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ANGOLA OVERHAULS PAYMENTS SYSTEM LEGISLATION
In a move aimed at promoting fair and transparent rules for the country’s financial sector, the Angolan government has introduced new legislation governing the payments system. The overhaul of existing law aims to modernize the framework and increase efficiency in payment transactions.
Key Provisions
The new Law no. 40/20, approved on December 16, replaces previous legislation (Law no. 5/05) and is designed to adapt the legal framework to the growing volume of transactions between Angolan and international markets. The reform seeks to promote greater safety, effectiveness, and reliability in the payments system.
- Defines technical concepts adopted in the legislation, including payment services
- Establishes the Angolan National Bank as the regulator responsible for overseeing the payments system
Duties of Information
Payment services providers are required to provide users with relevant information in an easily understandable format, allowing individuals with average visual acuity to read it. The service provider has the burden of proof regarding the fulfillment of these duties.
- Must provide information in a clear and concise manner
- Will be responsible for proving that they have fulfilled their duty
Dispute Resolution
The new law establishes a three-step dispute resolution process between providers/operators and the Angolan National Bank, including mediation and arbitration stages. For disputes between providers/operators and users, an alternative dispute resolution method must be made available to users.
- Mediation stage: attempts to resolve disputes through negotiation
- Arbitration stage: resolves disputes through binding decision-making
Contract Termination and Payment Rectification
Users may unilaterally terminate their contract at any time, unless a notice period is specified in the contract, which cannot exceed one month. Payment services providers are required to reimburse users for incorrectly executed or unauthorized payment operations within 13 months of the operation date.
- Users can terminate contracts with one month’s notice
- Providers must reimburse users for incorrect payments
Data Protection
The law allows payment services providers to treat personal data necessary to prevent or detect fraud related to their services. Data treatment must be notified to the Data Protection Agency and comply with Angolan Personal Data Protection Law.
- Providers can process user data to prevent fraud
- Must notify Data Protection Agency of data processing activities
Implementation Timeline
The new legislation does not affect the validity of previous debit authorizations, and previous contracts remain in force. Providers must adapt existing contracts to the new law within six months, informing users of the changes and allowing them a two-month period to oppose or terminate their contract without any costs.
- Existing contracts remain valid
- Providers must adapt contracts within six months