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Angola

Banking Services

If you have been reading our reports about this African jewel, then you are probably urged for more information regarding its whole financial system. Angola, for those who don’t know, is qualified amongst the greatest thriving nations in the continent by the World Bank, as over 93% of its fertile territory for all types of economic production is yet to be discovered. Knowing that, how can anybody dismiss this country as an outstanding opportunity?

Well, if you’ve already made up your mind about this thriving nation, you must understand all the fundamentals of its banking system. While it’s important to highlight that Angola doesn’t present itself as a tax haven, there are several elements within its banking system that make it attractive to foreign investors.

Current Banking Situation in Angola

Let’s begin by painting a picture of the current situation for non-residents when it comes to requesting a brand new Angolan bank account. According to Order #02/2017 published by the Angolan National Bank, there is a whole new legislation that regulates the operative framework for foreigners when depositing their capital in the country.

The aforementioned legislation, which is attached to the Angolan Exchange Law provisions, makes it possible for any non-resident, either natural or legal figures, to open and manage local bank accounts in the country. These accounts, thought of as exchange instruments, can operate either in the national Angolan currency or in any foreign currency available in its system, of which the most popular ones are eligible for account holders.

This legislation applies to all Banking Financial Institutions registered in Angola. Regarding the most utilized ones by foreigners, whether by its operative practicality or accessibility, there is a list of such.

These banks are known for owning over 80% of the total amount of banking assets currently present in Angola, either in the form of deposits, loans or debts. Also, these institutions are considered by analysts as the more fruitful to do business with, as considering their current compound growth rates, there are just no better options in the country.

However, we always advise our clients to contact each institution and inquire about the current status of their financial benefits, as there are many options for foreigners to get great deals considering the national crusade led by the government at promoting external capital entering the country.

Of course, the utilization of a local bank account is not precisely urgent when it comes to managing your investment in Angola. You could perfectly transfer the revenues of your new company or corporation into a foreign account with little to no trouble, leaving the local account for other types of transactions.

In that sense, is important now to specify how a non-resident is described by the current Angolan financial legislation:

- Individuals with habitual residency abroad,

- Foreign-based entities,

- Residents in Angola that leave the country for more than one year and

- Foreign-based affiliates or branches of Angolan-based companies.

Requirements for opening an Angolan Bank Account

Angola’s banking system is no different than any other country in terms of the requirements needed for opening an account. If you are not in the midst of embarking on a high-profile investment in Angola, which ultimately will lead to a due diligence process by the nation’s financial authorities, the requirements for a bank account are quite simple:

- Passport

- Valid Work Permit

- Employment Contract

- Residence Card or Visa Permit

Legislative conditions when managing Funds in Angolan Banks

According to the Angolan Exchange Law, which regulates any financial contract between a banking institution and a particular client, either legal or natural, or foreign or local, there are several elements attached to the management of capital.

If a non-resident decides to manage its funds through Angola’s local currency, such currency could be obtained and deposited by one or more of the following methods:

For Credit Bank Accounts:

1. Through the conversion of foreign currency into kwanza.

2. Through the acquisition of revenues from any particular business located in Angolan territory.

3. Through any form of financial compensation originated from investments made in any of the locally registered Banking Institutions.

For Debit Bank Accounts:

1. Local money wiring

2. Bank payments

3. Utilization of local debit cards

4. Charges attached to the maintenance of the account

If a non-resident decides to manage its funds through foreign currency, such capital could be obtained and deposited by one or more of the following methods:

Credit Bank Accounts:

1. Through the wiring of international funds into the country.

2. Through any form of financial compensation originated from investments made in any of the locally registered Banking Institutions.

Debit Bank Accounts:

1. Through the exchange of national currency between residents

2. Through financial orders issued under international transfers

3. Through interbank wiring or transfers made through entities based in Angola.

Credit, Debit, and Checks System

As a general warning, it must be said that Angola is lagging behind in terms of its acceptance of foreign currency within its consumer market. That means that if you are thinking of using your credit or debit card in the grocery store by your new house or hotel, there is a high probability of such an intention to fail.

As for Travelers Checks, there is also a low level of accessibility for them in Angola. It’s advisable to not rely on the said instrument for purchasing in the country, although there is a trend in Luanda, the capital, that seems to be expanding the number of businesses accepting both checks and international credit and debit cards.

All of the major banks listed above have ATMs available for both local and foreign clients of their institutions. However, as you might assume by now, most of them do not accept international cards for the retrieval of funds.

Therefore, being practical is the best advice we can give our clients when thinking of investing in Angola. Converting your capital into Angolan currency (kwanza) is more than often the smartest thing to do, at least the sufficient amount to avoid any logistical issue it might present when in the country.

You could transfer your money into Angolan banks through Western Union and other wiring platforms, always being aware of the common charges attached to such transfers.

At Mundo, we know first-handedly how Angola represents a tremendous investment opportunity for foreign investors throughout the world. Why? Thanks to our partners, one of the greatest financial consulting agencies currently working in Africa and offering capital holders fantastic opportunities.

Our team of professionals has the single largest investment portfolio in the region, focusing on presenting clients across the globe with impressive business options regardless of the business sector at hand. Among such options, we can highlight:

- Consulting partnerships

- Transaction services & funds

- Infrastructure projects

- Commodity trading

- Energy-related business

- Lobbying & Conferences

At MUNDO, together with our partners, we are creating an enhanced investment environment for clients to plan their strategic operations in countries often discarded due to ignorance or prejudice.

Luckily for you, all the information on this thriving nation is at hand, and you are ready to begin a new chapter of financial success if you trust our services.