” The recently passed update of the 2005 Payments System Law is expected to impel the development of digital financial services as it will allow for a wide range of digital financial services providers and will equip the Angolan Payments System with modern regulations while offering innovative and inclusive services.” National Bank of Angola

Financial Inclusion

The central bank has recognised the need for digital payments and also recorded the close relationship between income and digital literacy. 

A new digital bank – DuBank – was launched in Angola to further enable digital services in Angola. 

The central bank thinks digital transfers will enable support for the poorest in Angola, for example via Kwenda (a cash program benefiting 16 million families).

64 percent of people in Angola have mobile phone access but this did not translate to them opening mobile wallets. 

Consumers think low income, and poor documentation are the principal barriers to using digital wallets.

The central bank is working to improve these adoption figures. 

 

By cryptorocks_editor

Editor.