Angola’s banking sector, historically dominated by traditional banks, is beginning to undergo a significant transformation. In recent years, new payment methods, neobanks, and digital solutions have been gaining traction. These innovations are addressing the country's financial inclusion challenges and opening new doors for a population that has long been underserved by conventional banking services.
The Current State of Banking in Angola
Angola's banking sector has historically been limited in terms of accessibility. Traditional banking services remain concentrated in major urban areas, with approximately 60% of the population unbanked. The majority of Angolans still rely on cash transactions, and many have no access to banking services due to geographic barriers or the high costs associated with maintaining a bank account.
In response to these challenges, mobile money services and neobanks have emerged as viable alternatives, helping increase financial inclusion. Digital payment methods are becoming more popular, driven by the rapid expansion of mobile networks and internet access.
Neobanks: A Game Changer for Angola
While traditional banks still dominate, neobanks like AngolaPay and DigiBank are challenging the status quo. These digital-only platforms are designed to offer low-cost, user-friendly banking services, including mobile payments, savings accounts, and micro-loans. Neobanks offer Angolans the ability to access financial services from their smartphones, bypassing the need for physical branches and complicated procedures.
According to GlobalData, the number of Angolans using neobanks has grown by 30% annually since 2019. This trend reflects a strong shift toward digital banking, particularly among younger, tech-savvy populations who appreciate the ease of use and lower transaction costs offered by these platforms.
Mobile Payments in Angola: The New Frontier
Mobile payment platforms such as Unitel Money and Zap are playing an increasingly important role in Angola’s financial ecosystem. With mobile payment penetration reaching 65% in 2022, these platforms allow users to transfer money, pay bills, and make online purchases via their phones. This shift towards digital wallets is significant, considering that Angola's banking infrastructure remains limited.
Unitel Money, one of the leading mobile payment services in the country, reported that over 3 million users were registered in 2022, with transactions rising by 50% compared to the previous year. This surge highlights the growing trust in mobile payments and reflects the changing habits of Angolans.
Digital Payments and Financial Inclusion
As digital payment solutions continue to grow in Angola, the country’s financial inclusion rates are steadily improving. In 2023, financial inclusion in Angola increased to 47%, up from just 32% in 2019. This improvement is largely due to the rise of mobile payments, neobanks, and other fintech innovations that have made it easier for people in remote areas to access banking services.
As new payment methods continue to emerge, Angola is on track to achieve full financial inclusion within the next decade. The rise of digital payments, combined with the government's efforts to improve internet connectivity, will play a crucial role in reshaping the country’s financial landscape