The National Bank of Angola (BNA) has updated the rules applicable to accounts held by minors by establishing the possibility of granting debit cards to children from the age of 14, within the framework of financial inclusion.

The card will be granted as long as requested by the legal representative of the minor, with cash withdrawal restricted to maximum daily amounts agreed with banking financial institutions.

With this initiative, the BNA points out its objectives of promoting education and financial inclusion and consequently increase the levels of financial literacy of the population according to a decree to which ANGOP has had access.

The BNA said it also paid special attention to the important role of the financial education of minors to increase the financial literacy of the population, and that holding a bank account helps to teach minors from an early age and in a safe way to manage their money and make savings.

With this measure, the Central Bank says it wants to provide minors with the knowledge to be more aware and responsible consumers of financial products and services in the future, as well as the growing importance of financial skills in the development of an inclusive and sustainable economy and society.

As part of the updated rules, BNA advises that debit cards issued for accounts held by minors who have reached the age of 14 or over must be issued in the name of the minor, not in the legal representative’s name.

From the date the minor turns 18, he/she should contact his/her commercial bank to update the account opening file.

The legal representative will no longer be able to operate the account and the “ex minor” will be able to continue to operate the account maintaining the limitations imposed as a minor, until the updating of the account opening process, when the aforementioned limitations will no longer be applied.

The BNA notice entered into force on April 6.

Source: Angola Press News Agency