The Regulation on Branchless Banking in Angola

The National Bank of Angola (BNA) is responsible for defining the terms and conditions of financial operations outside of its head offices and agencies. The regulation defines "Banking without Agencies" as services offered by authorized financial institutions through mobile agencies or offices in facilities owned by the financial institution or others, operated by the staff of the financial institution or under an agreement by persons not belonging to the financial institution. The allowed activities under this regulation include opening, maintaining, and closing Banking without Agencies accounts, transfers between the same client's accounts, electronic funds transfers from one account to another, deposit and withdrawal of funds to the account, payment of public services and others, payments to merchants for goods and services, loan disbursements and collections, and receiving and sending remittances. The regulation also specifies that financial institutions will sign contracts with their respective individual Agents, describing the rights and duties of the parties. Agents are allowed to perform activities such as opening and closing accounts, deposits and withdrawals, payment of public services, and loan disbursements and collections. The compensation to Agents for their services must be outlined in the contract and must be communicated to the consumer. Agents cannot alter or make complementary charges to consumers, and they must use any brand for a network of Agents. The regulation also establishes that Agents can be of three types: Super Agents, Direct Agents, and Sub Agents. Super Agents manage sub Agents for one or more financial institutions, Direct Agents operate under a separate agency agreement with a financial institution, and Sub Agents are supervised by a Super Agent and do not have direct agreements with a financial institution. The regulation aims to promote financial inclusion and promote the use of electronic banking services, while ensuring the transparency and security of financial transactions.