Angola: é-Kwanza will become a fintech

By Nilza Rodrigues

The Angolan Investment Bank (BAI) will go ahead with the spin-off of é-Kwanza, its electronic money financial service, to create a fintech, Forbes Lusophone Africa found out first-hand.

According to sources in the financial market, the process has already been submitted to the National Bank of Angola.

It is currently in the process of formation and approval by the regulator. The forecast is that everything will be operational by June.

According to the same sources at Forbes Lusophone Africa, é-Kwanza will serve the entire market and not solely be associated with BAI.

The shareholder structure remains mainly from the Angolan bank, with some changes concerning BAI’s current board.

Nuno Veiga, who already manages é-Kwanza, will be the CEO of the new fintech.

It is recalled that é-Kwanza, was the first electronic currency financial service in Angola, which allows the customer, whether private or partner (seller, agent or merchant), to perform various operations 24/24h, using the phone (*402#) or via web access (é-kwanza.ao).

Membership of é-Kwanza until now was free and, according to its website, was created to “facilitate access to financial services, educate and create autonomy in the population about the easy, fast and safe movement of your money, without needing a bank account.”

With information from Forbes

News Angola, English news Angola, Angolan fintech

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