Instruction No. 19/2020 of December 9 on Payment System - Value limits for operations carried out in payment systems

INSTRUCTION NO. 19/2020 of December 9
SUBJECT: PAYMENT SYSTEM - Value limits for operations carried out in payment systems Given the need to update the limits inherent to the use of payment instruments and subsystems, clearing and settlement, in order to mitigate the risks associated with their use; Considering the provisions of Notices numbers 05/15, of April 20, on the maximum value for issuing checks, 05/17, of July 10, on payment cards and the Multicaixa subsystem, and 08/15, of April 20, on the mandatory limit for settling transfers in the RTPS; 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 DETERMINE:

1. Object
   This Instruction establishes the value limits for Check Issuance for operations carried out on the Multicaixa Network and Clearing and Settlement Systems.
2. Scope
   This Instruction is applicable to Financial Institutions under the supervision of the National Bank of Angola, hereinafter referred to as Institutions.
3. Maximum Value for Check Issuance
   The maximum value for issuing a standardized check 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 cents), and checks issued for amounts exceeding the established limit will not be accepted. CONTINUATION OF INSTRUCTION NO. 19/2020 Page 2 of 4
4. Maximum Value for Transactions on the Multicaixa Network
   4.1. The maximum daily value for payments in the Multicaixa payment card scheme, per payment card, is set at Kz 19,999,999.99 (nineteen million, nine hundred and ninety-nine thousand, nine hundred and ninety-nine Kwanzas and ninety-nine cents).
   4.2. Without prejudice to the provisions of the preceding sub-point, the maximum value per payment operation for the Ministry of Finance and the National Social Security Institute 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 cents).
   4.3. The maximum daily cumulative value for withdrawals, per payment card, at Automated Teller Machines (ATMs) and Point of Sale (POS) terminals is set at Kz 60,000.00 (sixty thousand Kwanzas).
   4.4. The maximum daily value for card-initiated transfers is set at Kz 5,000,000.00 (five million Kwanzas), per payment card.
   4.5. The maximum daily value for purchases at Point of Sale (POS) terminals per payment card is set at Kz 6,000,000.00 (six million Kwanzas).
5. Maximum Value for Multicaixa Network Service Fees
   5.1. For the purpose of charging commissions on purchase operations with the Multicaixa card for values greater than Kz 2,000.00 (two thousand Kwanzas), with a maximum limit of Kz 5,000.00 (five thousand Kwanzas), the amount to be charged must not exceed 1% (one percent) of the purchase value.
   5.2. The service commission to be charged on purchase operations with the Multicaixa card for values less than Kz 2,000.00 (two thousand Kwanzas) must not exceed Kz 10.00 (ten Kwanzas).
   CONTINUATION OF INSTRUCTION NO. 19/2020 Page 3 of 4
6. Maximum Value for Transfer Operations in the Credit Transfer System
   6.1. The maximum value per operation for transfers carried out in the Credit Transfer System (CTS) is set at Kz 19,999,999.99 (nineteen million, nine hundred and ninety-nine thousand, nine hundred and ninety-nine Kwanzas and ninety-nine cents).
   6.2. Without prejudice to the provisions of the preceding sub-point, the following are exempt from these limits:
   a) Operations related to the Ministry of Finance, namely the payment of public servant salaries and state payments to its suppliers; and, b) Operations of the National Social Security Institute, namely payments to suppliers and payments related to social benefits.
7. Maximum Value for Direct Debit Instructions in the Direct Debit System
   7.1. The maximum value for operations related to Direct Debit Instructions (DDI) in the Direct Debit System (DDS) is set, per operation, at Kz 19,999,999.99 (nineteen million, nine hundred and ninety-nine thousand, nine hundred and ninety-nine Kwanzas and ninety-nine cents).
   7.2. Without prejudice to the provisions of the preceding sub-point, operations of the Ministry of Finance, namely the collection of taxes from taxpayer accounts through DDIs in the Direct Debit System, are exempt.
8. Mandatory Value for Gross Settlement in the Real-Time Payment System
   8.1. For the purposes of article 2 of Notice no. 08/15, of April 20, the value is set at Kz 20,000,000.00 (twenty million Kwanzas), above which the transfer of funds in the Real-Time Payment System (RTPS) is mandatory.
   CONTINUATION OF INSTRUCTION NO. 19/2020 Page 4 of 4
   8.2. Clearing subsystems must reject any operation with a value equal to or greater than that defined in the preceding sub-point, with the exception of operations carried out by the Ministry of Finance and the National Social Security Institute.
9. Sanctions
   Non-compliance with the provisions established in this Instruction constitutes an offense punishable under Law no. 5/05, of July 29, Payment System Law, and Law no. 12/15, of June 17, Basic Law of Financial Institutions.
10. Revocation
    Instruction no. 07/2019, of July 5, and all regulations contrary to the provisions of this Instruction are hereby revoked.
11. Doubts and Omissions
    Doubts and omissions resulting from the interpretation and application of this Instruction shall be resolved by the National Bank of Angola.
12. Entry into Force
    This Instruction enters into force 30 days after the date of its publication.
    PUBLISH.
    Luanda, December 9, 2020.
    THE GOVERNOR
    JOSÉ DE LIMA MASSANO