Money Speed loses license over expiration date

Luanda – The Payment and Remittances Society Ltd (Money Speed) lost the license granted by the National Bank of Angola (BNA) due to expiration date after finishing the legal deadline for the company to kick off its activity.

“The National Bank of Angola hereby informs that, after the legal deadline for the kick off of activity enshrined in the Law on Financial Institutions, the authorization granted to Money Speed ??have expired, “reads BNA’s note that reached Angop on Wednesday.

According to the aforementioned article of the basic law of financial institutions, the authorization of a non-bank financial institution expires if the applicant renounces or the company is not made up within six (6) months or if it does not start the activity in the 12 months from the same date.

Therefore, BNA informs that from the date of this publication the institutions that have debts recorded at Money Speed must report the amounts at BNA Financial Regulatory and organization System department, since the liquidation process is already underway.

Source: Angola Press News Agency