Angola sees decrease in bank branches

LUANDA, Feb. 29 (Xinhua) -- Angola experienced a decrease in the number of bank branches from 1,426 in 2022 to 1,356 in 2023, a central bank official said Thursday.

As of January 2024, the country maintained 1,426 banking branches, with the majority located in Luanda, which has 769 branches, followed by the central province of Benguela, with 119, said Candido de Pina, director of the Department of Regulation and Organization of the Financial System at the National Bank of Angola, the central bank, in Luanda, the capital of Angola.

The top five banking institutions in terms of the number of branches in the country have a total of 891 branches, representing about 63 percent of the Angolan financial system. The Savings and Credit Bank stands out with 221 branches, followed by Banco de Fomento Angola and Banco BIC with 190 and 172 branches, respectively.

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