Overview
ENIF (Estratégia Nacional de Inclusão Financeira) is Angola’s National Financial Inclusion Strategy, a multi-year government programme designed to expand access to formal financial services across the country’s 37.9 million population. With financial inclusion levels estimated at approximately 49% of the adult population, ENIF targets a significant expansion of bank account ownership, digital payment usage, insurance penetration, and access to credit and savings products by 2028.
Strategic Objectives
ENIF addresses one of the most fundamental constraints on Angola’s economic development: the majority of the population — particularly in rural areas, among women, and among youth — lacks access to basic financial services. The strategy’s core objectives include:
| Objective | Target Area |
|---|---|
| Bank account penetration | Increase from ~49% to target levels by 2028 |
| Digital payments | Expand mobile money and electronic payment adoption |
| Insurance access | Develop microinsurance products for underserved populations |
| Credit access | Improve SME and agricultural lending through directed programmes |
| Financial literacy | Nationwide financial education campaigns |
| Agent banking | Expand banking services through non-branch channels in rural areas |
Institutional Framework
ENIF is coordinated by the BNA in collaboration with multiple government agencies and financial sector regulators:
- BNA: Lead coordinator, responsible for payment system modernization and banking regulation
- CMC (Capital Markets Commission): Facilitating capital markets participation by retail investors through initiatives like the Portal do Investidor
- ARSEG: Developing regulatory frameworks for microinsurance and expanding insurance access
- MINFIN: Fiscal policy coordination and government payment digitization
- Commercial banks: Implementation partners, including BAI, BFA, BIC, BPC, and others across the 26-bank system
Key Initiatives
Digital Payment Infrastructure
ENIF prioritizes the development of interoperable digital payment systems, including mobile money platforms, electronic point-of-sale networks, and QR code-based payments. The BNA’s Multicaixa Express platform and the modernization of the Multicaixa ATM and POS network are central pillars.
Agent Banking
To reach populations outside urban centres where traditional bank branches are economically unviable, ENIF promotes agent banking — allowing retail outlets, post offices, and other non-bank entities to provide basic financial services on behalf of licensed banks.
Financial Literacy
With a median age of 16.7, Angola’s youth population represents both the largest underserved demographic and the greatest opportunity for financial inclusion. ENIF includes school-based financial education programmes and community outreach initiatives.
Capital Markets Relevance
ENIF’s success has direct implications for Angola’s capital markets development:
- Retail investor base: The Portal do Investidor enables individuals with bank accounts and custody accounts to purchase government securities directly, potentially expanding the domestic investor base for Bilhetes do Tesouro and Obrigações do Tesouro
- Banking sector growth: Increased account penetration expands the deposit base available for bank lending, supporting the growth of credit-to-GDP from its current 14.63%
- Insurance market expansion: Broader insurance access creates growth opportunities for listed insurer ENSA (Kz 18,000 on BODIVA) and the sector supervised by ARSEG
- Mobile operator engagement: Telecoms companies like Unitel are potential mobile money partners, adding a fintech dimension to their business models ahead of a possible IPO
Investor Considerations
Investors should track ENIF implementation metrics — including account penetration rates, digital transaction volumes, and agent banking network expansion — as leading indicators of Angola’s financial deepening trajectory. The IMF monitors financial inclusion as part of its Article IV assessments, providing independent data on progress. A faster-than-expected increase in financial inclusion would be structurally positive for BODIVA-listed bank equities, the insurance sector, and the government’s ability to fund itself through a broader domestic investor base.