BNA worsens the operational situation of the Exchange Houses with the closure of another branch.

The day seems to be coming when only commercial banks will be able to dispatch foreign currency to economic agents. At the base is the reduced number and incessant cleaning that the governor of the BNA has done to the sector. In the last five years alone, more than 80 exchanges have disappeared.

Dário do Leste

The number of exchange houses that stop intermediating the sale of foreign currency, sending remittances and other activities is rising weekly, which has aggravated the economic situation and the future of business in the country, said five senior managers who preferred to move to other sectors if forced by Banco Nacional de Angoa (BNA). 

At the moment, the country already has only 32 exchange houses, a number that is expected to fall even further in the consulate of the new governor of the BNA, Manuel Tiago Dias, who has already ordered the closure of a total of four non-bank financial institutions since August alone. 

In all, a total of 87 exchange houses have already disappeared from the Angolan market, for various reasons, in the national financial market, in just five years. 

A number of factors are at the root of the closure of businesses, including inactivity for a period of more than six months. But the operators complain that they have left the activity due to the fact that the market regulator, the National Bank of Angola (BNA), left them out of the apportionment of currencies in the various auctions that the central bank organized, several operators told Kieto Economia.

The most recent case of 'extinction' of exchange houses covered the company Maria Luau – Casa de Câmbios, Lda, which lost its license, for, according to the BNA, repeated violation of the rules that govern the activity of Exchange Houses.

"In fact, by virtue of the provisions of paragraph 3 of article 320 of the Law on the Legal Framework of Financial Institutions, the above company is considered dissolved, and must be liquidated in accordance with the judicial procedures generally applicable to commercial companies, under the terms of article 146 et seq. of Law no. 1/04, of 13 February – Commercial Companies Law",  determines the Central Bank. 

The 'bloodletting' in the exchange houses took place in the consulate of Manuel Tiago Dias. Since arriving at the central bank, Manuel Tiago Dias has ordered the closure of a total of four non-bank financial institutions. This number has now risen to five with the 'death' of Maria Luau – Casa de Câmbios, Lda. 

Those that have died in recent months are non-bank financial institutions such as Mundifast, Daniela Maxinde Transfer and Calimina Transfer, Payment Service Providers, as well as Renaro - Casa de Câmbios.

The four payment service providers saw their licenses revoked for, among others, being inactive for a period of more than six months, and also for repeated non-compliance with the rules governing the activity of providing payment services, the regulator justified. A source from the central bank assures that the 'clean-up' did not stop there. More operators are expected to follow up on those that have disappeared.

"In fact, by virtue of the provisions of paragraph 3 of article 320 of the Law on the Legal Framework of Financial Institutions, the companies providing Payment Services referred to above are considered to be dissolved and must be liquidated in accordance with the judicial procedures generally applicable to commercial companies, under the terms of article 146 et seq. of Law no. 1/04,  of February 13 - Commercial Companies Law" determined, at the time, the BNA.

BNA worsens the operational situation of the Exchange Houses with the closure of another branch

The day seems to be coming when only commercial banks will be able to dispatch foreign currency to economic agents. At the base is the reduced number and incessant cleaning that the governor of the BNA has done to the sector. In the last five years alone, more than 80 exchanges have disappeared.

Oct 18, 2023 - 12:44
BNA worsens the operational situation of the Exchange Houses with the closure of another branch
© Photography by: DR
BNA worsens the operational situation of the Exchange Houses with the closure of another branch

Dário do Leste

The number of exchange houses that stop intermediating the sale of foreign currency, sending remittances and other activities is rising weekly, which has aggravated the economic situation and the future of business in the country, said five senior managers who preferred to move to other sectors if forced by Banco Nacional de Angoa (BNA). 

At the moment, the country already has only 32 exchange houses, a number that is expected to fall even further in the consulate of the new governor of the BNA, Manuel Tiago Dias, who has already ordered the closure of a total of four non-bank financial institutions since August alone. 

In all, a total of 87 exchange houses have already disappeared from the Angolan market, for various reasons, in the national financial market, in just five years. 

A number of factors are at the root of the closure of businesses, including inactivity for a period of more than six months. But the operators complain that they have left the activity due to the fact that the market regulator, the National Bank of Angola (BNA), left them out of the apportionment of currencies in the various auctions that the central bank organized, several operators told Kieto Economia.

The most recent case of 'extinction' of exchange houses covered the company Maria Luau – Casa de Câmbios, Lda, which lost its license, for, according to the BNA, repeated violation of the rules that govern the activity of Exchange Houses.

"In fact, by virtue of the provisions of paragraph 3 of article 320 of the Law on the Legal Framework of Financial Institutions, the above company is considered dissolved, and must be liquidated in accordance with the judicial procedures generally applicable to commercial companies, under the terms of article 146 et seq. of Law no. 1/04, of 13 February – Commercial Companies Law",  determines the Central Bank. 

The 'bloodletting' in the exchange houses took place in the consulate of Manuel Tiago Dias. Since arriving at the central bank, Manuel Tiago Dias has ordered the closure of a total of four non-bank financial institutions. This number has now risen to five with the 'death' of Maria Luau – Casa de Câmbios, Lda. 

Those that have died in recent months are non-bank financial institutions such as Mundifast, Daniela Maxinde Transfer and Calimina Transfer, Payment Service Providers, as well as Renaro - Casa de Câmbios.

The four payment service providers saw their licenses revoked for, among others, being inactive for a period of more than six months, and also for repeated non-compliance with the rules governing the activity of providing payment services, the regulator justified. A source from the central bank assures that the 'clean-up' did not stop there. More operators are expected to follow up on those that have disappeared.

"In fact, by virtue of the provisions of paragraph 3 of article 320 of the Law on the Legal Framework of Financial Institutions, the companies providing Payment Services referred to above are considered to be dissolved and must be liquidated in accordance with the judicial procedures generally applicable to commercial companies, under the terms of article 146 et seq. of Law no. 1/04,  of February 13 - Commercial Companies Law" determined, at the time, the BNA.

What's Your Reaction?

like

dislike

love

funny

angry

sad

wow