Notice No. 04/2024 of December 16 on the Minimum Share Capital of Non-Bank Financial Institutions

PUBLISHED IN THE OFFICIAL GAZETTE, 1ST SERIES, NO. 238, OF DECEMBER 16, 2024 NOTICE NO. 04/2024 SUBJECT: FINANCIAL SYSTEM − Minimum Share Capital of Non-Bank Financial Institutions

Given the need to define the share capital of Microfinance Financial Institutions, it is necessary to revise Notice No. 05/23 of June 29 on the Minimum Share Capital of Non-Bank Financial Institutions; In accordance with the combined provisions of paragraph 1 of Article 19 of Law No. 14/21 of May 19, the General Regime for Financial Institutions Law, paragraphs a) and f) of paragraph 1 of Article 31, and paragraph 1 of Article 98, both of Law No. 24/21 of October 18, the National Bank of Angola Law.

I DETERMINE:

Article 1.
(Subject Matter)
The present Notice establishes the minimum share capital of Non-Bank Financial Institutions linked to currency and credit, under the supervision of the National Bank of Angola.

Article 2.
(Scope)
The present Notice applies to the Non-Bank Financial Institutions provided for in paragraph 3 of Article 7 of Law No. 14/21 of May 19, the General Regime for Financial Institutions Law, namely:
a) Exchange offices;

CONTINUATION OF NOTICE NO. 04/2024 Page 4 of 4 b) Microfinance Financial Institutions; c) Credit Cooperative Societies; d) Financial Assignment Societies; e) Credit Guarantee Societies; f) Leasing Societies; g) Microcredit Societies; and, h) Payment Service Provider Societies.

Article 3.
(Share Capital)

1. The Non-Bank Financial Institutions referred to in the preceding article must have their share capital fully paid up at a minimum value of:
   a) For Payment Service Provider Societies provided for in paragraphs a) and b) of paragraph 2 of Article 18 of Notice No. 02/22 of February 02:
   i. Main – Kz 70,000,000.00 (seventy million Kwanzas);
   ii. Standard Class 1 – Kz 40,000,000.00 (forty million Kwanzas); and,
   iii. Standard Class 2 – Kz 25,000,000.00 (twenty-five million Kwanzas).
   b) For Payment Service Provider Societies providing the services provided for in paragraphs c), d) and e) of paragraph 2 of Article 18 of Notice No. 02/2022 of February 02:
   i. Value Remittance – Kz 70,000,000.00 (seventy million Kwanzas);
   ii. Payment Initiation Services – Kz 25,000,000.00 (twenty-five million Kwanzas); and,
   iii. Account Information Services – Kz 20,000,000.00 (twenty million Kwanzas).
   c) For Exchange offices – Kz 50,000,000.00 (fifty million Kwanzas); d) For Microfinance Financial Institutions – Kz 5,000.00 (five billion Kwanzas); e) For Credit Cooperative Societies – Kz 1,000,000.00 (one million Kwanzas); f) For Financial Assignment Societies – Kz 100,000,000.00 (one hundred million Kwanzas); g) For Leasing Societies – Kz 100,000,000.00 (one hundred million Kwanzas); h) For Credit Guarantee Societies – Kz 250,000,000.00 (two hundred and fifty million Kwanzas); i) For Microcredit Societies – Kz 5,000,000.00 (five million Kwanzas).

CONTINUATION OF NOTICE NO. 04/2024 Page 4 of 4
2. Exchange offices authorized to provide value remittance services must adjust their share capital to the minimum provided for in subsection i) of paragraph b) of the preceding number.
3. Payment Service Provider Societies must establish special reserves intended to strengthen the net position or cover losses that the profit and loss account cannot absorb.

Article 4.
(Increase of Share Capital)
The Non-Bank Financial Institutions may increase their share capital by adopting one or two of the options listed below:
a) Issuance and subscription of new shares; b) Incorporation into share capital of legal reserves, free reserves or current year results, provided they are audited; and, c) Others permitted by law.

Article 5.
(Infringements)
The non-compliance with the provisions of this Notice constitutes a regulatory offense provided for and punishable under Law No. 14/21 of May 19, the General Regime for Financial Institutions Law.

CONTINUATION OF NOTICE NO. 04/2024 Page 4 of 4
Article 6.
(Revocation)
All regulations contrary to the provisions of this Notice are hereby revoked, namely, Notice No. 05/23 of June 29 on the Minimum Share Capital of Non-Bank Financial Institutions.

Article 7.
(Doubts and Omissions)
The doubts and omissions resulting from the interpretation and application of this Notice are resolved by the National Bank of Angola.

Article 8.
(Entry into Force)
The present Notice enters into force on the date of its publication.

PUBLISH.
Luanda, December 09, 2024.

THE GOVERNOR
MANUEL ANTÓNIO TIAGO DIAS