BANCO NACIONAL DE ANGOLA

GOVERNOR'S OFFICE

NOTICE NO. 09/2011

of 13 October

SUBJECT: REGULATION OF BANK PAYMENT CARDS

The Banco Nacional de Angola (BNA), in exercising its function of controlling and monitoring retail payment instruments and subsystems, promotes the achievement of security, efficiency, and transparency objectives, which contribute to the creation of a culture of sustained use of electronic payment instruments and lead to the growth of the banked population.

These objectives are structuring for the development of the Angola Payment System (SPA) and the foundation for the implementation of the Multicaixa system, as a national brand of payment cards and a shared, universal terminal network.

Considering the need to update the legislation in force within the scope of the Angola Payment System;

In the exercise of the competence conferred upon me by paragraph b) of paragraph 2 of Article 7 of Law No. 5/05, of 29 July, Law of the Angola Payment System, and Article 28 of Law No. 16/10, of 15 July, Law of the Banco Nacional de Angola;

I DETERMINE:

CHAPTER I

GENERAL PROVISIONS

Article 1
(Object and Scope)

This Notice regulates the activities of issuance, acceptance, and use of payment cards.

a) This Notice does not cover prepaid cards of restricted scope, according to the definition in Article 2, that are not accepted on Multicaixa network terminals.

The activities of Issuer and Acquirer of payment cards subject to this Notice are exclusive activities of banking financial institutions.
The provision of the preceding paragraph of this article is excepted for EMIS as Acquirer of International Payment Systems on ATMs of the Multicaixa Network, whenever the support bank of the terminal does not ensure this function.

Article 2
(Definitions)

For the purposes of this Notice, the following are understood:

Acceptor - entity that accepts payment for goods or services with a payment card and maintains a contract with an Acquirer to perform this service.
Acquirer - bank that contracts with an Acceptor for the consent of card payments and to which the credits of the payments are acquired.
ATM - Automated Teller Machine.
Bank - the same as Banking Financial Institution.
ATM Support Bank - Banking Financial Institution responsible for the installation conditions and logistical support of the ATM, namely, cash and paper for receipts. Normally the Support Bank is the owner of the ATM.
Automated Teller Machine - electromechanical equipment that allows authorized users, normally using plastic cards that it can validate, to withdraw cash from their bank accounts and/or access other services.
Credit Card - payment card associated with a card account denominated in Kwanzas that allows access to credit granted by the Issuer, namely for making payments and cash withdrawals (cash advance).
Debit Card - payment card associated with a current deposit account opened with the Issuer, which allows its Holder to carry out financial transactions, namely payments and cash withdrawals, through the use of the respective balance.
Payment Card or, simply, Card - payment instrument, presented in the form of a plastic card or other payment device or code, which is provided by an issuing financial institution (the Issuer), to enable its User to carry out financial transactions, namely payments and/or cash withdrawals, on terminals where it is accepted.
Multicaixa Card - issued by banks that are members of the system and accepted on all terminals of the Multicaixa network.
Multi-brand Card - plastic card that aggregates logical cards of two different brands. The same as cobadged.
Prepaid Card - payment card that is, concurrently, issued or reloaded after the receipt of funds in Kwanzas, accepted at merchants or self-service terminals for making payments or obtaining cash and, at the option of the Issuer, may or may not be reloadable.
General Use Prepaid Card - any prepaid card accepted through the Multicaixa network by multiple unrelated merchants, for payment of unspecified goods and/or services.
Restricted Use Prepaid Card - any prepaid card that is only accepted by a specific merchant or a restricted set of related merchants and/or for payment of a specific or restricted set of goods or services, not allowing cash withdrawals.
Identified Prepaid Card - prepaid card on which the Issuer must register and store the identification of the Holder.
Non-identified Prepaid Card - card on which the Issuer does not need to collect the identification data of its respective Holder.
Non-reloadable Prepaid Card - prepaid card on which only an initial loading is possible, at the time of its acquisition, with no possibility of additional loadings.
Reloadable Prepaid Card - prepaid card on which additional loadings are possible, in addition to the initial loading.
Merchant - any legal person that meets the conditions to be an Acceptor of cards.
General Terms of Use or GTU - set of characteristics and rules of use of a specific card, which characterize it and are defined by its respective Issuer in accordance with current regulation.
Card Account - account associated with a prepaid card or a credit card, different from a Current Deposit Account, and part of the card management system responsible for managing the card in question.
Prepaid Card Float Account - account of the CONTIF (defined by the BNA) that records the monetary value stored on prepaid cards. This account cannot record movements unrelated to the operation of the prepaid cards issued by the financial institution.
Expiry Date - date on which the card ceases to be accepted on acceptance network terminals. The card is valid until the end of the month indicated on the plastic.
EMIS - Interbank Services Company, responsible for the management of the Multicaixa network, including the clearing of operations carried out on it.
Issuer - financial institution that issues cards.
Payment Finalization - effective payment of transactions accepted in the Acceptor's current deposit account.
Banking Financial Institution - is the bank, a company whose main activity consists of receiving deposits or other repayable funds from the public, in order to apply them for its own account, by granting credit.
Card Brand - commercial designation that identifies a specific system or network of acceptance of payment cards (for example Multicaixa, MasterCard, Visa). The same brand may correspond to cards of various types.
Multicaixa - national brand of the national and universal network of payment card acceptance terminals.
Network Operator - is the entity responsible for managing the database of terminals of the Multicaixa system and for authenticating ATMs and PTMs where transactions with cards are carried out.
Acquirer Processor - entity of Angolan law that provides the technical facilities for the Acquirer to receive from the acceptor the information of accepted operations.
Issuer Processor - entity of Angolan law that provides technical facilities to the Issuer in the processing of transactions with cards issued by it. The Issuer Processor is the entity that proceeds to the logical production of cards, issuance of PIN letters, and validation of cards used on payment terminals of the Multicaixa network.
Multicaixa Network - the national and universal network of payment service terminals and/or cash withdrawal.
SPA - Angola Payment System.
SPI - International Card Payment Systems, identified by their respective brands.
Effective Annual Percentage Rate of Charge (TAEG) - rate of total effective cost of credit, including interest, commissions, taxes, fees, insurance, as well as other expenses charged to the consumer directly linked to the use of credit.
Automatic Payment Terminal - electromechanical equipment that allows authorized users, normally using plastic cards that it can validate, to make payments at physical locations for the sale of goods or provision of services; also allowing the performance of other services such as balance inquiries of accounts associated with the card used.
Card Type - species of payment card, with regard to the funds used. Three types of cards are considered: prepaid, debit, or credit.
Holder - person who contracts the issuance of a card and who is permitted to use it, according to the terms and conditions established in the adhesion contract.
PTM - the same as Automatic Payment Terminal.
User - natural person authorized to use a card.

Article 3
(Contract)

The relationships between Issuers and Holders, and between Acquirers and Acceptors must be regulated by a written contract.

a) The provision of this paragraph is excepted for the issuance of non-reloadable prepaid cards for exclusive use in Angola.

In the identification of counterparties, banks must adopt the principles defined in Notice 01/2011, of 26 May, consistent with the objectives of combating money laundering, terrorist financing, and fraud prevention.
The contract may take the form of an adhesion contract, in which case it is constituted by the General Terms of Use, of a more stable nature, and by an annex containing conditions subject to more frequent modification.
In case of divergence between the general terms of use and the particular conditions, the former prevail.
The contract must be drafted in Portuguese, in accessible language, easily understandable, and must have a graphical presentation that allows easy reading by a reader with average visual acuity.
Clauses that define charges or interest rates merely by indication of the price list existing at the counters or in other locations or supports are prohibited.
The contract must define:

a) the validity period and the conditions for its renewal. i) In an issuance contract, validity and renewal respect the card underlying it.

b) that the Holder or the Acceptor, as the case may be, may directly present to the Banco Nacional de Angola complaints based on the non-compliance, by the Issuer or by the Acquirer, respectively, of the applicable legislation and regulation.

c) the situations in which the parties may terminate the contract and its effects.

Article 4
(Issuance)

A card can only be issued following a request, or a process of renewal or replacement of another card of the same type.

a) a bank may issue a card not requested by the client if, concurrently, the following conditions are met:
i) the card is not valid, i.e., not in conditions to be used by the client to carry out transactions; ii) it is accompanied by clear information informing the client that the card is not validated and how they can dispose of it, at no cost, if they are not interested in its validation; iii) it is accompanied by the draft contract that will apply if the card is validated by the client; iv) its validation implies a manifestation of interest by the client and the Issuer has conditions to validate the client's identity.

The delivery to holders, of both the card and its respective secret code (PIN), if applicable, must be carried out with special care, adopting appropriate security rules that prevent the use of the card by third parties.
The name of the Issuer, or its acronym, if it has sufficient notoriety, must appear clearly on all cards and on all advertising actions related to them.
Only one type of card may correspond to the same physical card.
In a multi-brand card (cobadged), each brand must be recognizable through the name and/or logo of the Issuing entity and the card brand.
Account statements and other forms of information to holders must highlight:

a) the commissions and other charges applied, including taxes, if applicable, per transaction and in an disaggregated manner; b) the identification of the foreign currency, the value of the transaction in that currency, and its respective equivalent in Kwanzas, in the case of transactions in foreign currency.

The maximum daily limit for withdrawals at ATMs, per card, will be defined in specific regulation.
The Issuer must keep on file, by electronic process or microfilming, for a period of five years, counted from the date of the occurrence, the account statements, relating to withdrawals and payments made abroad, for proof purposes, if requested by the Banco Nacional de Angola.

Article 5
(Specific Rules of Issuance Contracts)

Without prejudice to other existing norms, all rights and obligations of the contracting parties must be established in the Issuer's contract with the Holder, in general contractual clauses that take the form of an adhesion contract, namely:

a) the Holder cannot be held responsible for uses of the card resulting from situations of loss, theft, robbery, or forgery of the card, after notification to the Issuer, unless there is intent or gross negligence on the part of the Holder. i) the Holder's responsibility for uses verified before communication to the Issuer is limited to the lesser of the following values at the date of the first irregular operation considered: (1) in the case of prepaid cards or debit cards, to the value of the balance available in the account associated with the card; in the case of credit cards, to the value of the balance available against the credit limit known to the Holder; and (2) the maximum value to be defined in specific regulation; unless there is intent or gross negligence on the part of the Holder.

b) the Issuer is responsible for the incorrect recording of any transaction, except in cases of intent or gross negligence on the part of the Holder. In case of dispute, the burden of proof lies with the party invoking the fact in their favor.

c) in case of dispute regarding the operation not authorized by the Holder, the burden of proof of its effective realization lies with the Issuer, obliging the Holder to provide their best collaboration, namely by providing the information and supplying copies of the documents requested by them, relating to the operation in question.

d) the Issuer cannot alter the contractual conditions without notifying the Holder, with a minimum prior notice of 45 days, leaving the latter with the right to recover the paid annual fee, in the proportion corresponding to the period not yet elapsed, if they wish to terminate the contract due to disagreement with the introduced alterations.

e) the use of the card after the date of entry into force of the contractual alterations informed according to the previous paragraph constitutes a presumption of acceptance of those alterations.

f) the conditions under which the Issuer is entitled to demand the return of the card.

g) the celebration of the contract cannot be conditioned on the authorization of the Holder to allow their personal data and that of the User, if different, to be provided by the Issuer to third parties for the purpose of promotion or sale of goods or services.

h) the Issuer is obliged to maintain a customer service that allows the Holder and the User to contact them, directly or through their representative, twenty-four hours a day, through the indicated phone number(s), from any country where the card is accepted.

The General Terms of Use must provide complete and clear information on:

a) the rules to be followed for correct and safe use of the card, including, namely, information on:
i) operations that can be performed and the manner of performing them.
(1) in the case of use of multi-brand cards at an acceptance point where both brands of the card are accepted, what are the rules for defining the card brand that will be considered in carrying out the transaction. ii) identification of acceptance locations. iii) security principles in the use of the card and terminals. (1) recording the PIN on the card itself or in something the User habitually keeps and carries together with the card is considered gross negligence of the User. b) the charges - fees, commissions, expenses, or taxes - that may result from possession or use of the card. c) the validity period of the card and the conditions for renewal. d) the penalty interest rate or the method used for its determination, if applicable. e) the manner of determining the exchange rate practiced, regarding operations in foreign currency, if applicable.

A contract is only considered concluded when the Holder has the valid card and a copy of the contractual conditions accepted by them.
The Issuer is obliged to send a copy of the draft contracts relating to cards they intend to issue to the Banco Nacional de Angola, Behavioral Supervision Department.

a. the Banco Nacional de Angola may consider an draft proposal presented by the Issuer inadequate, which will determine its replacement in contracts that may have been concluded with clients and the prohibition of new contracts from the notification of the Banco Nacional de Angola to the Issuer. b. whenever the Issuer ceases to have cards contracted based on a certain draft, they must inform the Banco Nacional de Angola.

Issuers must make available the general terms of use of all cards they issue, in a complete and updated manner, on their internet page, in an easily identifiable manner and without the need for prior registration by interested parties.

Article 6
(Acquirer Service)

The Acquirer who becomes aware of any fraud or forgery practiced by a certain Acceptor in transactions carried out through bank cards must immediately:

a) terminate the contract with the Acceptor in question; b) communicate the fraud and the identification of the Acceptor in question to the Credit Risk Central, operated by the Banco Nacional de Angola, in the manner and within the timeframe to be defined in specific regulation.

It is prohibited for any Acquirer to establish a contract with a Merchant who has registered an incident, according to the provisions of the preceding paragraph.

Article 7
(Specific Rules of Acceptance Contracts)

An acceptance contract for a brand of cards cannot impose the acceptance of cards of another brand.
An acceptance contract for prepaid cards and/or debit cards cannot impose the acceptance of credit cards, and vice-versa.
Without prejudice to other existing norms, all rights and obligations of the contracting parties must be established in the Acquirer's contract with the Acceptor, in general contractual clauses that take the form of an adhesion contract, namely:

a) the obligations of the Acquirer related to the finalization of payment to the Acceptor; b) the Acceptor cannot be held responsible for the carrying out of fraudulent transactions, provided they have complied with the card acceptance rules, which were timely communicated to them by the Acquirer; c) the Acceptor is obliged to confirm the identification of the card User whenever the payment is for an amount higher than a value to be defined in specific regulation. i) the confirmation of identity must be carried out based on an official identification document with a photograph. d) the payment to the Acceptor, of transactions carried out on national territory, will be made in Kwanzas, through credit in the current deposit account indicated for this purpose by the acceptor and regardless of the card used in the transaction; e) in case of dispute regarding the electronic operation, the burden of proof lies with the Acquirer, obliging the Acceptor to provide their best collaboration, namely by providing the information and supplying copies of the documents requested by them, relating to the operation in question; f) the conditions under which an obligation of payment by the Acquirer to the Acceptor enters into default. g) the interest rate to be used in case of default, whether the responsibility of the Acquirer or the Acceptor, or the manner of its determination; h) the Acquirer cannot alter the contractual conditions without notifying the Acceptor, with a minimum prior notice of 45 (forty-five) days, leaving the latter with the right to terminate the contract due to disagreement with the introduced alterations; i) the use of an Acceptor's terminal after the date of entry into force of the contractual alterations informed according to the previous paragraph constitutes a presumption of acceptance of those alterations; j) the responsibilities of each contracting party related to deficient transmission, non-reception, or deficient reception by the Acquirer or the transaction operator of transactions carried out on a PTM installed at the Acceptor; k) the Acquirer is obliged to maintain a customer service that allows the Acceptor to contact them, directly or through their representative, during the normal business hours of the Acceptor's establishment, through the indicated phone number(s).

The Acquirer is obliged to send to the Banco Nacional de Angola, Payment Systems Department, the draft contracts they intend to conclude with Acceptors.

a) whenever the Acquirer ceases to have terminals contracted based on a certain draft, they must inform the Banco Nacional de Angola.

The general acceptance conditions must provide complete and clear information on:

a) The rules for correct and safe acceptance of the card and use of the terminal, including, namely, information on:
i) operations that can be performed; ii) identification of cards and their respective holders; iii) principles of operation and security. b) charges that result from possession and/or use of payment terminals.

Article 8
(Multicaixa Network)

All ATMs with external access to bank branches or premises, or with the provision of services outside normal business hours, are mandatory parts of the Multicaixa Network.
The acceptance in Angola of payment cards subject to this Notice can only occur on terminals of the Multicaixa Network.
The services available on ATMs and PTMs of the Multicaixa network are independent of the support bank and the Acquiring institution, respectively, provided that the brand and type of the card are accepted on the terminal.
The Multicaixa Network must be certified for the acceptance of SPI cards.
The Multicaixa Network is the acceptance network in Angola for SPI cards.
All operations carried out on terminals of the Multicaixa network, regardless of the card and the Issuer, must be included in the clearing of the Multicaixa System.

Article 9th.
(EMIS)

EMIS is the Operator of the Multicaixa Network, providing certification of network equipment for the acceptance of SPI brands.
EMIS is the entity responsible for the multilateral clearing of operations carried out on the Multicaixa network, regardless of the card brand.
EMIS is an Acquirer Processor of payment transactions carried out through valid cards on the Multicaixa Network.
EMIS is an Issuer Processor for payment cards issued in Angola.

Article 10th.
(SPI)

A banking financial institution does not need specific authorization from the National Bank of Angola for its affiliation with an SPI, subject to the following:

a) the bank in question is a participant in the Multicaixa System; b) affiliation with the SPI does not have exclusivity character in Angola; c) EMIS must create conditions for the acceptance of SPI cards in any ATM of the Multicaixa Network; d) the acceptance of SPI cards at a TPA depends on the agreement established between the respective Merchant and a bank affiliated with the SPI.

Financial institutions that begin issuing SPI cards after the publication of this Notice must use the processing services of EMIS.

Article 11th.
(Complaints)

The reception of Cardholders, Users, and Acceptors, and the processing of complaints, must comply with the provisions of Notice No. 02/2011, of June 1.

Article 12th.
(Use Abroad)

The use of cards abroad is subject to maximum limits to be defined in specific regulation.
The plastic of any card eligible for use abroad must obligatorily have the name of the respective User engraved.

Article 13th.
(Information to the National Bank of Angola and Tariffs)

Banking financial institutions, as Issuers and/or Acquirers, and EMIS, as Issuer processor, Acquirer processor, and operator of the Multicaixa network, must send information to the National Bank of Angola, in the periodicity and form to be defined by specific regulation.
The National Bank of Angola, in exercising its function of control and monitoring of the SPA, may, if it deems necessary, define through Instruction the limits for interbank tariffs and service fees applied to payment card transactions.

CHAPTER II
SPECIFIC RULES FOR PREPAID CARDS

Article 14th.
(Issuance of Prepaid Cards)

The General Conditions of Use of a Multicaixa prepaid card must be approved, prior to the start of its issuance, by the Operator of the Multicaixa Network.
Before the start of issuance of prepaid cards, the issuing institution must obligatorily send a copy of the respective General Conditions of Use to the National Bank of Angola.

a) whenever certain General Conditions of Use cease to be applied by an Issuer and there are no valid cards under them, the Issuer must inform the National Bank of Angola of this fact.

The General Conditions of Use must define, clearly and completely:

a) the risks assumed by Users; b) the conditions under which unused amounts can be returned; c) the validity period of the card regarding reloads (if possible), use of funds, and reimbursement, the minimum and maximum loading limits.

On prepaid cards that are not renewed, the Holder has the right to reimbursement of unused values until the date of expiration of the card, for at least 6 (six) months after that date, without being subject to any expense and respecting the minimum validity period of funds set forth in paragraph 7 of Article 16th (Loading and Loaded Value).

Article 15th.
(Availability of Cards and Identification of Holders)

General-use prepaid cards are exclusively made available by issuing financial institutions.
Restricted-use prepaid cards can be made available by issuing financial institutions or at establishments of adhering entities.
The issuing financial institution is responsible before the National Bank of Angola for the identification of Holders of all prepaid cards, regardless of the place of availability.

Article 16th.
(Loading and Loaded Value)

Prepaid cards embodied in plastic cards must contain explicit indication of the possibility, or not, of reloads, through the expressions "RELOADABLE" and "NON-RELOADABLE", respectively, engraved legibly on the plastic.
Reloadable prepaid cards can be reloaded via bank transfer, or by transaction carried out with a debit card or a credit card.
All loadings, initial and subsequent, if applicable, must respect the principle of national currency as the denomination currency of the card.
The monetary value stored on prepaid cards, while not used, must be accounted for in an appropriate account in CONTIF, indicated by the BNA, in which movements unrelated to the functioning of the prepaid cards issued by the financial institution in question cannot be posted.
The issuer has permanent responsibility for funds while unused and is obliged to provide a statement of movements when requested by the customer.

a) the issuance of second copies of the statement of movements of a prepaid card may be subject to a tariff by the card issuer.

Remuneration with interest or any other benefit related to the values existing on the prepaid card is prohibited.
The monetary value stored on a prepaid card cannot have a validity period less than two years after the date of acquisition of the card or the date of the last loading.

a) if there is a validity period for stored monetary value, this period must appear clearly in the General Conditions of Use.

Article 17th.
(Limits of Prepaid Card Balances)

The balances of prepaid cards are subject to the limits that will be defined in specific regulation.

Article 18th.
(Acceptance)

Domestic general-use prepaid cards are accepted at any terminal of the Multicaixa network.
Domestic restricted-use prepaid cards are accepted at terminals that have contracted their acceptance.
Prepaid cards issued within the framework of an SPI are accepted at terminals that have contracted the acceptance of debit cards of the respective brand.
International prepaid cards can carry out transactions, respecting the rules of the respective SPI, the SPA, and national exchange regulation.

Article 19th.
(Reimbursement)

At any time, the Holder of a prepaid card has the right to request full reimbursement of the monetary value stored therein, by credit to a checking account domiciled at the Issuer.
The general conditions of use must indicate clearly and prominently the reimbursement conditions, including any tariffs related thereto, and the holder must be informed of these conditions before committing to any contract or offer.
Reimbursement of funds may be subject to a tariff that must be reasonable and proportional, based on costs actually borne by the issuer of the prepaid card and can never depend on the value of the reimbursement.

a) a reimbursement initiated by the issuer cannot be subject to any tariff, being effected for the total monetary value stored on the card.

Reimbursement effected upon request of the Holder must be completed, at the latest, by the end of the next business day after receipt of the request at the Issuer.

Article 20th.
(Multicaixa Prepaid Cards)

The rules defined in Article 22nd (Multicaixa Debit Card) of this Notice apply to Multicaixa prepaid cards.

CHAPTER III
SPECIFIC RULES FOR DEBIT CARDS

Article 21st.
(Overdraft Operations)

In cases where the Issuer admits the acceptance of overdraft operations when there is a lack of funds in the account associated with the card, the contract must allow the Holder to choose between this functionality or the rejection of those operations by the Issuer.
If the Holder opts for the acceptance of overdraft operations, the Issuer must clearly specify all costs associated with this eventuality, namely the applicable interest rate or the process for determining that rate.

Article 22nd.
(Multicaixa Debit Card)

It is forbidden to charge the Holder any issuance fee, annual fee, or service fee for the use of the card in making cash withdrawals or payments, when the account associated with the card is used for crediting the respective salary.
The tariff regime to be applied by the Issuer and the Acquirer in transactions carried out with Multicaixa debit cards must observe the following principles:

a) tariffs must observe the principle of approximation of price to costs actually borne; b) tariffs must be the lowest relative to any other payment service that is based on physical supports, namely paper documents, or implies human intervention in the charging entity; c) the tariff to be applied cannot be represented as a percentage of the transaction value; for this purpose, a fixed value tariff in Kwanzas must be established.

If there is an interbank tariff practiced in transactions carried out with Multicaixa debit cards, by decision of the banking financial institution members of the Multicaixa Network, it must be multilateral and unique.

CHAPTER IV
SPECIFIC RULES FOR CREDIT CARDS

Article 23rd.
(Issuance of Credit Card)

The attribution of the limit for the credit card must be in conformity with the available values and the income profile of the Holder and be based on objective criteria of risk analysis by the Issuer.
It is forbidden to link the issuance of the credit card to any type of financial operation, as a prerequisite for its issuance, although the banking financial institution may inform the Holder about the possibility of contracting insurance for coverage of eventual debtor balance in case of loss.

Article 24th.
(Specific Rules of the Credit Card Issuance Contract)

The credit card issuance contract must not admit the exceeding of the credit limit agreed between the Holder and the Issuer.
The limit referred to in the previous number must be equal to or lower than the maximum value defined according to the provisions of Article 12th (Use Abroad).
In the credit card issuance contract, for the Holder to make payment of the amount used of the credit limit, up to the date provided therein, one of the following options must be established:

a) payment of the total amount used or part of it, equal to or higher than the minimum limit, at the Holder's option on the payment date:
i) the minimum value of the credit account to be settled monthly is 10% (ten percent) of the debtor balance of the account. b) mandatory payment of the total amount used.

There can be no incidence of interest on the amount of the credit limit used that is paid up to the payment date defined in the credit card issuance contract.
The general conditions of use must contain a table indicating the Effective Annual Percentage Rate (TAEG) of credit, calculated according to the presentation in the Annex of this Notice, for two situations of possible credit limit: one hundred thousand and five hundred thousand Kwanzas.
If there is installment payment of the amount used of the credit limit, the Holder benefits from a "revolving credit" to cover the unpaid part of the used credit limit, on which interest may accrue, when so provided contractually.

Article 25th.
(Specific Rules of the Credit Card Statement)

Credit card statements must inform the following:

a) credit limit (Plafond), amount used, and amount available; b) value of interest, commissions, taxes, and expenses to be charged in the following month, in case the client opts for the minimum payment of the debt balance; c) interest rate (TJ); d) Effective Annual Percentage Rate (TAEG), corresponding to the maximum use of the credit limit, as defined in the Annex of this Notice.

CHAPTER V
TRANSITIONAL AND FINAL PROVISIONS

Article 26th.
(Transitional Provisions)

Issuers of SPI cards at the date of publication of this Notice must ensure the migration of their processing to EMIS, in the shortest of the following periods: expiration of the contract with the current processor plus 6 (six) months, or 18 (eighteen) months counted from the date of entry into force of this Notice.
EMIS must support the migration process provided for in the previous number.
Any Acceptor terminal of SPI cards must integrate the Multicaixa Network and use the Acquirer processing services of EMIS in the shortest of the following periods: expiration of the contract with the current processor plus 6 (six) months, or 18 (eighteen) months counted from the date of entry into force of this Notice.
Failure to comply with the provision in point 3 of this Article obliges to the deactivation of equipment that is not integrated into the Multicaixa Network, upon expiration of the period defined therein.

Article 27th.
(Deadline for Adaptation of Contracts and Products)

Issuers and Acquirers must adapt existing contracts to the provisions of this Notice, within a period of 180 days counting from the date of its entry into force.
Current prepaid card products must be processed by EMIS, within a period of 180 days after EMIS formally declares to the National Bank of Angola that it is qualified to ensure their processing.

Article 28th.
(Violations)

Violations of the provisions of this Notice are punishable, under the terms of Law No. 13/05, of September 30, Law of Financial Institutions.

Article 29th.
(Revocation)

Notice No. 01/2007, of March 21, Notice No. 06/2009, of November 19, and all provisions that contradict this Notice are revoked.

Article 30th.
(Entry into Force)

This Notice enters into force 30 days after the date of its publication.

PUBLISH

Luanda, on October 13, 2011

THE GOVERNOR
JOSÉ DE LIMA MASSANO

ANNEX
Effective Annual Percentage Rate (TAEG)

The Effective Annual Percentage Rate (TAEG) must be calculated based on the following formulas and assumptions:

TAEG = (1 + t)^12 - 1

Credit = Σ (n=0 to 12) (Pn + Jn + En) / (1 + t)^n

Where:

Credit = credit limit.
Pn = amortization of credit, P1 and P2 = 10% of credit and P3 to P12 = 8% of credit.
Jn = interest due in month n.
En = total charges borne by the Holder and related to the credit, besides interest; includes, notably, expenses, commissions, taxes, and the annual fee of the credit card if the use of the credit in question does not exempt the Holder from its payment.
t = effective monthly interest rate.

Assumptions:

Payment of credit amortizations, interest, and charges is monthly.
If the Holder has the right to d days of free credit (d ≤ 30), J1 will be equal to:
J1 = Credit x ((30 - d) / 30) x (TJ / 12)
Being TJ the nominal annual interest rate of the credit card.
If the free credit period is greater than 30 (thirty) days and less than 60 (sixty) days, J1 will be equal to 0 and J2 will be calculated based on a formula similar to the one presented in the previous paragraph, in which 30 will be replaced by 60 in the numerator; and so on for longer free credit periods and for interest in subsequent months.
Charges to consider must not include any amounts to be paid by the Holder as a consequence of non-compliance with any of the obligations of the contract.

Example:

If:
Credit = 500,000 Kwanzas.
TJ = 20%
Days of free credit = 25
Charges =
E1 = annual fee of the card = 3,000 Kwanzas
E2 = processing commission of installment = 250 Kwanzas
E3 = Tax on interest = 1%
E4 = Tax on commissions = 1%
Then:

Month	Cash-flow	Credit	E1	Amortiz.	Interest	Debts E3	E2	E4
0	497,000.00	500,000.00	3,000.00	--	--	--	--	--
1	-51,655.56			50,000.00	1,389.17	13.89	250.00	2.50
2	-57,829.02			50,000.00	7,501.50	75.02	250.00	2.50
3	-46,987.18			40,000.00	6,668.00	66.68	250.00	2.50
4	-46,313.71			40,000.00	6,001.20	60.01	250.00	2.50
5	-45,640.24			40,000.00	5,334.40	53.34	250.00	2.50
6	-44,966.78			40,000.00	4,667.60	46.68	250.00	2.50
7	-44,293.31			40,000.00	4,000.80	40.01	250.00	2.50
8	-43,619.84			40,000.00	3,334.00	33.34	250.00	2.50
9	-42,946.37			40,000.00	2,667.20	26.67	250.00	2.50
10	-42,272.90			40,000.00	2,000.40	20.00	250.00	2.50
11	-41,599.44			40,000.00	1,333.60	13.34	250.00	2.50
12	-40,925.97			40,000.00	666.80	6.67	250.00	2.50

TAEG = 21.6%

Notice No. 09/2011 of 13 October on the Regulation of Bank Payment Cards