National Bank of Angola
Native name | Banco Nacional de Angola |
|---|---|
| Company type | State-owned |
| Industry | Central banking |
| Founded | 1926 |
| Headquarters | Luanda , Angola |
| Owner | Government of Angola |
| Website | www |
The National Bank of Angola () serves as the central bank of Angola and is entirely owned by the Angolan Government. Based in Luanda, its foundation dates back to 1926, with historical roots extending to 1865. The institution plays a pivotal role in shaping financial inclusion initiatives and holds membership in the Alliance for Financial Inclusion.
History
The Banco Nacional Ultramarino (BNU) was established in 1864 in Lisbon, Portugal to act as the issuing bank for Portugal’s overseas territories, including Angola. In 1926, the Portuguese authorities created the Bank of Angola (), which took over BNU’s branch operations within Angola, becoming a distinct issuing bank for the territory.
After Angola gained independence in 1975, the government nationalized the banking industry. The Bank of Angola was rebranded as Banco Nacional de Angola (BNA) and took on multiple roles: central bank, issuing bank, and commercial bank. It also became the exclusive legal entity authorized to hold foreign currency and oversee all foreign exchange dealings.
Legislation passed in 1991 redefined BNA’s responsibilities to focus solely on central banking activities such as monetary policy implementation, currency issuance, government treasury services, and management of reserves. Starting in 1999, BNA embarked on reforms aimed at harmonizing its operations with global banking standards.
The National Bank of Angola continues to actively promote financial inclusion as a core element of its strategic objectives.
Financial fraud at BNA
The Central Bank of Angola was implicated in what was then the nation’s largest financial fraud involving approximately $160 million transferred abroad in 2009. These funds were moved from Angola’s treasury account held at Banco Espírito Santo in London to accounts controlled by suspects. Once these transfers triggered BNA’s alert thresholds, BES London alerted Angolan authorities. The scandal came to light through a 2011 report by the Portuguese newspaper Diário de Notícias. Several individuals connected to both the Angolan Finance Ministry and BNA received prison sentences up to eight years, with investigations continuing in both Portugal and Angola.
In 2018, a more extensive fraud case surfaced involving José Filomeno dos Santos, son of Angola’s former president. He faced charges for transferring US$500 million from a central bank account to a UK-based bank. UK officials froze these assets amid suspicious activity, enabling potential restitution for the central bank.
Governors
- Gaspar Martins, 1976–1977
- José Carlos Víctor de Carvalho, Jan 1978 – Dec 1982
- Augusto Teixeira de Matos, Dec 1982 – Dec 1986
- António Inácio, Dec 1986 – May 1990
- Pedro Cunha Neto, June 1990 – Nov 1990
- Fernando Alberto da Graça Teixeira, Nov 1990 – 1991
- Sebastião Bastos Lavrador, 1991 – 1993
- Generoso Hermenegildo de Almeida, 1993 – 1995
- António Gomes Furtado, 1995 – 1996
- Sebastião Bastos Lavrador, 1996 – 1999
- Aguinaldo Jaime, 1999 – 2002
- Amadeu de Jesus Castelhano Maurício, 2002 – 2009
- Abrahão Pio dos Santos Gourgel, 2009 – 2010
- José de Lima Massano, 2010 – 2015
- José Pedro de Morais, 2015 – 2016
- Valter Duarte Da Silva, 2016 – 2017
- José de Lima Massano, 2017 – 2023
- Manuel António Tiago Dias, 2023–