According to the BNA, which determined through a directive published last week, that minors aged between 14 and 17, holders of bank accounts, can apply for multicaixa cards, and that the amount to be transferred must be agreed by the legal representative with the commercial bank , where the account is domiciled, by the time the then minor reaches adulthood (18 years old), he/she must go to the bank to change the status of the account.
The measure, according to the central bank, was taken, with special attention to the important role of financial education for minors in increasing the financial literacy of the population and that having a bank account helps to teach minors, from an early age and safely, manage money and save money.
The BNA understands that this action provides minors with the knowledge so that, in the future, they can be more aware and responsible consumers of financial products and services, as well as the growing importance of financial skills in the development of an inclusive and sustainable economy and society.
Pursuant to the provisions of article 9.0, of Notice No. 1/2023, of January 30, on the rules for opening, operating and closing bank accounts, the National Bank of Angola announced that it had updated the rules applicable to accounts held by minors, having established the possibility of attributing a debit card to minors who hold accounts from the age of 14 (fourteen), provided that requested by their legal representative.
As determined by the BNA, debit transactions with the card are limited to maximum daily amounts agreed between the Banking Financial Institution and the legal representative when applying for the card.
“Debit cards, issued on accounts held by minors who have completed 14 years or more, must be issued in the name of the account holder, that is, in the name of the minor, the legal representative. From the date on which the minor turns 18, he must contact the commercial bank with a view to updating the account opening process”, reads the document made available by the National Bank of Angola on its website.
