A comprehensive overview of the cards, payments and consumer banking market in Angola.
Consumer finance market
Pricing and enhancements
The networks: credit cards
The networks: debit cards
Merchant acquiring and processing
Regulatory and other cards market information
Appendix I: Demographics
Appendix II: The economy
Appendix III: Retail banking
Appendix IV: Consumer finance market
Appendix V: Cards market
Appendix VI: E-money
Appendix VII: Profit pool
Appendix VIII: Pricing and enhancements
Appendix IX: The networks: credit cards
Appendix X: The networks: debit cards
Appendix XI: Issuers
Appendix XII: Merchant acquirers and processing
Demographics and Economy
Angola is one of the least densely populated countries in the world, with a density of 14.8 people per square kilometre. Angola is the second-largest oil producer in the Sub-Saharan Africa region (only behind Nigeria).
There are 30 retail banks operating in the country as of the fourth quarter of 2017. The banking industry remains dominated by five banks: Banco de Poupança e Crédito (BPC), Banco de Fomento Angola (BFA), Banco Angolano de Investimentos (BAI), Banco BIC and Banco Millennium Atlantico(BMA).
Consumer Finance Market
Compared to the top six economies in Africa, the Angolan consumer credit market is comparable to that of Algeria, but lags behind other major African economies such as Morocco and Egypt.
. Of the total payment cards in circulation, debit cards account for the majority of payment cards with a share of 62% in 2016. Multicaixa cards are the most popular form of debit cards in Angola, while Visa has a marginal share in the debit card space.
At the end of 2016, there were 2.4 million prepaid cards present in the country, an increase of 27.6% when compared to 2015.
The Angolan credit cards market is still in its infancy, with only about 622,000 credit cards in circulation at the end of 2016, comprising just 8% of total payment cards in issue.
Visa is by far the dominant player in the Angolan credit cards market. The network held a market share of 99.6% in terms of cards in issue in 2016. Debit cards have a significantly stronger presence in Angola than credit and prepaid cards, representing about 62% of total payment cards and 88% of payment card billed volume.
Key Retail Banks and Issuers
At the end of 2016, there were 27 commercial banks in operation in Angola (up from 17 in 2006) – serving a population of 29 million.
Acquiring and Processing
Angola, being a cash-based economy, has very limited POS and ATM penetration; there were only about 47 terminals and two ATMs per 10,000 adults at the end of 2016. EMIS is the sole issuing processor of bank cards in Angola and is also the sole acquiring processor of bank cards.
Compared to other sub-Saharan countries, Angola has a fairly high internet penetration rate of around 13% in 2016. Despite this, the e-commerce market is underdeveloped.
Regulatory and Markets Information
In Angola, banking and other financial services are regulated by the central bank, the BNA. It monitors the stability of the financial market and is responsible for the supervision of payment systems of banks.
Verisk financial reports include detailed market and competitor intelligence on payments cards, e-money, acquiring, retail banking, and consumer credit in Africa. Analysts use primary and secondary source data and conduct in-depth interviews with senior industry executives and African finance experts.
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