INSTRUCTION NO. 05/2023
Of May 29
SUBJECT: PAYMENT SYSTEM - Electronic Money Accounts

Whereas the legislation and regulation of Angola's Payment System provides for the issuance of electronic money by payment service providers authorized by the National Bank of Angola, and that electronic money facilitates access to financial services, particularly for citizens without bank accounts, thereby contributing to financial inclusion in the country, it is necessary to define the rules and procedures for opening and operating electronic money accounts.

Pursuant to the combined provisions of Article 6 of Law No. 40/20 of December 16, Angola's Payment System Law, paragraph a) of Article 25 of Law No. 14/21 of May 19, General Regime of Financial Institutions Law, paragraph a) of paragraph 2 of Article 57 of Law No. 5/20 of January 27, Law on Prevention and Combating Money Laundering, Terrorist Financing and Proliferation of Weapons of Mass Destruction, Article 21 and paragraph 1 of Article 98 of Law No. 24/21 of October 18, National Bank of Angola Law.

I HEREBY DETERMINE:

1. Object and Scope
   This Instruction establishes the different typologies of electronic money accounts, as well as the rules and procedures for their opening and operation.

CONTINUATION OF INSTRUCTION NO. 05/2023 Page 2 of 10
2. Definitions
For the purposes of this Instruction, the following shall be understood as:
a) Client – an individual or legal entity, national or foreign, resident or non-resident, public or private, that enters into an account opening contract for electronic money with a payment service provider. b) Electronic Money Account – an account held by one or more account holders for executing electronic money transactions, operated in accordance with the terms defined in Annex II of this Instruction, which forms an integral part thereof. c) Witness Statement – a document in which a duly identified person witnesses the identity and address of the client for account opening purposes, when that client does not hold a valid official identification document. d) Remote Communication Means – any communication medium, whether telephonic, electronic, telematic, or of an analogous nature, that allows account opening without the physical presence of the client at the payment service provider. e) Electronic Money – monetary value denominated or indexed to a currency, stored electronically, including magnetically, represented by a claim on the issuer, issued upon receipt of funds for the purpose of executing transfer or payment transactions, and accepted by a person other than the electronic money issuer. f) Payment Service Provider – Payment Service Company and electronic money institutions, as defined in Law No. 40/20 of December 16 – Angola's Payment System Law and the Notice on Payment Services, and any other non-bank entities authorized to provide payment services under applicable legal and regulatory provisions, and that offer electronic money accounts.

CONTINUATION OF INSTRUCTION NO. 05/2023 Page 3 of 10
3. Electronic Money Account Typologies
3.1. Four (4) different typologies of electronic money accounts are defined, based on how the client proves their identity.
3.2. The different typologies are identified in Annexes I and II to this Instruction, which form an integral part thereof.

4. Opening of Electronic Money Payment Accounts
   4.1. Accessibility
   a) Electronic money accounts may be opened:
   i. By individuals over 14 years of age, national citizens or foreign citizens residing in the country, for personal or business purposes;
   ii. By legal entities with their registered office in the country.
   b) Type I accounts may only be opened by citizens who do not possess an official identification document and proof of address. c) Type II accounts may only be opened by citizens who do not possess an official identification document and proof of address, but who can present a witness statement signed by a reputable person confirming their identity and address. d) Type III accounts are limited to individuals opening an electronic money account for commercial purposes. e) Type IV accounts are opened by citizens who possess official identification and address documents, as well as by legal entities. f) The opening of an electronic money account may be carried out in person or remotely, using the available means for that purpose.

CONTINUATION OF INSTRUCTION NO. 05/2023 Page 4 of 10
4.2. Customer Identification at the Time of Opening an Electronic Money Account
a) Payment service providers must request from clients the information and documents referred to in Annex I to this Instruction, according to the type of account to be opened. b) When opening Type I and II accounts, payment service providers must create technical conditions for capturing a photograph of the client for registration/archiving purposes. c) Payment service providers must, whenever account holders and/or their representatives, as applicable, cannot or do not know how to sign, create technical conditions for collecting biometric information. d) The opening of a Type II electronic money account must be carried out with the presentation of a witness statement attesting to the veracity of the data and information collected from the client. e) The witness signing the statement referred to in the previous paragraph must be an individual who holds valid original identification documents issued by competent authorities, including a traditional authority, a local administration official, or a religious entity representative. f) The witness statement must include at minimum the following:
i. From the client: Complete identifying information as set forth in Annex I of this Instruction;
ii. Photograph of the client;
iii. From the witness: Full name, address, date of birth, nationality, telephone contact, and ID or tax identification number;
iv. Period during which the witness has known the client and in what capacity;
v. Date and signature of the witness and the client, where applicable.

g) The identification of a foreign resident citizen must be proven through a valid passport or residence card. h) Whenever an individual opens an electronic money account for commercial purposes, the payment service provider must verify the client's commercial activity. i) For the purposes of the preceding paragraph, payment service providers must periodically notify the client regarding the need to regularize the account by submitting documentation applicable to Type II electronic money accounts.

4.3. Remote Opening of Electronic Money Accounts
a) Remote opening of an electronic money account is carried out by the client using exclusively remote communication means; b) At the time of opening a remote electronic money account, payment service providers must request the client's identification data defined in this Instruction. c) For the purposes of the preceding paragraph, the client must visit the service provider within 15 days from the account opening date to present original documents and, if applicable, allow the service provider to take a photograph for client identification and to collect their signature or biometric data. d) If the client fails to appear at the service provider within the period defined in the preceding paragraph, the service provider must block the account until the client can be identified under the terms defined in this Instruction.

5. Operation of Electronic Money Accounts
   a) The nature of the permitted operations in accounts of different typologies is described in Annex II to this Instruction, which forms an integral part thereof.

CONTINUATION OF INSTRUCTION NO. 05/2023 Page 6 of 10 b) Electronic money accounts are subject to maximum daily and monthly transaction and balance limits, as described in Annex II to this Instruction, with these limits applying per account and not per account holder.

6. Prevention and Combating of Money Laundering and Terrorist Financing
   a) The National Bank of Angola has defined in this Instruction, given the reduced risks resulting from the movement and balance limits established for Type I and II electronic money accounts, simplified customer identification measures for the holders of these accounts, in accordance with paragraph 7 of Article 13 of Law No. 5/20 of January 27, Law on Prevention and Combating Money Laundering, Terrorist Financing and Proliferation of Weapons of Mass Destruction. b) Payment service providers must apply the legislation and regulation on the prevention and combating of money laundering and terrorist financing, proportionally to the risk identified in each client, holder of an electronic money account.

7. Transitional Provisions
   Payment service providers must comply with the provisions of this Instruction within the following deadlines from the date of its publication:
   c) 180 (One Hundred and Eighty) days for existing accounts; d) 60 (Sixty) days for accounts opened after its publication.

8. Sanctions
   Non-compliance with the provisions established in this Instruction constitutes a misdemeanor punishable under the following laws:
   e) Law No. 40/20 of December 16, Angola's Payment System Law;

CONTINUATION OF INSTRUCTION NO. 05/2023 Page 7 of 10 f) Law No. 14/21 of May 19, General Regime of Financial Institutions Law; and, g) Law No. 5/20 of January 27, Law on Prevention and Combating Money Laundering, Terrorist Financing and Proliferation of Weapons of Mass Destruction.

9. Doubts and Omissions
   Doubts and omissions resulting from the interpretation and application of this Instruction are resolved by the National Bank of Angola.

10. Repeal
    All regulation contrary to the provisions of this Instruction is hereby repealed.

11. Entry into Force
    This Instruction enters into force on the date of its publication.

PUBLISH.
Luanda, May 29, 2023.
THE GOVERNOR
JOSÉ DE LIMA MASSANO

ANNEX I
Customer Identification Requirements for Opening Electronic Money Accounts

1. Mandatory Data – Information to be collected at Account Opening
   | Requirement | Type I | Type II | Type III | Type IV |
   |---|---|---|---|---|
   | 1.1 Individuals | | | | |
   | Name | Yes | | | |
   | Date of Birth | Yes | | | |
   | Marital Status | Yes | | | |
   | Gender | Yes | | | |
   | Nationality | Yes | | | |
   | Telephone Contact | Yes | | | |
   | Address | Yes | | | |
   | Signature or biometric data, as applicable | Yes | | | |
   | Photograph when no official document with photo exists | Yes | Yes | N/A | N/A |
   | 1.2 Individual – Commercial Purposes | | | | |
   | Activity Identification | N/A | N/A | Yes | N/A |
   | 1.3 Legal Entity | | | | |
   | Company Name | N/A | Yes | | |
   | Corporate Purpose | N/A | Yes | | |
   | Tax Identification Number | N/A | Yes | | |
   | Full Registered Address | N/A | Yes | | |
   | Names of Partners/Legal Representatives | N/A | Yes | | |
   | Telephone Contact | N/A | Yes | | |
   | Signature | N/A | Yes | | |

CONTINUATION OF INSTRUCTION NO. 05/2023 Page 9 of 10
2. Minimum Documents for Opening an Electronic Money Account

Document	Type I	Type II	Type III	Type IV
2.1 Individuals
National Citizen: ID Card	No	No	Yes	Yes
National Citizen: Witness Statement	No	Yes	N/A	N/A
Foreign Citizen: Passport or Residence Card	N/A	N/A	Yes	Yes
Tax Identification Number	No	No	Yes	Yes
Proof of Address	No	No	Yes	Yes
2.2 Individuals – Commercial Purposes
Petty Trade License	N/A	N/A	Yes	N/A
Street Vendor or Market Stall Card or Municipal Market Vendor Card	N/A	N/A	Yes	N/A
Document issued by a legally recognized State authority	N/A	N/A	Yes	N/A
2.3 Legal Entity
ID Card, Passport or Residence Card of partners and representatives	N/A	Yes
Commercial Registration Certificate or Trade License	N/A	Yes
Tax Identification Document	N/A

CONTINUATION OF INSTRUCTION NO. 05/2023 Page 10 of 10
ANNEX II
Operation of Electronic Money Accounts

1. Permitted Operations
   | Operation | Type I | Type II | Type III | Type IV |
   |---|---|---|---|---|
   | Cash Deposits | Yes | | | |
   | Transfers to and from accounts held at commercial banks | Yes | | | |
   | Transfers between different typologies | Yes | | | |
   | Foreign exchange operations or payments abroad | No | | | |
   | Payments for goods and services in Kwanzas | Yes | | | |
   | National value transfer services | No | Yes | | |
   | International value transfer services | No | No | Yes | Yes |
   | Post-paid account linking | No | Yes | | |

Limit Type	Type I	Type II	Type III	Type IV
2. Maximum Usage Limits (AOA) for personal accounts
Per transaction	25,000	25,000	100,000	No limits
Per day	25,000	50,000	200,000	"
Per month	35,000	150,000	1,000,000	"
Maximum account balance	50,000	600,000	6,000,000	"

3. Maximum Usage Limits (AOA) for commercial accounts
   | Limit Type | Type I | Type II | Type III | Type IV |
   |---|---|---|---|---|
   | Per month | N/A | N/A | 3,200,000 | No limits |
   | Maximum account balance | N/A | N/A | 19,200,000 | " |