Payment System Instruction No. 24/2021 on Value Limits for Payment Operations

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INSTRUCTION NO. 24/2021
December 7
SUBJECT: PAYMENT SYSTEM

• Value Limits for Operations Conducted in Payment Systems

Whereas it is necessary to update the limits related to the use of payment instruments and systems, clearing and settlement systems, and electronic money, in order to mitigate risks associated with their use; Considering the provisions of Notice No. 05/2015, dated April 20, on standardized checks; Notice No. 05/2017, dated July 10, on payment cards and the Multicaixa network; Notice No. 08/2015, dated April 20, on gross real-time transfers; and Notice No. 07/2017, dated June 7, on payment services; Under the combined provisions of Article 6 of Law No. 40/20, dated December 16 – Payment System Law, and Article 54 of Law No. 24/21, dated October 18 – Bank of Angola Law.

I DETERMINE:

1. Object
   This Instruction establishes the value limits for the issuance of checks, operations conducted in the Multicaixa Network, Clearing and Settlement Systems, and the Instant Transfer System.

CONTINUATION OF INSTRUCTION NO. 24/2021 Page 2 of 5
2. Scope
This Instruction applies to Financial Institutions supervised by the Bank of Angola.
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 ninety-nine thousand nine hundred ninety-nine Kwanzas and ninety-nine cents), and checks issued with amounts exceeding the established limit will not be accepted.
4. Maximum Transaction Values in the Multicaixa Network
4.1. The maximum daily value for payments via Multicaixa payment cards, per payment card, is set at Kz 19,999,999.99 (Nineteen million nine hundred ninety-nine thousand nine hundred ninety-nine Kwanzas and ninety-nine cents).
4.2. Without prejudice to the preceding subsection, the maximum value per payment operation for the Ministry of Finance and the National Institute of Social Security is subject to a limit of Kz 99,999,999.99 (Ninety-nine million nine hundred ninety-nine thousand nine hundred ninety-nine Kwanzas and ninety-nine cents).
4.3. The maximum daily value for withdrawals, per payment card, cumulatively, at Automated Teller Machines (ATMs) and Point of Sale Terminals (POS terminals) is set at Kz 150,000.00 (One hundred fifty thousand Kwanzas).
4.3.1. In accordance with the preceding subsection, the maximum daily withdrawal value per payment card at an Automated Teller Machine (ATM) is set at Kz 100,000.00 (One hundred 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 Terminals (POS terminals) per payment card is set at Kz 10,000,000.00 (Ten million Kwanzas).

CONTINUATION OF INSTRUCTION NO. 24/2021 Page 3 of 5
5. Maximum Service Fees for the Multicaixa Network
5.1. For the purpose of charging commissions on purchases with a Multicaixa card valued above Kz 2,000.00 (Two thousand Kwanzas), with a maximum limit of Kz 9,000.00 (Nine thousand Kwanzas), the charged value must not exceed 1% (one percent) of the purchase amount.
5.2. The service commission charged on purchases with a Multicaixa card valued below Kz 2,000.00 (Two thousand Kwanzas) must not exceed Kz 10.00 (Ten Kwanzas).
5.3. The maximum service commission charged to customers for withdrawals at POS terminals is fixed at 1%, with a minimum of Kz 50.00 (Fifty Kwanzas).
5.4. The maximum service commission charged to customers for balance and transaction inquiries at ATMs on paper is Kz 20.00 (Twenty Kwanzas);
5.4.1. In accordance with the preceding subsection, the first five operations each month are exempt from the service commission.
5.5. The Interbank Withdrawal Tariff charged for card withdrawals at ATMs is fixed at Kz 350.00 (Three hundred fifty Kwanzas).

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6. Maximum Value for Credit Transfer Operations in the Credit Transfer System
6.1. The maximum value per operation for transfers conducted in the Credit Transfer System (CTS) is set at Kz 29,999,999.99 (Twenty-nine million nine hundred ninety-nine thousand nine hundred ninety-nine Kwanzas and ninety-nine cents).
6.2. Without prejudice to the preceding subsection, the following are exempt from these limits:
6.2.1. Operations related to the Ministry of Finance, namely public sector salary payments and state-to-supplier payments; and
6.2.2. Operations of the National Institute of Social Security, namely supplier payments and social benefit payments.

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7. Maximum Value for Direct Debit Instructions in the Direct Debits System
7.1. The maximum value for operations related to Direct Debit Instructions (DDI) in the Direct Debits System (DDS) is set, per operation, at Kz 19,999,999.99 (Nineteen million nine hundred ninety-nine thousand nine hundred ninety-nine Kwanzas and ninety-nine cents).
7.2. Without prejudice to the preceding subsection, operations of the Ministry of Finance, namely tax collection from taxpayers' accounts via Direct Debit Instructions in the Direct Debits System, are exempt.
8. Maximum Value for Operations in the Instant Transfer System
The maximum daily value for withdrawals (conversion of electronic money into cash) at Agents, per payment account, is set at Kz 100,000.00 (One hundred thousand Kwanzas).
9. Mandatory Value for Gross Settlement in the Real-Time Payment System
9.1. For the purposes of Article 2 of Notice No. 08/2015, dated April 20, the value is fixed at Kz 30,000,000.00 (Thirty million Kwanzas), above which the transfer of funds in the Real-Time Payment System (RTPS) is mandatory.
9.2. Clearing subsystems must reject any operation with a value equal to or greater than the amount defined in the preceding subsection, except for operations conducted by the Ministry of Finance and the National Institute of Social Security.
10. Sanctions
Non-compliance with the provisions established in this Instruction constitutes an offense punishable under Law No. 40/20, dated December 16, Payment System Law, and Law No. 14/21, dated May 19, General Regime of Financial Institutions Law.

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11. Revocation
Instruction No. 19/2020, dated December 9, and all regulations contrary to the provisions of this Instruction are revoked.
12. Doubts and Omissions
Doubts and omissions arising from the interpretation and application of this Instruction are resolved by the Bank of Angola.
13. Entry into Force
This Instruction enters into force thirty (30) days after the date of its publication.
PUBLISHED.
Luanda, December 7, 2021.
THE GOVERNOR
JOSÉ DE LIMA MASSANO