A new simplified bank account system has been set up by the Bank of Angola for residents that do not have access to alternative accounts, under the terms of Notice 12/2020 of 27 April, alongside Instruction 08/2020 of 28 April.
Under the new scheme it will be possible to open accounts for personal or commercial use without providing an Identity Card (other identification documents can be used) or registration with the General Tax Authority.
As part of this decision, which aims to increase the levels of financial inclusion, micro-entrepreneurs will also be allowed to use automatic point of sale (POS) terminals.
In this case, micro-entrepreneurs must be in possession of a valid identity card and hold an authorisation from the local administration to carry out their activity at the point of sale, at a municipal market, for example.
According to the BNA, the advantages of using a POS terminal are significant, as it offers greater convenience and safety, reducing the risks associated with the use of cash.
With this Notice, the central bank said it had taken another step towards increasing the number of citizens that have a more secure income, reducing the need to use cash almost “exclusively” in commercial transactions that occur in informal markets regulated by the municipal administrations.