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Jean-Guy LARRIVIÈRE
Head of International Desk Africa, Middle East

Support by the
Crédit Agricole group

Last updated: August 2020

The International Desk in Africa, Maghreb and the Middle East provides support to the group's "corporate" clients by providing information, banking advice and support in the process of opening an account or setting up financing.

It is essentially based on a correspondent bank in Angola.

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Means of payment

With Angola

Company cheque

Bank cheque

SWIFT transfer

Bill of exchange

Promissory note

Documentary remittance

Documentary credit

Usage

Not recommended

Not recommended

Common

Not recommended

Not recommended

Not recommended

Common

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Advice from the
international desk

General Information

Angola is the leading oil-producing country in Africa. Its economy is largely dependent on oil, which accounts for more than 95% of exports, more than half of government revenue and 30% of GDP.

Angola also has other natural resources: gas, diamonds and mines (copper, manganese, iron) and a significant agricultural potential that has not reached its full potential.

The country is seeking to diversify its economy in order to reduce oil dependence.  In addition, the government wants to launch a major privatisation programme between 2019-2022.

The Doing Business 2019 ranking places Angola in 173rd place among the most difficult countries to do business. It is essential to be well informed and surrounded by experts to approach the Angolan market, and especially to secure payments.

 

Means of Payment & Banking Specificities

Several payment methods are possible (advance payment, documentary credit and documentary discount) for exports to Angola. To secure payments, we strongly recommend the use of a confirmed documentary credit with payment on demand or an advance payment. There is a regulation that imposes exchange limits per importer unless otherwise specified (BNA Instruction No. 9/2018).

The best invoicing currencies are the US dollar and the euro.

Since January 2018, the kwanza has switched to a flexible exchange rate regime and remains non-convertible.

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