Instruction No. 07/2019 of July 5: Value Limits for Operations in Angola's Payment Systems

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INSTRUCTION NO. 07/2019 of July 5
SUBJECT: PAYMENT SYSTEM OF ANGOLA

• Value Limits for Operations Conducted in Payment Systems
  Whereas it is necessary to mitigate the risks inherent in the use of Financial Market Infrastructures; Considering the provisions set forth in Notice No. 05/15 of April 20, regarding the maximum issuance value for checks, in Notice No. 05/17 of July 10, regarding payment cards and the Multicaixa System, and in Notice No. 08/15 of April 20 regarding the mandatory limit for clearing transfers in the SPTR; Pursuant to the combined provisions of Article 7 of Law No. 5/05 of July 29 – Payment System Law, and Article 51 of Law No. 16/10 of July 15 – Law of the National Bank of Angola; I HEREBY DETERMINE:

1. Object
   This Instruction establishes the value limits for Check Issuance, operations on the Multicaixa network, and in the Clearing and Settlement Systems of the Payment System of Angola.
2. Scope
   This Instruction applies to Financial Institutions supervised by the National Bank of Angola, hereinafter abbreviated as Banks.

CONTINUATION OF INSTRUCTION NO. 07/2019 Page 2 of 4
3. Maximum Value for Check Issuance
3.1 The maximum value for issuing a standardized check, provided for in paragraph 1 of Article 7 of Notice No. 05/15 of April 20, is set at Kz 9,999,999.99 (nine million, nine hundred and ninety-nine thousand, nine hundred and ninety-nine Kwanzas and ninety-nine centavos).
3.2 Banks must refuse payment of any check with a value exceeding the limit indicated in the preceding paragraph.
4. Maximum Value of Transactions on the Multicaixa Network
4.1 The maximum daily value for withdrawals, cumulatively in Automated Teller Machines (ATMs) and Point of Sale Terminals (POS), is set at Kz 50,000.00 (fifty thousand Kwanzas) per payment card.
4.2 The maximum daily value for payments under the Multicaixa payment card arrangement, per payment card, is set at Kz 20,000,000.00 (twenty million Kwanzas).
4.3 Without prejudice to the preceding point, the maximum value per payment operation for the Ministry of Finance is subject to a limit of Kz 99,999,999.99 (ninety-nine million, nine hundred and ninety-nine thousand, nine hundred and ninety-nine Kwanzas and ninety-nine centavos).
4.4 The maximum daily value for card-initiated transfers is set at Kz 3,000,000.00 (three million Kwanzas) per payment card.
4.5 The maximum daily value for purchases at Point of Sale Terminals (POS), per payment card, is set at Kz 6,000,000.00 (six million Kwanzas).
5. Maximum Value of Service Fees on the Multicaixa Network
5.1 The service commission charged for purchases with a Multicaixa card, with a value exceeding Kz 1,000.00 (one thousand Kwanzas), shall not exceed 1% of the purchase value, with a maximum limit of Kz 2,000.00 (two thousand Kwanzas).
5.2 For purchase transactions with a value equal to or less than Kz 1,000.00 (one thousand Kwanzas) using a Multicaixa card at POS:

CONTINUATION OF INSTRUCTION NO. 07/2019 Page 3 of 4
5.2.1 No service commission shall be charged to the merchant (TSC).
5.2.2 The Intermediation Commission (Interchange Fee) shall not be applied.
5.2.3 The processing fee shall not be charged.
6. Maximum Value for Transfer Operations in the Credit Transfer System
6.1 The maximum value per operation for transfers conducted in the Credit Transfer System (CTS) is set at Kz 20,000,000.00 (twenty million Kwanzas).
6.2 Operations related to the Ministry of Finance, namely public sector salary payments and State payments to its suppliers, due to their nature, are not subject to limits.
7. Maximum Value for Direct Debit Instructions in the Direct Debits System
7.1 The maximum value for operations related to Direct Debit Instructions (DDI) in the Direct Debits System (DDS) is set, per operation, at Kz 20,000,000.00 (twenty million Kwanzas).
7.2 Without prejudice to the provisions of point 7.1 of this Instruction, operations related to the Ministry of Finance, namely tax collection from taxpayers' accounts via DDI in the Direct Debits System (DDS), are not subject to limits.
8. Mandatory Value for Gross Settlement in the Real-Time Payment System
8.1 The value above which fund transfers are mandatory in the Real-Time Payment System (SPTR), provided for in Article 2 of Notice No. 08/15 of April 20, is set at Kz 20,000,000.00 (twenty million Kwanzas).
8.2 Clearing systems must reject any operation with a value equal to or greater than that defined in the preceding paragraph, except for operations of the Ministry of Finance.

CONTINUATION OF INSTRUCTION NO. 07/2019 Page 4 of 4
9. Non-Compliance
Failure to comply with the provisions of this Instruction is subject to sanctions provided for in Law No. 5/05 of July 29 – Payment System Law, and in Law No. 12/15 of June 17 – Basic Law of Financial Institutions.
10. Revocation
All regulations contrary to the provisions of this Instruction are hereby revoked, namely, Instruction No. 01/17 of January 17 and Directive No. 15/DSP/2011.
11. Doubts and Omissions
Doubts and omissions arising from the interpretation and application of this Instruction are resolved by the National Bank of Angola.
12. Entry into Force
This Instruction enters into force on the date of its publication, with the exception of the measures provided for in points 4.2 and 5.2, which remain in force until one hundred and eighty days after its publication. PUBLISH. Luanda, July 5, 2019. THE GOVERNOR JOSÉ DE LIMA MASSANO