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Angola
In recent years, Angola’s economy has grown significantly, driven by oil, minerals, and a booming telecommunications sector. Traditional cash and checks, used in over 70% of transactions, are increasingly being replaced by electronic fund transfers and mobile money platforms, which now account for roughly 25% of all payments, offering security, convenience, and lower transaction costs, while enhancing financial inclusion and supporting economic development. Angola’s trade, including oil exports of $40 billion in 2023 and imports of $20 billion in machinery, consumer goods, and technology, further drives demand for digital and cross-border payment solutions.
Mobile money and electronic banking are expanding rapidly, with over 4 million registered mobile wallet users supported by increasing smartphone penetration of 60% and improved internet connectivity. The government promotes digital payments to reduce cash usage, combat corruption, and expand access to financial services, particularly in underserved areas. Providers have built extensive networks and partnered with banks, merchants, and utility companies, enabling bill payments, remittances, retail transactions, and trade-related payments. Adoption across urban and rural communities is fostering a more inclusive economy, bridging gaps between the formal and informal sectors, and driving fintech innovation, entrepreneurship, and export-import financial solutions in Angola.
Top banks
Angola’s banking sector is growing, comprising state-owned and private banks that offer retail banking, corporate finance, digital banking, and mobile payment services. Leading banks like Banco de Fomento Angola (BFA), Banco Angolano de Investimentos (BAI), and Banco Millennium Atlântico play a key role in supporting economic growth, financial inclusion, and the adoption of digital payments.


Banco Nacional de Angola
O Banco Nacional de Angola, como banco central e emissor, assegura a preservação do valor da moeda nacional e participa na definição das políticas monetária, financeira e cambial de Angola.


Banco Africano de Investimentos
BAI is today a dynamic bank using the most modern technologies. We pay particular attention to efficiency and personalization in our approach to the market, and we work to become indispensable partners for your business. We are committed to serving the needs of the Individual segment and offering innovative solutions to support SMEs (Small and Medium Enterprises) whilst remaining an unavoidable reference among the largest business groups in the country. A solid team of dedicated and qualified professionals guarantees our presence in the national and international market. With 89 service branches in Angola, the Bank is also present in Portugal, with BAI Europa, in Cape Verde with BAI Cabo Verde, in South Africa with a representative office and with partnerships that ensure BAI business in S.Tomé and Príncipe and in Brazil.


Banco Angolano de Negócios e Comércio
BANC – Banco Angolano de Negócios e Comércio was founded in 2007 and had its headquarters in Luanda . The National Bank of Angola (BNA) withdrew BANC's banking license on January 29, 2019, which consequently ceased its activity


Banco BIC
Banco BIC created in 2005 is a successful project and a reference in the Angolan financial system. Banco BIC assumes an important position in the economic sectors that contribute to national development. Our focus is the agricultural sector. We are partners of the PAC – Credit Support Program, because we believe that the future of Angola's development lies in fishing, agriculture, livestock and manufacturing industries. The solvency and liquidity ratios are among the most solid in Angolan banking, to guarantee the trust and security of our Customers. The largest private bank in Angola in terms of coverage of commercial units, it currently has 231 branches across the country, of which 203 Branches, 17 Corporate Centers, 3 Investment Centers, 7 Corporate Branches and 1 Private Banking. We are an Angolan bank with private capital, made up of national and foreign investors. We want to be a strategic partner in your business.


Banco do Brasil
Banco do Brasil SA is the largest financial institution in Latin America and is present in more than 20 countries acting through its subsidiaries, branches and representative offices. Banco do Brasil Aktiengesellschaft (BB AG), was established in 1980 and is a wholly owned subsidiary of Banco do Brasil SA Besides its Head Office in Vienna/Austria, the bank also has four branches located in the following countries: Portugal, Spain, France and Italy. The market strategy of BB AG is focused on Wholesale banking, mainly in deals with Brazilian flavor (Brazilian/European companies which intend to market with Brazil/Europe) abiding by country risk limits. The main products of BB AG are target for corporate banking and trade financing. The product portfolio primarily comprises import and export financial transactions, letters of credit as well as forfeit and guarantees. BB AG complements its product portfolio by domestic and international payment transfers and also money market deposits for corporate customers. BB AG has taken relevant steps to consolidate its position as a financial institution for customers in Central Europe with trade relations to Brazil, creating significant global synergies within BB Group.


Banco Comercial de Angola
Banco Comercial de Angola was founded by deed drawn up in the notes of Pedro Augusto dos Santos Gomes, in Lisbon, on June 14, 1956, in accordance with the Order of the Council of Ministers of February 7, 1956. The institution opened its doors on January 28, 1957, in Luanda, where it had its headquarters. However, the administrative headquarters were located in Lisbon, on Rua do Ouro. With initial share capital of 50,000 contos, represented by 5,000 shares of 1,000$00 each, according to the original statutes, the bank could create branches, agencies, delegations or other forms of representation in any location in Angola, or outside of it if so desired. deemed appropriate. In the process of founding Banco Comercial de Angola, Banco Português do Atlântico was involved (which saw the institution as its overseas arm) and where it held 50% of the capital.


Banco de Comércio e Indústria
The Bank of Commerce and Industry was created on July 11, 1991, by Decree 08-A/91 of the Council of Ministers and celebrated by His Excellency President of the Republic of Angola Eng. José Eduardo dos Santos.


Banco de Desenvolvimento de Angola
The Development Bank of Angola (BDA) is a public financial institution created under Decree of the Council of Ministers 37/06, of 7 July 2006, with the aim of supporting the country's sustained economic growth. for the increase of national wealth, the continuous improvement of the well-being of the populations and the construction and consolidation of the country's economy, it constitutes a privileged instrument for financing the development of the national economy in light of the Economic and Social Development Program of the Government and the National Long-Term Development Strategy. Without prejudice to supporting undertakings of national interest run by the public sector, the BDA preferably develops its activities with the objective of stimulating private initiative, aiming in particular at providing goods and equipment, training and access to new technologies necessary for the productive activity of small, medium and large companies.
Top payment methods
Angola’s payment landscape is evolving, combining traditional cash payments with digital solutions such as mobile money, electronic banking, and POS transactions. Popular platforms like Unitel Money enable bill payments, retail purchases, and peer-to-peer transfers, driving a cashless economy and promoting financial inclusion.
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Unitel Money
There is one more mobile money service Unitel Money and it has become a key player in Angola's financial ecosystem, bridging the gap between traditional banking services and the needs of the unbanked population. By offering a wide range of transaction options, including bill payments, airtime top-ups, and remittances, Unitel Money has made financial services more accessible and versatile for Angolans. The convenience and wide adoption of this service continues to contribute to the nation's progress towards becoming a cashless society and ultimately, fostering greater financial inclusion for all. Moreover, the growing popularity of Unitel Money highlights the potential for digital solutions to drive significant change within Angola's financial landscape. has played a vital role in promoting financial inclusion and digitalization, further transforming Angola's financial landscape.
Concluding remarks
Payment methods in Angola vary by region and type of transaction. Always confirm with vendors which digital payment platforms, mobile money services, or debit and credit cards are accepted. Monitor exchange rates, transaction fees, and cross-border payment costs to ensure secure and cost-effective Angola payments.
Cash
Cash is the most widely used payment method in Angola, particularly in rural areas where electronic payment infrastructure may not be widely available.
Debit and credit cards
Debit and credit cards are accepted in some hotels, restaurants, and shops in Angola, especially in urban areas. Visa and Mastercard are the most commonly accepted card brands. However, card acceptance can be limited outside major cities, and cash remains a popular payment method in rural regions.
Bank transfers
Bank transfers are commonly used in Angola, particularly for larger transactions such as paying bills, salaries, or for business transactions.
Mobile money
Mobile money service is available in Angola. The main mobile money service provider is Unitel Money.
Electronic payment platforms
Electronic payment platforms are available in Angola, although their use is still limited compared to other payment methods. Some of the available platforms include PayPal and Skrill.
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