Around 51% of Angola’s population remains outside the formal financial system, and the country aims to reach a financial inclusion rate of 65% by 2027, announced this Friday (5) the Minister of State for Economic Coordination, José de Lima Massano, during the launch of the National Financial Inclusion Strategy (ENIF).
According to the minister, only 30.9% of Angolans have bank accounts due to limited access to identity cards. Surveys also show that only one in every four Angolans has a good level of financial literacy, and that access to financial services is concentrated in Luanda, the coastal area, and the central region of the country.
The diagnosis carried out during the pre-formulation of the ENIF revealed significant challenges, namely: only 30.9% of the population has bank accounts; access to identity cards remains limited; financial knowledge and access to products such as credit, savings and insurance remain low; and digital payments are still in an emerging phase.
The current situation, added José de Lima Massano, is influenced by historical factors and several structural constraints that continue to persist in the development process.
The minister stressed that the ENIF seeks to facilitate the integration of all population segments into the formal economy, “meaning that every citizen, regardless of social status, gender, age, or geographic location, must have access to functional, safe and affordable financial services”.
This strategy involves increasing citizens’ financial literacy, equipping them with the ability to manage savings, credit and investment, as well as promoting microcredit and other financial instruments to support small and medium-sized entrepreneurs — the “backbone” of Angola’s economy — the minister highlighted.
“It is intended to boost digital and mobile banking, ensuring that even the most remote communities can access financial services safely, as well as to strengthen partnerships with the private sector, civil society and international organisations to mobilise resources and expertise,” he stated.
According to the minister, the ENIF is a comprehensive public policy instrument which, by enabling broader access for citizens and economic operators to the financial system, has the potential to transform lives and stimulate economic dynamism.
Source: AngoNotícias
