ANGOLA – Manuel Dias, the Governor of the National Bank of Angola (BNA), emphasized the crucial role of expanding banking services in Angola for enhancing economic integration and participation of its population in the formal economy.

According to Angola Press News Agency, recent studies conducted by the central bank have revealed that financial literacy in Angola, particularly regarding the use of banking services, is markedly low, with a rate of about 30 percent. He highlighted that increasing financial inclusion is key to improving these levels. In response, the BNA is developing a financial inclusion strategy for the upcoming five years.

Dias reflected on the history of the Angolan currency, the kwanza, noting its evolution through various challenges and denominational changes. Despite past economic difficulties, the kwanza remains a significant national symbol and is widely accepted across the country.

The BNA Governor affirmed the central bank’s commitment to maintaining price stability in the economy and thereby preserving the value of the national currency. On the topic of the kwanza’s performance and efforts to align it with major global currencies, Dias mentioned that, beyond its significance in Angola, the kwanza is also accepted in neighboring countries. He expressed confidence that with collaborative efforts, both from the BNA and economic agents, a stronger kwanza could be realized, fulfilling the financial needs and aspirations of the Angolan population.

Addressing the government’s objective to maintain inflation at 15 percent throughout 2024, Dias acknowledged this as the current main target. He reiterated the central bank’s broader responsibility in ensuring price stability, which hinges on increasing the domestic production of goods and services.