The National Bank of Angola (BNA) has warned that nine entities are prohibited from carrying out foreign exchange trading, lending, payment services, and cryptocurrency-related activities. The list includes Pay Stream, Pagaki-Futuro, Ango Digital Pay, and Money Card Tecnologia.
The list of companies barred from operating in the financial market also includes Makanda Transfer, Transferewise (WISE) Angola, Expansão Digital, Sociedade Comércio e Prestação de Serviços, Soluções de Crédito Rápido & Facilitado, and Compra e Venda de Divisas US$/EUR, according to a statement dated June 29.
In the exercise of its regulatory and supervisory responsibilities over the financial market, the BNA clarified that the above-mentioned entities “have been advertising their services through digital applications and social media platforms, particularly Facebook and Instagram, but are not authorized to carry out in Angola activities reserved for institutions supervised by the National Bank of Angola, namely the provision of payment services, including money transfers, foreign exchange trading, and the granting of credit.”
According to the regulator, the activities of these companies violate Angolan law, “under the terms of paragraph (b) of Article 9(1) and Article 15 of Law No. 14/21 of May 19 (General Regime of Financial Institutions Law), read together with Article 10 of Law No. 5/97 of June 27 (Foreign Exchange Law).”
The banking regulator also highlighted that Makanda Transfer “has been advertising cryptocurrency trading services through digital platforms and social media.” It further noted that “the trading, intermediation, or promotion of crypto-assets outside the applicable legal framework constitutes a violation of Article 10(3) of Law No. 11/24 of July 4, read together with Article 372 of Law No. 14/21 of May 19.”
“Accordingly, under Circular Letter No. 01/DCF/2022 of February 3, the National Bank of Angola recommends that financial institutions and the general public exercise particular caution and refrain from establishing commercial, financial, or any other type of relationship that could facilitate financial activities by the aforementioned entities or their promoters,” the statement concludes.
Source: O Telegrama
