Notice No. 04/2025 of August 22, 2025: Payment System - Opening, Movement, and Closure of E-Money Accounts

PUBLISHED IN THE OFFICIAL GAZETTE, FIRST SERIES, NO. 159, OF AUGUST 22, 2025

NOTICE NO. 04/2025

SUBJECT: PAYMENT SYSTEM
− Opening, Movement, and Closure of E-Money Accounts

Given the need to adjust the rules and procedures for the opening, movement, and closure of e-money accounts, to facilitate access to financial services, particularly for citizens without bank accounts, contributing to financial inclusion in the country;

Under the combined provisions of Article 6 of Law No. 40/20, of December 16, the Payment System Law of Angola, Article 36 of Law No. 14/21, of May 19, the General Regime of Financial Institutions Law, paragraph a) of paragraph 2 of Article 57 of Law No. 5/20, of January 27, the Law on the Prevention and Combating of Money Laundering, Financing of Terrorism, and Proliferation of Weapons of Mass Destruction, Article 21, and paragraph 1 of Article 98, both of Law No. 24/21, of October 18, the Bank of Angola Law.

I DETERMINE:

Article 1.
(Object)
This Notice establishes the rules and procedures for the opening, movement, and closure of e-money accounts, by natural and legal persons.

Article 2.
(Scope)
This Notice is applicable to Payment Service Providers issuing e-money.

Article 3.
(Definitions)
Without prejudice to the provisions of Article 2 of Law No. 40/20 of December 16, the Payment System Law of Angola (SPA), for the purposes of this Notice, the following are understood:
a) Client – a resident natural or legal person, national or foreign, public or private, who enters into a contract for the opening of an e-money account with a payment service provider; b) E-Money Account – an account held by a holder for the execution of e-money operations, managed in accordance with the terms defined in Annex II of this Notice, which is an integral part thereof; c) Means of Distance Communication – a method that may be used to conclude a payment services contract without the simultaneous physical presence of the provider and the user of the payment services; and, d) Legal Representatives – all persons with powers of legal representation in the relationship between the account holder and the Payment Service Provider.

Article 4.
(General Principles)

1. E-Money Payment Service Providers:
   a) Are authorized to issue e-money in exchange for an equal amount in legal tender currency; b) Must use an e-money account; and, c) Must keep the information of the e-money account holder updated.
2. E-Money Payment Service Providers must not:
   a) Identify the e-money account holder by an abbreviated name; b) Require the account holder to provide documents additional to those defined in this Notice, except in compliance with legal or regulatory obligations, or internal policies of the provider that are in accordance with these obligations; and, c) Condition the opening of e-money accounts on the purchase of additional products or services.
3. Information provided by users is confidential and must not be used for other purposes or disclosed to third parties without prior authorization from them, unless otherwise provided by law or regulation.

Article 5.
(Types of E-Money Accounts)

1. Under this Notice, 4 (four) different types of e-money accounts are defined, depending on how the client proves their identity.
2. In accordance with the preceding paragraph, the requirements for e-money accounts are defined in Annexes I and II of this Notice, which are integral parts thereof.

Article 6.
(Opening of E-Money Account)

1. E-money accounts may be opened:
   a) By national or foreign citizens resident in the country, of legal age, for personal or commercial purposes; b) By national citizens under 18 years of age, provided they are authorized by parents, guardians, or whoever has custody of the minor, upon presentation of the responsibility statement for opening an e-money account for minors, as per Annex III, provided it is for personal purposes; c) By foreign non-resident citizens, with legal stay in the country; and, d) By legal persons with headquarters in the country, characterized as micro or small enterprises, in accordance with Law No. 30/11, of September 13, provided their use is intended for commercial purposes.
2. The opening of an e-money account may be carried out with or without the physical presence of the client.
3. In accordance with the preceding paragraph, the opening of an account without the physical presence of the client must be carried out using means of distance communication.
4. E-Money Payment Service Providers may provide information to the e-money account holder through the same channel used for the account opening.
5. Type I and II accounts are limited to natural persons, provided their use is intended for personal purposes.
6. Type III accounts are limited to natural persons, provided their use is intended for commercial purposes.
7. Type IV accounts are limited to legal persons, provided their use is intended for commercial purposes.
8. Type I accounts are financial inclusion accounts, which may be opened by any natural person, without identification requirements, intended to promote access to payment services, but with restrictions on carrying out payment operations and usage limits.
9. Type II, III, and IV accounts must comply with the requirements contained in Annex I of this Instruction.
10. Without prejudice to the provisions of Article 10 of Notice No. 02/24, of March 22, on Rules for the Prevention and Combating of Money Laundering, Financing of Terrorism, and Proliferation of Weapons of Mass Destruction, Type I e-money accounts have a grace period of 1 (one) year, which may be renewable if the client's risk profile remains unchanged.
11. For the purposes of the preceding paragraph, the E-Money Payment Service Provider must periodically notify the client of the need to regularize the account, by presenting documentation, as applicable to Type III accounts.
12. After the account is opened and until the documents listed in Annex I for the respective type are presented, the account is blocked for debits, allowing only the receipt of funds.

Article 7.
(Client Identification at the Time of E-Money Account Opening)

1. The E-Money Payment Service Provider:
   a) Must create conditions for the collection of information elements and proofs necessary for client identification, respecting at least the elements referred to in Annex I of this Notice, according to the type of account to be opened; b) For the purposes of the preceding paragraph, may create technical conditions for the collection of biometric information; and, c) Must verify the authenticity of information elements and documents, whether collected in person or using means of distance communication.
2. The identification of a foreign client in national territory must be proven by presenting one of the following identification documents: passport with a valid visa, valid refugee card, or valid resident card.
3. Whenever a natural person proceeds to open a Type IV account for commercial purposes, the E-Money Payment Service Provider must confirm the commercial activity of the client.
4. The E-Money Payment Service Provider must verify the client's and/or their representative's identification documents, in order to guarantee the authenticity of the documentation.

Article 8.
(Remote Opening of E-Money Account)

1. Remote opening of an e-money account is permitted provided it is carried out using means of distance communication that guarantee the authenticity of the collected information, as well as compliance with all requirements set forth in this Notice.
2. At the time of opening an e-money account using means of distance communication, the E-Money Payment Service Provider must request the client identification data defined in this Notice.
3. In the event of impossibility to collect and verify the documents required for remote account opening, the account remains blocked until the delivery of said documents, so that the E-Money Payment Service Provider can conclude the account opening process, complying with the requirements and, if necessary, allowing the collection of the client's and/or their representative's photograph, signature, or biometric data.

Article 9.
(Movement of E-Money Accounts)

1. The nature of the movement permitted in accounts of different types is described in Annex II of this Notice.
2. Whenever changes occur in movement and documentation requirements, Type I and III e-money accounts may be reclassified, under the following conditions:
   a) At the initiative and suggestion of the E-Money Payment Service Provider, based on account data analysis, which must be accepted by the client; b) Upon request by the client followed by analysis by the E-Money Payment Service Provider, which validates the client's claim when it is in conformity with the requirements of the requested account type; and, c) As a result of changes in the regulation of the Bank of Angola.

Article 10.
(Value Limits in Movement)
The Bank of Angola defines in specific regulation the maximum movement limits for e-money accounts.

Article 11.
(Maintenance of Payment Account)

1. The charging of any commission for the management and maintenance of e-money accounts is prohibited.
2. E-money issuers must provide, whenever requested by the client, in physical or electronic format, free of charge, a statement of account movements.
3. E-money issuers must maintain the resources corresponding to e-money balances in accounts, plus:
   a) E-money balances in transit between e-money accounts within the same institution; and, b) Values received by e-money issuers for credit into an e-money account and not made available for free movement by the beneficiary.

Article 12.
(Closure of E-Money Accounts)

1. E-money accounts may be closed at the request of their holders or legal representatives, or at the initiative of the E-Money Payment Service Provider, in accordance with this Notice.
2. The closure of an e-money account may be carried out via a request submitted by the holder, electronically or through another channel provided by the E-Money Payment Service Provider.
3. The E-Money Payment Service Provider may proceed with the closure of accounts, for which it must notify the client at least 60 (sixty) days in advance of the date set for the closure.
4. For the closure of the e-money account, at least the following conditions must be adopted:
   a) Transfer of the remaining balance to an account indicated by the holder in another institution or placing the resources at their disposal for subsequent withdrawal in cash; b) Provision of information to the account holder regarding:
   i. The deadline, not exceeding 30 (thirty) days, to adopt the conditions provided for in the preceding paragraph;
   ii. The procedures for paying any outstanding balance and other commitments assumed with the institution or arising from legal provisions, if applicable; and,
   iii. The products and services contracted by the e-money account holder that remain active or are closed simultaneously with the e-money account.
5. Without prejudice to the preceding paragraph, the E-Money Payment Service Provider must block the e-money account, without the holder's consent, if the following situations are verified:
   a) The holder infringed provisions of the Law on the Prevention and Combating of Money Laundering, Financing of Terrorism, and Proliferation of Weapons of Mass Destruction or deliberately used the e-money account for illegal purposes; b) Falsity or inaccuracy in the information provided by the client to the E-Money Payment Service Provider; c) Breach of contractual conditions by the holders or their legal representatives, the effects of which take place 30 (thirty) days after its denunciation by the E-Money Payment Service Provider; d) Extinction of a legal person; e) By imposition of a judicial or administrative authority; and, f) The holder is not considered legally resident.
6. For the purposes of the preceding paragraph, the E-Money Payment Service Provider must notify the account holder, informing them of the reasons justifying the account blockage.
7. Whenever the account holder presents elements that allow regularizing the situation that led to the blockage, the E-Money Payment Service Provider must proceed to unblock the account.
8. Whenever the account blockage results from the decision of a judicial or administrative authority, the E-Money Payment Service Provider may only proceed to unblock the account after a new decision by the same authority.
9. The E-Money Payment Service Provider must close the e-money account whenever it remains blocked for a period of 12 (twelve) months, without regularizing the situation that led to its blockage.
10. For the purposes of closing an e-money account with available balance, the E-Money Payment Service Provider must:
    a) Maintain individualized internal controls per closed account until the full settlement of the obligation; and, b) Maintain all documentation related to the closed account for at least 10 (ten) years, from the full settlement of the obligation, in the manner provided by current legislation.
11. The E-Money Payment Service Provider must close accounts with no debit or credit movements within a period of 15 (fifteen) years, provided this process is preceded by all legal efforts to contact the holder or potential heirs, by publishing notices in the newspaper with the largest circulation in the country.
12. Whenever the preceding paragraph applies, the monetary value corresponding to the balance of the e-money account to be closed must be reverted to the State, in accordance with Decree-Law No. 187/70, of April 30, on the Regime of Prescription of Certain Goods Abandoned by Their Owners in Favor of the State.

Article 13.
(Refund of E-Money)

1. The e-money issuer must manage funds received from users prudently, in order to guarantee the refund of e-money to users within 1 (one) business day.
2. The e-money issuer must guarantee and present due evidence that it has sufficient liquidity capacity to meet potential e-money refunds in high amounts, particularly when they occur in a short period of time, recurrently.
3. In the event of death, the legal representative of the deceased client, upon presentation of legal documents conferring authorization for such, may exercise the right to refund of e-money with the E-Money Payment Service Provider.
4. In the event of bankruptcy or liquidation of a client, the person legally qualified under instructions from competent judicial authorities may exercise the right to refund of e-money with the E-Money Payment Service Provider.

Article 14.
(Prevention and Combating of Money Laundering and Terrorism Financing)

1. The Bank of Angola has defined in this Notice, given the reduced risks resulting from the movement limits of e-money accounts established for Type I accounts, simplified customer identification measures for the holders of these accounts, in accordance with paragraph 7 of Article 13 of Law No. 05/20, of January 27, the Law on the Prevention and Combating of Money Laundering, Financing of Terrorism, and Proliferation of Weapons of Mass Destruction.
2. E-Money Payment Service Providers must apply the provisions of legislation and regulation on the prevention and combating of money laundering and terrorism financing, in proportion to the risk identified in each client, holder of an e-money account.

Article 15.
(Transitional Provisions)

1. E-Money Payment Service Providers must comply with the provisions of this Notice within the following timeframes from the date of its publication:
   a) 180 (one hundred and eighty) days for existing e-money accounts; and, b) 60 (sixty) days for accounts opened after its publication.
2. E-Money Payment Service Providers must migrate holders of Type II e-money accounts to the type of e-money account that best suits their risk profile.

Article 16.
(Revocation)
Instruction No. 07/24, of August 15, on E-Money Accounts, and Articles 11, 14, 15, 16, and 17 of Notice No. 02/22, of February 22, on Payment Services, and all regulation contrary to the provisions of this Notice are revoked.

Article 17.
(Sanctions)
Non-compliance with the provisions established in this Notice constitutes a misdemeanor punishable under the following laws:
a) Law No. 40/20, of December 16, the Payment System Law of Angola; b) Law No. 14/21, of May 19, the General Regime of Financial Institutions Law; and, c) Law No. 05/20, of January 27, the Law on the Prevention and Combating of Money Laundering, Financing of Terrorism, and Proliferation of Weapons of Mass Destruction.

Article 18.
(Doubts and Omissions)
Doubts and omissions resulting from the interpretation and application of this Notice are resolved by the Bank of Angola.

Article 19.
(Entry into Force)
This Notice enters into force on the date of its publication.

PUBLISH.

Luanda, August 04, 2025.

THE GOVERNOR
MANUEL ANTÓNIO TIAGO DIAS

ANNEX I
Client Identification Requirements for Opening E-Money Accounts

1. Data to be collected at the time of account opening
   Data for Natural Persons to be collected at the time of account opening Type I | Type II | Type III | Type IV Elements of the account holder | Elements of the Representative Name | S | S | S | S Date of birth | S | S | S | S Marital status | S | S | S | S Gender | S | S | S | S Responsibility statement for opening e-money account for minors | S | S | N/A | N/A Identification Document Number | O | S | O | S Type of Identification Document (ID, P, CR, T) *2 | O | S | O | S Validity Date *3 | O | S | O | S Nationality | S | S | S | S Tax Identification Number | O | S | O | S Mobile Phone | S | S | S | S Email | O | O | O | O Address | S | S | S | S Municipality | S | S | S | S Province | S | S | S | S Signature | O | O | O | O Photograph, when there is no official identification document with photograph | O | O | O | O Legend: S – Yes; O – Optional; N/A – Not applicable; *1. In the case of account opening by a minor, an Authorization Declaration must be collected from the responsible party, as per Annex III; *2. ID – Identification Card, P – Passport, CR – Resident Card; *3. Mandatory filling in the case of presenting the ID.

1.1 Company or Activity Data to be Collected at the Time of Account Opening
Company or Activity Data to be Collected at the Time of Account Opening Type III | Type IV Elements of Activity | Elements of Company Company Name | N/A | S Trade Name | O | O *1 | O | O *1. Trade name or activity designation; Date of Constitution / Start of Activity | O | S Type of Company (UP, QT) *2 | N/A | S *2. UP – Unipersonal, QT – By Shares; Number of Signatures that bind the company | N/A | S Identification of activity | S | S Type of document proving activity *3 | S | S *3. The identification of the activity, when requested, can be proven by one of the following documents, depending on whether it is a Natural or Legal Person:

• Temporary trade license;
• Street vendor card;
• Fair vendor card;
• Municipal market vendor card;
• Commercial Registration Certificate;
• Commercial License;
• Other.
  Social Object | N/A | S
  Tax Identification Number | O | S
  Nationality of Company or Entrepreneur | N/A | S Address *4 | O | S *4. Type III – address of the person or stable establishment, if any; Type IV – address of the Company Headquarters. Municipality | O | S Province | O | S Legend: S – Yes; O – Optional; N/A – Not applicable;

2. Minimum Documents to Open an E-Money Account
   Minimum documents to present to open an e-money account Type I | Type II | Type III | Type IV Identification Document (ID, P, CR, T) | O | S | *1 | S *1. Document of the company representative; Proof of Address | O | S | O | S Document proving activity *2 | N/A | N | O | S *2. The identification of the activity, when requested, can be proven by one of the following documents, depending on whether it is a Natural or Legal Person:

• Temporary trade license;
• Street vendor card;
• Fair vendor card;
• Municipal market vendor card;
• Commercial Registration Certificate;
• Commercial License.
  Tax Identification Document | N/A | S | O | S
  Declaration of origin of funds | N/A | S | N/A | N/A Legend: S – Yes; O – Optional; N/A – Not applicable;

ANNEX II
Movement of E-Money Accounts

1. Permitted Operations
   Permitted Operations | Type I | Type II | Type III | Type IV Cash Deposits (cash in) | S | S | S | S Cash Withdrawals (cash out) | S | N | N | N Instant Credit Transfers | S | S | S | S Foreign Exchange Operations or Payments Abroad | N | N | N | N Legend: S – Yes; N – No;