Aviso n.º 11/2022, Requisitos e Procedimentos para a Autorização de Constituição de Instituições Financeiras Não Bancárias

Aviso (Notice) No. 11/2022 of the Banco Nacional de Angola (BNA) sets out the requirements and procedures for authorising the constitution of non-banking financial institutions linked to money and credit. It is subsidiary legislation made under Law 14/21 of 19 May (the General Regime of Financial Institutions Law) and is the principal instrument governing the licensing and incorporation of the non-bank entities that provide payment and electronic money services in Angola. The Notice applies to a defined list of non-banking financial institutions, expressly including electronic money institutions, payment service provider companies, payment system operator companies, and clearing and settlement companies, as well as exchange houses, financial leasing companies and other money- and credit-related institutions. It does not apply to microfinance institutions or credit cooperatives, which are regulated separately. The core of the instrument is the authorisation regime: an applicant seeking to constitute one of these institutions must submit a formal request to the BNA accompanied by the information and documentation specified in the Notice's annexes (Annexes I, II-A, II-B, III and IV), adapted to the nature, size and complexity of the proposed business. The required documentation covers the corporate structure, shareholders and beneficial owners, suitability of directors and managers, business plan, governance and internal-control arrangements, and compliance with anti-money-laundering and counter-terrorist-financing obligations. Institutions must be established with at least the minimum regulatory capital in force at the date of approval, as set in the BNA's specific capital regulations. The BNA assesses applications, grants or refuses authorisation, and may impose conditions; it supervises authorised institutions on an ongoing basis and may take corrective or sanctioning action. By consolidating and updating the authorisation rules, Aviso 11/2022 revoked the previous Notice 7/18 of 29 November 2018. It operates beneath the umbrella Law 40/20 on the Payment System of Angola, giving practical effect to the constitution and licensing of the payment and e-money providers that the LSPA contemplates, and remains in force as the key gateway instrument for fintech market entry in Angola.

1. 1Sets requirements and procedures for BNA authorisation to constitute non-banking financial institutions, expressly including electronic money institutions, payment service providers, payment system operators and clearing/settlement companies
2. 2Made under Law 14/21 (General Regime of Financial Institutions); excludes microfinance institutions and credit cooperatives
3. 3Requires submission of detailed documentation (Annexes I - IV) on ownership, beneficial owners, fit-and-proper directors, business plan, governance, internal control and AML/CFT
4. 4Requires establishment with at least the minimum regulatory capital in force at the date of approval
5. 5Provides for BNA assessment, conditional authorisation, ongoing supervision and sanctions
6. 6Revokes the predecessor Notice 7/18 of 29 November 2018