Minimum fund required to open bank accounts reduced in Angola

Aug 08, 2011

It could now be easier for people living in Angola to open a bank account.

It could now be easier for people living in Angola to open a bank account.

A new agreement means individuals now need just 100 kwanza (approximately $1) to establish an account to store their money, Angop reports.

The change will come into effect this month and is the result of the signing of a new accord between the national central bank "Banco Nacional de Angola" (BNA) and eight financial firms.

Governor of the BNA Jose de Lima Massano said the move aims to improve access to finance for those living in Angola by ensuring everyone has their own bank account.

Between 8 and 11 percent of the country's population currently have access to financial services. Last year, Governor of the national centrak bank Jose de Lima Massano was quoted by Bloomberg in late 2010 as saying the aim is to increase this to 20 percent by the end of 2012.

Some of the banks included in the arrangement are BPC, BCA, BFA and KEVE.

Earlier this year, the BNA announced the launch of a new customer risk centre with the aim of enabling banking agencies to check whether consumers already hold credit with other institutions.
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