Angola’s banking sector is highly organized and well regulated
With Angola’s economy gathering momentum in recent years thanks to the emergence of new and booming sectors, the improved investment climate has enabled the rapid expansion of an increasingly competitive banking sector.
The finance industry has supported the country’s economic diversification, moving away from a reliance on oil and exploring areas such as agriculture, fishing and semi-precious stones. The government has also introduced regulations and programs aimed at supporting emerging sectors, including tax incentives, credit guarantees and mortgage assistance. Furthermore, a lower, fixed interest rate of 7 percent was introduced to make banking services more affordable for the manufacturing sector.
“The banking sector in Angola is probably the country’s best organized and regulated sector,” believes Mário do Nascimento, President of the Angolan Banking Association (ABANC). “The financial sector relies heavily on credibility, and we are the main entry and exit point from Angola to the outside world, being used for all activities, whether for the import or export of goods and services.
Further explaining the strength of the sector, Hugo Teles, CEO of Banco BIC, states: “Angolan banks have been diligent in adhering to regulations while also embracing global banking trends. The pace of banking operations in Angola has significantly accelerated in recent years, aligning with international standards and fintech advancements.”
Banco BIC is also leading the way when it comes to digital banking, having seen a sub
