africa Angola Banking Finance Trade

Angola Postal Bank avails AKz 40 million for informal trade

Approximate reading time: 1 minute

At least 40 million Kwanzas are available at Postal Bank to support informal traders to boost their activities and move to the formal market.

This information was stressed last Friday by the  director general of the Business, Trade and Entrepreneurs Unit of Banco Postal, Virgílio Mendes, after signing a financing agreement with informal traders.

The bank, according to the manager, has a plan to finance people who engage in informal commerce in amounts ranging from 100 to 700.000 kwanzas, with repayment terms ranging from two months to a year.

However, the director said in general the bank can grant credit in amounts ranging from 100.000 to 100 million kwanzas to clients of the micro-credit, micro-finance and medium-level segments.

Virgilio Mendes declined to disclose the value of the agreement signed with clients, but said to be a good deal.

Asked about guarantees presented by the members, he explained that the only thing the bank has is the ability to repay the money through the clients business.

Postal Bank completes two years in September, since it began operating in the Angolan market.

Source: Angop

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