The 2008-2009 economic crisis was a shock to the financial sectors of most of the world’s biggest economies and directly led to the disappearance of some of the globe’s most famous banking institutions. Not all countries were as deeply affected as the US, the UK and other financial centres, however.
Angola’s banks, which had been growing at tremendous rates before the crisis, were of course hit by the new situation, but still managed to grow at a healthy pace in 2009. Client deposits in Angolan banks increased by 65 per cent in 2009 from the previous year, while lending expanded 59 per cent in the same period.
In 2010 credit to clients grew almost 29 per cent and deposits increased by 7 per cent through to the end of November, according to Jose de Lima Massano, governor of the National Bank of Angola (BNA), the country’s central bank.
Angola’s bank sector maintained its stability during the period and the country’s legal and regulatory system is being modernised to ensure the implementation of good governance principles by licensed banks.
“The sustainability of economies is based on the construction of a solid financial system that is efficiently regulated, socially responsible, capable of stimulating savings and using resources to promote the internal capacity for production and the consequent defence of jobs,” Mr Massano said during his speech on December 29, 2010.
Banks such as Banco Africano de Investimentos (BAI), Banco Espirito Santo Angola (BESA) and Banco Internacional de Credito (BIC) have come through the crisis bigger and stronger than ever and expect to continue their strong growth for years to come.
In 2010 that growth was aided by a return to economic expansion following the contraction in 2009 and will be further spurred by the expected acceleration of GDP growth during the remaineder of 2011.
Angola’s banking sector still has great potential for expansion, not just because of its strong economy and abundant natural resources, but also because of the relatively low penetration of banking service use by the population.
The percentage of the Angolan population using bank services increased to around 11 per cent in 2010 and the number of bank branches in the country increased to 875, according to the BNA.
As economic growth spurs new job creation, more Angolans will reach income levels where banking services become more important. The expansion of the automated teller machine network, the opening of more bank offices and the increasing use of credit cards, bank cards and other products will also attract more clients who previously saw no advantages to opening an account.
0 COMMENTS