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ANGOLA: New Law Aims to Strengthen Payments System Security
The Angolan government has approved a new law aimed at strengthening the country’s payments system security. Law No. 40/20, published on December 16, replaces an earlier law and aims to modernize the legal framework governing the sector.
Key Objectives
- Ensure greater safety, effectiveness, and reliability in the payments system
- Modernize the legal framework governing the sector
New Legislation
The new legislation defines the process for establishing entities that operate in the payments system and sets rules for their activity, supervision, and control. The Angolan National Bank will be responsible for supervising and regulating the payments system.
Responsibilities of the Angolan National Bank
- Grant and revoke licenses for payments services providers and operators
- Regulate payment systems
- Demand specific information from companies operating in the sector
Duties on Payments Services Providers
- Inform users of their rights and obligations in a clear and simple manner
- Respect users’ right to terminate contracts unilaterally at any time, unless otherwise agreed upon
User Rights
- Obtain rectification within 13 months of the operation date if payments operations are incorrectly executed or unauthorized
- Access alternative dispute resolution methods
Data Protection
- Providers must notify the Data Protection Agency and respect the Personal Data Protection Law
Dispute Resolution Mechanisms
- Three-step process involving mediation and arbitration
- Payments services providers and operators are required to permit users access to alternative dispute resolution methods
Timeline for Compliance
- Providers must adapt their existing contracts to comply with the new legislation within six months
- Amendments will be informed to users, who may oppose them by terminating their contract without cost
Impact on Previous Debit Authorizations
The new regulation does not affect the validity of previous debit authorizations or contracts.
Government Expectations
The Angolan government hopes that the new law will establish fair and transparent rules for the operation, monitoring, regulation, and management of the payments system, ultimately enhancing the country’s economic growth.