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
The National Bank of Angola (BNA), as the central bank and currency issuer, ensures the preservation of the national currency’s value and participates in shaping Angola’s monetary, financial, and exchange rate policies, promoting economic and financial stability in the country.
Banco Africano de Investimentos
BAI is a leading Angolan bank offering innovative banking solutions for individuals, SMEs, and large businesses. With 89 branches in Angola and international presence in Portugal, Cape Verde, South Africa, São Tomé and Príncipe, and Brazil, BAI focuses on efficiency, personalization, and modern technology, providing reliable retail, corporate, and international banking services.
Banco Angolano de Negócios e Comércio
BANC – Banco Angolano de Negócios e Comércio, founded in 2007 and headquartered in Luanda, Angola, operated as a commercial and business bank until its license was withdrawn by the National Bank of Angola (BNA) on January 29, 2019, ceasing all banking operations. BANC played a role in Angolan financial services, including corporate banking, business financing, and commercial banking before closure.
Banco BIC
Banco BIC, established in 2005, is a top private bank in Angola with 231 branches nationwide. The bank specializes in corporate and retail banking, investment services, and credit support, with a focus on agriculture, fishing, livestock, and manufacturing sectors. Known for its strong solvency and liquidity, Banco BIC is a reliable partner for businesses and individuals across Angola.
Banco do Brasil
Banco do Brasil is a leading financial institution in Angola, providing corporate banking, trade finance, import/export transactions, and letters of credit. The bank supports Brazilian-Angolan business relations and offers reliable payment and investment solutions across the country.
Banco Comercial de Angola
Banco Comercial de Angola, founded in 1956 and opened in Luanda in 1957, is a leading Angolan commercial bank. It offers retail and corporate banking, loans, trade finance, and investment services, supporting economic growth and financial development across Angola.
Banco de Comércio e Indústria
Banco de Comércio e Indústria (BCI Angola) was established on July 11, 1991, by Decree 08-A/91 of the Council of Ministers and inaugurated by the President of Angola, Eng. José Eduardo dos Santos. BCI Angola provides a wide range of financial and banking services, including retail banking, corporate banking, trade finance, loans, investment solutions, and business accounts. The bank plays a key role in supporting economic growth, commercial activities, and private sector development in Angola, serving individuals, SMEs, and large corporations.
Banco de Desenvolvimento de Angola
The Development Bank of Angola (BDA) is a public financial institution established in 2006 to support sustained economic growth and national development. BDA plays a key role in financing projects aligned with the country’s Economic and Social Development Program and Long-Term Development Strategy, promoting private initiative, productive activity, and access to technology for small, medium, and large enterprises. The bank also supports public sector projects of national interest, contributing to the overall economic and social development of Angola.
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.
.webp)
Unitel Money
Unitel Money is a leading mobile money service in Angola, enhancing access to digital financial services for both banked and unbanked users. It enables bill payments, airtime top-ups, and money transfers, offering convenience and security across the country. By bridging traditional banking and digital finance, Unitel Money promotes financial inclusion and supports Angola’s move toward a cashless economy.
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.
For more information contact us: info@processing.news
About Processing News
You Won’t Learn This in Business School – Real Industry Insight
The global payments industry evolves faster than ever — powering everything from digital banking to eCommerce transactions. Yet few truly understand how payment processing, fintech innovation, and financial technology shape the world economy. That’s where Processing News comes in. At Processing News, we don’t just report on the payments ecosystem — we’ve built, run, and innovated within it. Our team of experts includes former fintech executives, payment system architects, compliance officers, and technology insiders who bring real-world experience to every article. We launched Processing News to be the Wikipedia of Payments — accessible, in-depth, and always accurate. In an era of clickbait and recycled press releases, we deliver trusted payments journalism rooted in industry expertise and data-driven analysis. Whether it’s new payment regulations, card network updates, emerging fintech startups, or fraud prevention trends, we provide clear, credible insight into what truly drives the global payment processing industry.
Welcome to Processing News — Real people. Real experience. Real payments journalism.
Contact us:
