The Vice-Governor of the National Bank of Angola (BNA), Domingos Pedro, stated on Wednesday (14) that the resumption of partnerships between national commercial banks and international financial institutions for the opening of dollar and euro accounts constitutes a sign of the evolution of the national financial system.
According to the official, speaking during the press conference held within the framework of the 127th Meeting of the BNA Monetary Policy Committee (CPM), which took place on the 13th and 14th of this month in Luanda, this development reflects the credibility of the Central Bank and the National Financial System abroad.
He also mentioned that the BNA anticipates these correspondent banking relationships to expand further, noting that other international banks have expressed interest in learning more about the financial system and the progress achieved.
He revealed that the results of the Financial System Assessment Program (FSAP)—a World Bank and IMF initiative that evaluates the financial system in partnership with the BNA—will contribute decisively to this process.
“We are optimistic because more international banks will engage with our financial system. Indeed, this represents the maturation and the development that the system has been observing,” he added.
Regarding the matter, BNA Governor Manuel Tiago Dias clarified that Angolan commercial banks did not previously have direct correspondent relationships with American banks, meaning that transfers or currency imports, for example, were conducted through intermediaries.
With the establishment of these correspondent relationships, transactions will now be direct, allowing for reduced costs. “However, this will not lead to more cash circulating in the economy. In fact, we do not recommend that this happens,” he stated.
He further emphasized that the BNA encourages the adoption of alternative payment instruments, such as transfers and card payments, to prevent money laundering and terrorism financing, in line with recommendations from the Financial Action Task Force (FATF) to remove Angola from the “grey list.”
In 2025, Banco de Fomento Angola (BFA) and Standard Bank announced partnerships with international banks to open correspondent accounts in dollars and euros, marking the return of American banks to the Angolan financial system, ten years after foreign currency trading operations were suspended due to suspected money laundering in financial transactions.
BFA obtained approval to open correspondent accounts in dollars and euros with Deutsche Bank, becoming the first Angolan bank to establish such a partnership.
Meanwhile, Standard Bank Angola (SBA) partnered with the well-known American JP Morgan, making it capable of conducting dollar transactions through a correspondent account with one of the largest banks in the world in foreign currency.
Source: Angop
