Angola’s New Law on Banking Regulations: A Major Step towards Economic Growth
In a significant move to enhance financial stability and promote economic growth, the Angolan government has approved a new law governing banking regulations. The new legislation aims to modernize the payments system, ensuring greater safety, effectiveness, and reliability.
Key Provisions of the Law
- Defines the Angolan Payments System as a critical component of the country’s economy, safeguarding public interests such as:
- Safety
- Operational reliability
- Efficiency
- Transparency
- Regulates payment services, including:
- Deposit or withdrawal of currency
- Execution of payment operations
- Issuance of payment instruments
- Electronic currency transactions
Role of the Angolan National Bank
The Angolan National Bank is responsible for:
- Supervising and regulating the payments system
- Granting and revoking licenses for providers and operators
- Overseeing dispute resolution processes
User Rights and Responsibilities
- Payments Services Providers must transmit relevant information to users in an easily comprehensible format
- Users may terminate contracts at any time without penalty
- In cases of incorrect or unauthorized payment operations, users have 13 months to request rectification
- Providers must reimburse users if the operation was not authorized
Data Protection
The law establishes rules for data protection, allowing treatment of personal data only when necessary to prevent or detect fraud related to services.
Implementation Timeline
- The regulation does not affect the validity of previous debit authorizations or contracts
- Providers must adapt existing contracts to the new legislation within six months
- Users may oppose new conditions and terminate their contracts without penalty
Impact on Economic Growth
The Angolan government aims to establish fair, transparent, and clear rules for the operation, monitoring, regulation, and management of the payments system, ultimately enhancing economic growth by providing the best possible conditions for economic agents.
Quote from Duarte Marques da Cruz, partner at MC&A law firm
“This new legislation is a major step forward in promoting financial stability and economic growth in Angola. By regulating payment services and ensuring transparency, the government has created a more favorable environment for businesses and individuals alike.”