Angolan Govt Announces New Phase of the National Financial Inclusion Strategy

The Angolan government has announced a pivotal new phase of its National Financial Inclusion Strategy (ENIF), enabling mobile and digital payment service providers to extend credit facilities. This development, highlighted by the Minister of State for Economic Coordination, José de Lima Massano, marks a significant regulatory evolution aimed at leveraging technological advancements to deepen financial inclusion across Angola. The initiative is set to expand access to financial services beyond traditional banking institutions, contributing to the country's targets of increasing financial inclusion and banking penetration by 2027, while fostering economic stability and growth through innovative and accessible solutions.

Angola's financial landscape is poised for a transformative shift following the recent announcement by the Minister of State for Economic Coordination, José de Lima Massano, regarding the next phase of the National Financial Inclusion Strategy (ENIF). This strategic evolution will empower mobile and digital payment service providers to expand their offerings to include credit, a function traditionally reserved for licensed banking institutions.

This development is not merely a procedural update but a significant policy pivot designed to harness the widespread reach of digital platforms to address long-standing challenges in financial access. By allowing non-traditional financial players to offer credit, the Angolan government aims to accelerate financial inclusion, stimulate economic activity, and provide more accessible financing options for individuals and micro, small, and medium-sized enterprises (MSMEs). The move underscores a commitment to leveraging technology and a stable macroeconomic environment to foster a more inclusive and dynamic financial ecosystem.

The thesis of this article is that the Angolan government's decision to permit mobile and digital payment providers to offer credit represents a crucial regulatory advancement within the ENIF framework. This shift is expected to significantly enhance financial inclusion, but it will necessitate careful navigation of new regulatory requirements, risk management protocols, and consumer protection measures by legal practitioners and financial service providers alike.

The National Financial Inclusion Strategy (ENIF) was launched in December 2025, with an Action Plan for 2026-2027, as a comprehensive policy tool to address Angola's low levels of financial literacy and inclusion. The strategy's core pillars include expanding access to financial services, strengthening financial literacy, developing robust digital infrastructure, and enhancing consumer protection. Ambitious targets have been set, aiming to increase the financial inclusion rate from approximately 51.7% in the first quarter of 2026 to 65% by 2027, and banking penetration to 36% (equivalent to eight million citizens) by the same year.

The regulatory oversight for financial institutions in Angola primarily rests with the Banco Nacional de Angola (BNA), the country's central bank. The BNA is responsible for regulating and supervising both banking and non-banking financial institutions, including payment service providers. Key legislative instruments underpinning this framework include Law No. 14/21, the General Regime on Financial Institutions Law, and Law No. 24/21, the Law of the National Bank of Angola, both of which emphasize stability within the financial system. Prior to this announcement, the BNA had already issued specific regulations for electronic money accounts (BNA Instruction No. 05/23 of May 29, 2023) and a regulatory package for Microfinance Institutions and Cooperative Credit Companies (BNA Orders No. 4/23, 6/23, and 7/23 of June/July 2023), which allowed these entities to offer credit. These existing frameworks laid the groundwork for the current expansion of credit-granting capabilities to a broader spectrum of digital payment providers.

The decision to allow mobile and digital payment service providers to offer credit represents a notable evolution in Angola's regulatory philosophy. Historically, the BNA, accustomed to regulating traditional retail banks, approached mobile money with a degree of caution. However, the current policy signals a more progressive stance, acknowledging the potential of digital platforms to bridge significant financial access gaps. This shift is underpinned by improvements in Angola's business environment and macroeconomic stability, including a notable reduction in inflation, which creates a more conducive atmosphere for expanding financial services.

Under the existing Financial Institutions Law (Law No. 14/21), non-banking financial institutions, including payment service providers and microcredit companies, are recognized and their activities are subject to BNA regulation. The BNA's previous Orders (No. 4/23, 6/23, and 7/23) already permitted microfinance institutions and cooperative credit companies to engage in credit operations, demonstrating a precedent for non-bank entities providing lending services. The new phase of ENIF effectively broadens this scope, extending the ability to offer credit to a wider array of mobile and digital payment service providers. This expansion will likely entail new or amended BNA instructions detailing the specific licensing requirements, prudential standards, risk management frameworks, and consumer protection protocols that these newly empowered entities must adhere to.

For payment service providers (PSPs), this presents a significant opportunity to diversify their revenue streams and enhance their value proposition to customers. However, it also introduces a new layer of regulatory complexity and operational risk. PSPs will need to develop robust credit assessment methodologies, manage loan portfolios, and comply with stringent reporting requirements to the BNA. Challenges remain, particularly in extending digital financial services to remote areas with limited telecommunications infrastructure and addressing the persistent need for enhanced financial literacy among the population. The Angolan approach aligns with trends observed in other African jurisdictions, where mobile money operators have successfully transitioned into offering credit products, demonstrating the viability and impact of such models on financial inclusion.

The Angolan government's decision to empower mobile and digital payment service providers to offer credit marks a transformative moment for the country's financial sector. This strategic move, central to the National Financial Inclusion Strategy, is expected to significantly accelerate financial inclusion, particularly for underserved populations and MSMEs, by leveraging the widespread adoption of digital technologies. It reflects a forward-thinking regulatory approach that balances innovation with the imperative of financial stability.

For legal practitioners, this development necessitates a deep understanding of the evolving regulatory landscape. Attorneys advising mobile and digital payment service providers must prepare to guide clients through new licensing procedures, compliance with BNA's prudential regulations for credit provision, robust consumer protection frameworks, data privacy requirements, and enhanced anti-money laundering and combating the financing of terrorism (AML/CFT) protocols. It is crucial to monitor forthcoming BNA notices and instructions that will detail the operational guidelines and specific requirements for these expanded credit offerings. Continued efforts in digital identity initiatives and improving connectivity in remote areas will also be vital to fully realize the potential of this new phase of financial inclusion. Stakeholders are encouraged to engage proactively with the BNA and other relevant authorities to shape and adapt to this dynamic regulatory environment.