Angola: Parliament Passes Payment System Law

Luanda — The Draft Basis Law on the Payment System of Angola was approved this Thursday, in general, unanimously by the deputies of the National Assembly.

The MPs, in this 10th ordinary Plenary Session that began this Wednesday, approved several laws regarding the tax package.

Presenting the proposal for the Angolan Payment System Basis Law, the governor of the National Bank of Angola (BNA), José de Lima Massano, said that payment systems were decisive for economic agents such as consumers, companies, banks and state entities so that they can develop their activities with confidence.

He stressed that in the last 15 years there have been significant developments in the payment system, in terms of payment volume and at an international level, in terms of computer systems progress.

José de Lima Massano mentioned that this period has seen an unavoidable and continuous dynamic of innovation in the payment system which can bring many advantages as well as minimise the risks for society.

In this context, considering that the current law no longer meets the requirement of a payment system, in terms of security, transparency and international reliability, the BNA, as the entity responsible for the operation and management of this system, submitted to the Parliament the proposal to review the law that regulates the payment system in Angola.

He argued that the law takes into consideration the best payment system practices of the countries that make up SADC, with contributions from the World Bank and the International Monetary Fund.

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