Only 11% of Angolans have access to bank accounts, study shows

Nov 10, 2011

The level of access to banking services in Angola in 2010 was 11 percent of the total population, reveals a new study from audit company KPMG, published by Angop news agency.

The level of access to banking services in Angola in 2010 was 11 percent of the total population, reveals a new study from audit company KPMG, published by Angop news agency.

This figure is below that of other African countries or emerging economies, despite investment made by existing financial institutions to expand activity across the country.

It is suggested this situation is partly due to complex administrative procedures associated with opening a bank account and obtaining credit.

KPMG's president for Angola José Luis Silva said that the sector continues to present numerous growth and development opportunities, Angop reports.

In order to exploit this potential, he recommended maintaining and developing investments in infrastructure, human resources and payment systems.

The Angolan banking sector includes 20 commercial banks. The ATM service recorded a growth of 26 percent 2010 and 150 new bank branches opened in the same year, according to figures from KPMG.ADNFCR-2976-ID-800938366-ADNFCR