Luanda: The governor of the National Bank of Angola (BNA), Manuel Tiago Dias, highlighted the ongoing banking sector reforms in the country, including the introduction of new legislation and financial institutions. This announcement came after a meeting with the Financial Sector Assessment Program (FSAP) mission, conducted in collaboration with the World Bank and the International Monetary Fund (IMF). The central bank manager emphasized that the support from these international financial bodies would enhance the visibility of the transformation process.
According to Angola Press News Agency, since 2011, the establishment of the Angolan Financial System Supervisory Council (CSSF) has aimed to ensure stability and soundness within the system, protect customer interests, and maintain transparency in the capital market. The CSSF coordinates supervisory bodies’ activities, which include the BNA, the Angolan Insurance Regulation and Supervision Agency (ARSEG), and the Capital Market Commission (CMC).
Finance Minister Vera Daves assured that Angola is committed to assessing and strengthening the resilience and stability of its financial system. She highlighted that the FSAP provides an opportunity to reinforce the financial system’s foundations, aligning practices, supervisory mechanisms, and resilience standards with international benchmarks.
The minister noted that amidst Angola’s ongoing macroeconomic consolidation, productive diversification, and state modernization, a stable, inclusive, and resilient financial system is essential for sustaining economic growth and promoting private investment. Daves stated that this initiative boosts confidence among economic agents and investors by enhancing predictability and security in the financial environment, where macroeconomic stability is crucial.
Daves reiterated the Ministry of Finance’s commitment to transparency and good governance in the financial sector, consumer protection, and deepening financial inclusion, along with continuing structural reforms with development partners.
Carlos Leonardo Vicente, the World Bank’s leading financial sector specialist, emphasized that the mission should evaluate Angola’s financial sector in terms of stability and development. He highlighted the importance of identifying measures implemented since 2011 to strengthen the financial system and making recommendations for further improvements.
Vicente stressed that recommendations should focus on accelerating reforms, with an emphasis on risk management in the financial sector. He noted the significance of financial inclusion and access to financial services as key government agendas.
The FSAP mission commenced its visit to Angola on Wednesday and will continue until June 24. This program, a collaboration between the World Bank and the IMF, aims to assess and enhance the financial system’s resilience and stability while evaluating compliance with international best practices.