Angola: Banks' assets up 7.3 per cent

Nov 12, 2015

The number of bank branches also increased by 6.7 per cent.

Despite a difficult economic environment, the Angolan banking sector continues to grow, with combined assets increasing by 7.3 per cent between 2013 and 2014, according to a new report from KPMG.

In addition, the number of bank branches increased by 6.7 per cent, with an average of eight new branches a month, said the report, cited in a press release from the National Bank of Angola (BNA).

Meanwhile, deposits increased by about 15.1 per cent, which is slightly less than the previous year, which registered a growth rate of 16.8 per cent.

Access to banking services is steadily increasing in the country, thanks to an innovative financial program launched in 2012 by the BNA called Bankita, which offers participants the opportunity to open a bank account with only 100 kwanzas (€0.70), and to win 60 kwanzas for each 100 kwanzas placed on the account, 30 days after the deposit was made.

This program has contributed to achieving a rate of access to banking services of 47 per cent in 2014, up from 30 per cent in late 2013 and 23 per cent in 2012.ADNFCR-2976-ID-801805538-ADNFCR