Instruction No. 08/2022, of August 1

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INSTRUCTION NO. 08/2022 of August 1
SUBJECT: FINANCIAL SYSTEM

• Issuance of Credit Cards

Given the need to encourage the use of payment cards over cash, as a payment method offering convenience, flexibility, and greater security to users. In the exercise of the authority conferred upon me by Articles 30 and 54 of Law No. 24/21, dated October 18 - Law of the National Bank of Angola. I HEREBY DETERMINE:

1. Object
   This Instruction establishes the rules that Commercial Banks must follow in issuing credit cards, to ensure a quality service provision for financial services consumers.

2. Issuance of Credit Cards
   2.1 The decision to issue a credit card and the definition of its limit must be based on an assessment of the customer's credit risk.
   2.2 When the Commercial Bank's assessment of its customer's credit risk does not allow for the issuance of a credit card without establishing collateral to guarantee payment of the amounts used, the customer must be informed of this situation, as well as the alternative of a prepaid card, in cases where the Bank offers that product, together with the terms and conditions of both products.
   2.3 Regardless of the requirement to establish collateral for covering payment risk, the Commercial Bank must always set the limit based on the customer's financial capacity and the source of funds for establishing the collateral, and it is not permitted to issue a limit that is inconsistent with the customer's financial capacity.

CONTINUATION OF INSTRUCTION NO. 08/2022 Page 2 of 2
2.4 In defining the credit card limit and its use, the Commercial Bank must also ensure compliance with the annual limit established for foreign exchange operations of individuals.
2.5 In cases where the customer accepts the issuance of a credit card and the establishment of a collateral deposit to cover payment risk for the amounts used, the value of the collateral may not exceed the value of the issued limit.
2.6 The collateral deposits referred to in the preceding point must be remunerated at the prevailing passive interest rate of Commercial Banks.

3. Sanctions
   Non-compliance with the rules set forth in this Instruction is punishable under Law No. 14/21 of May 19, the General Regime for Financial Institutions Law.

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

5. Entry into Force
   This Instruction enters into force the day following its publication.
   PUBLISH.
   Luanda, August 1, 2022.
   THE GOVERNOR

JOSÉ DE LIMA MASSANO