Banco Económico closes only branch in Kwanza-Norte.

The financial institution advises customers to go to the bank branch in Malanje, having sent a group of employees from that institution, in that province, to unemployment.

On the 9th of this month, Banco Económico closed its only branch in the province of Kwanza-Norte, which opened in 2016, given the operational challenges and changes observed in the country's economic situation and consequently the Bank's inability to maintain its operate in the province.

According to data presented by Novo Jornal, citizens in the town of N'dalatando complain that the bank is sending its customers to the neighboring province, Malanje, justifying that there are few banking institutions in the region to meet population demand.

“It's sad that a bank that served us a lot in terms of transactions is closing, it's not fair that we have to move to another province in order to deal with matters that should be dealt with locally” lamented Daniel Paixão, a customer of the bank.

It should be noted that the bank, in March of last year alone, closed 11 branches and laid off a total of 68 employees. The bank faces a net deficit valued at 244 million dollars, the equivalent of 122.7 billion kwanzas.

Banco Económico closes only branch in Kwanza-Norte

The financial institution advises customers to go to the bank branch in Malanje, having sent a group of employees from that institution, in that province, to unemployment.

Feb 19, 2024 - 11:03
Latest update   - 11:06
Banco Económico closes only branch in Kwanza-Norte
© Photography by: DR
Banco Económico closes only branch in Kwanza-Norte

On the 9th of this month, Banco Económico closed its only branch in the province of Kwanza-Norte, which opened in 2016, given the operational challenges and changes observed in the country's economic situation and consequently the Bank's inability to maintain its operate in the province.

According to data presented by Novo Jornal, citizens in the town of N'dalatando complain that the bank is sending its customers to the neighboring province, Malanje, justifying that there are few banking institutions in the region to meet population demand.

“It's sad that a bank that served us a lot in terms of transactions is closing, it's not fair that we have to move to another province in order to deal with matters that should be dealt with locally” lamented Daniel Paixão, a customer of the bank.

It should be noted that the bank, in March of last year alone, closed 11 branches and laid off a total of 68 employees. The bank faces a net deficit valued at 244 million dollars, the equivalent of 122.7 billion kwanzas.