Why This Matters
You have learned the foundations — what investing is, how compounding works, and how to budget for your financial goals. Now it is time to take action. Before you can buy a single treasury bond or BAI share on BODIVA, you need a securities custody account (conta de custódia). This lesson walks you through the process step by step.
The Account Structure
To trade on BODIVA, you need three things:
1. A bank account (Conta Bancária) — At any licensed Angolan commercial bank (BAI, BFA, BCGA, BIC, Standard Bank, etc.). This is where your money sits before investment and where proceeds are deposited after sales.
2. A custody account at CEVAMA (Conta de Custódia) — CEVAMA (Central de Valores Mobiliários de Angola) is Angola’s central securities depository. Your stocks, bonds, and other securities are held electronically here — similar to how a bank holds your cash. Currently there are approximately 58,000 custody accounts in Angola.
3. A relationship with a licensed broker (Intermediário Financeiro) — Brokers execute your buy and sell orders on BODIVA. They are licensed by the CMC (Comissão do Mercado de Capitais). You cannot trade directly on BODIVA — you must go through a broker.
Most Angolan commercial banks offer all three services: they are your bank, your custodian (through CEVAMA), and your broker.
Step-by-Step: Opening Your Account
Step 1: Choose Your Broker
Licensed intermediaries include most major banks:
- BAI — Angola’s largest bank, extensive branch network
- BFA — Strong private banking and brokerage services
- BCGA — Competitive rates, growing retail offering
- Standard Bank Angola — International expertise
- BIC — Wide branch coverage across provinces
Compare: brokerage commission rates (typically 0.25-0.5% per trade), custody fees (annual, typically 0.1-0.2% of portfolio value), and minimum investment amounts.
Step 2: Gather Required Documents
You will need:
- Bilhete de Identidade (BI) — National identity card (valid, not expired)
- NIF (Número de Identificação Fiscal) — Tax identification number
- Proof of address — Utility bill or bank statement (less than 3 months old)
- Proof of income — Salary slip, tax declaration, or bank statements showing regular income
- Passport-size photographs — Typically 2
- Completed application forms — Provided by the broker
For institutional investors or companies, additional documentation includes commercial registration, articles of association, and board resolutions authorizing investment activities.
Step 3: Visit Your Broker
Visit a branch of your chosen broker/bank. The account opening process typically involves:
- Meeting with an investment advisor who assesses your investment profile
- Completing KYC (Know Your Customer) forms — required by BNA anti-money-laundering regulations
- Signing the custody account agreement with CEVAMA
- Signing the brokerage agreement
- Making an initial deposit (minimums vary; some brokers accept Kz 100,000, others require Kz 500,000+)
Step 4: Account Activation
Processing typically takes 3-7 business days. Once approved:
- You receive your CEVAMA custody account number
- You gain access to your broker’s trading platform (if available online) or can place orders by phone/in-person
- You can begin purchasing securities on BODIVA
Understanding the Costs
| Fee Type | Typical Range | When Charged |
|---|---|---|
| Account opening | Free - Kz 10,000 | Once |
| Brokerage commission | 0.25 - 0.50% | Per trade |
| BODIVA trading fee | 0.025% | Per trade |
| CEVAMA custody fee | 0.10 - 0.20%/year | Annually |
| CMC fee | 0.01% | Per trade |
On a Kz 1,000,000 bond purchase, total transaction costs are approximately Kz 3,000-6,000 (0.3-0.6%). Annual custody costs on a Kz 5,000,000 portfolio are approximately Kz 5,000-10,000.
These costs are modest compared to the potential returns. A 20% yield on Kz 5,000,000 generates Kz 1,000,000 annually — the ~0.5% in fees is well worth the access to BODIVA’s market.
What You Can Buy
Once your account is active, you can participate in:
Equity market: Buy and sell shares of the 5 listed companies (BAI, BFA, BCGA, ENSA, BODIVA). Trading hours are 09:30-13:00 WAT, Monday to Friday.
Government bond auctions: Participate in primary market auctions of treasury bills (BTs) and treasury bonds (OTs) conducted through BODIVA on behalf of the BNA and Ministry of Finance.
Secondary bond market: Buy and sell existing government bonds from other investors before their maturity date.
Worked Example: Marco’s First Trade
Marco has opened a custody account at BAI with a Kz 2,000,000 initial deposit. He decides to split his investment:
Purchase 1: Treasury Bond
- Kz 1,000,000 face value, 3-year OT at 21% coupon (semi-annual)
- Brokerage commission: Kz 3,500 (0.35%)
- BODIVA + CMC fees: Kz 350
- Total cost: Kz 1,003,850
- Annual income: Kz 210,000 (paid as Kz 105,000 every 6 months)
- After 10% IAC tax: Kz 189,000 net annual income
Purchase 2: BAI Shares
- 800 shares at Kz 100,500 = Kz 1,000,000
- Brokerage commission: Kz 3,500 (0.35%)
- BODIVA + CMC fees: Kz 350
- Total cost: Kz 1,003,850
Marco now has a diversified starting portfolio: stable income from the government bond and growth potential from BAI equity. His total transaction costs were Kz 7,700 — less than 0.4% of his Kz 2,000,000 investment.
Key Takeaways
- You need three things to invest on BODIVA: a bank account, a CEVAMA custody account, and a licensed broker
- Most major Angolan banks serve as all three — making the process straightforward
- Required documents: BI, NIF, proof of address, proof of income
- Account opening takes 3-7 business days and costs are minimal
- Transaction costs (0.3-0.6% per trade) are modest relative to available returns (18-22%)
- Approximately 58,000 Angolans already have custody accounts — the process is established and growing
Common Mistakes
Not comparing brokers — Commission rates and minimum investments vary significantly. A 0.25% difference in commission adds up over years of trading.
Opening an account without a plan — Have your investment goals and asset allocation decided before you open the account. Otherwise, you risk making impulsive first trades.
Expecting instant access — Account processing takes several days. Do not wait until you spot an investment opportunity to start the process.
What’s Next
With your account ready, it is time to understand the two main asset classes you will be buying. The next lesson explains how government bonds work — the workhorse investment for most Angolan portfolios.
Next Lesson: How Bonds Work — The Foundation of Angola’s Capital Markets
Learn about BODIVA and CEVAMA in the financial encyclopedia. Review the CMC regulations governing securities trading.