Credit granted to clients and deposits in Angolan banks grew in 2024, according to a study by global consulting firm Deloitte titled “Banking in Review 2025.” However, financial inclusion still needs to be strengthened, highlighted the president of Deloitte in Angola, José Barata.
“What we have been observing is that there is a growing volume of money circulating outside the financial system. Banks need to carry out significant work, both in terms of building trust and reaching out to communities, for example through agents and new technologies, to expand their customer base and bring into the system the cash currently outside it,” said the Deloitte Angola executive.
According to Barata, although credit granted to customers increased by 15% in 2024, deposits grew by only 1.8%. “There is a strong preference among the population for cash over bank deposits,” he stressed. Regarding credit, he warned that “the volume of non-performing loans is still high” and urged banks to pay more attention to the monitoring and recovery of granted loans.
“As a result of policies implemented by the National Bank of Angola (BNA) and the Executive, which led to increased lending, a joint effort is needed to ensure that projects are bankable,” he added.
The “Banking in Review 2025” study also shows that the net results of the banking sector grew by 58% compared to the previous year. However, this growth was influenced by the losses recorded by Banco Económico in 2023. “Excluding that loss, the sector’s overall net result saw only a marginal increase of 1.2%,” explained the Deloitte president.
The governor of the BNA, Tiago Dias, reiterated that the Angolan banking sector is solid and healthy, with a projected credit growth to the economy of over 30% this year.
He also stated that Angola is undergoing a Financial Sector Assessment Program (FSAP) with the support of the World Bank and the International Monetary Fund (IMF), and that a crisis simulation was recently carried out to test the resilience of the banking system.
Regarding Banco Económico, the governor said that the recapitalization and restructuring plan “continues to be implemented,” although he did not provide a timeline for its completion.
Banco Económico, formerly known as Banco Espírito Santo Angola (BESA), adopted a Recapitalization and Restructuring Plan in 2021 approved by the BNA, aiming to find a viable solution and ensure the financial stability of the institution, considered systemically important for the sector.
Source: Lusa
