Volume of ATM transactions on the up in Angola

Apr 19, 2012

There has been an increase in the number of Angolans using ATMs to access their finances.

Figures released by the Empresa Interbancaria de Servicos showed the value of transactions has now reached around Akz 10 million (€80,000) every month, Angop reports.

Chief Executive Officer of the organisation Pedro Puna explained ATMs, as well as automated payment services, now cover 75 percent of the 160 municipalities in the country.

He also said the Empresa Interbancaria de Servicos wants to increase the reach of electronic payments in Angola to reduce the nation's dependency on physical money.

The move will also help to promote financial inclusion, as electronic payments - especially mobile money transactions - are a way of enabling those who cannot reach bank branches to access and transfer their funds.

Although Angola is a resource-rich country, producing a large amount of oil and rough diamonds, some 68 per cent of the population live below the poverty line.

Several aid agencies are working on issues of branchless banking and increasing access to finance for the low income population including USAID, which has implemented
several financial sector development-related programmes to help individuals and businesses in both rural and urban areas.

Mobile banking and a greater use of ATMs could support this, as they make it easier for citizens to reach their funds.ADNFCR-2976-ID-801343988-ADNFCR