Low financial literacy, market liquidity and corporate preparedness are among the principal challenges facing Angola's capital market, experts concluded on Wednesday (23rd) at the 5th Capital Markets Forum, organised by Meia Rumo in partnership with the Capital Markets Commission, during a panel on sector challenges and opportunities.
In his address, Odair Costa, chief executive of BFA Capital Market – Sociedade Distribuidora de Valores Mobiliários, stated that the Angolan capital market is going through a period of growth but still faces significant challenges in fully capitalising on available opportunities. Among these, he highlighted the low level of financial literacy among investors, issuers and other market participants.
"We need to invest heavily in programmes that raise the general level of financial literacy across our society — from children to market players and civil society — so that in the future we can achieve what Brazil has, with around five to six million investors. We have that capacity," Costa said.
Dilson Gaspar, executive administrator of the Angolan Debt and Securities Exchange (Bodiva), echoed Costa's position, arguing that improving financial literacy could help overcome other structural constraints facing the market.
Francisco Santos, administrator at Banco Caixa Geral de Angola, pointed to improvements in the domestic market, greater international integration and foreign exchange conditions as relevant factors in attracting investors.
For Santos, the lack of financial literacy is a problem that cannot be ignored: "The current market model, which requires international investors to maintain two separate accounts in order to operate and invest in the country, also constitutes an obstacle." Nevertheless, he maintained that financial literacy remains the primary challenge.
Álvaro Fernão, chairman of the board of the Institute for State Asset and Shareholding Management (IGAPE), said the market is still in a learning phase, with challenges being "overcome at every step."
In his capacity as head of the Privatisation Programme (Propiv), Fernão noted that the programme has already completed seven operations — one stock exchange auction and six Initial Public Offerings (IPOs) — with current attention now focused on the post-privatisation period for major state-owned enterprises.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/09/24/mundo/angola/angola-baixa-literacia-financeira-continua-a-desafiar-mercado-de-capitais/
