In 2018, the National Bank of Angola announced that new banking regulations would be tabled at the National Assembly in 2019 to govern mobile banking. Standard Bank Angola also plans to increase its mobile money products as only 29.3% of Angolans have access to traditional banking services. (Tawanda Karombo, 2019)
The National Bank and industry stakeholders hope that the advent of new regulations will boost the mobile money and digital payments sector and promote financial inclusion. (Tawanda Karombo, 2019)The proposed regulations have not yet been tabled close to the end of 2019.
The Ugandan firm Africell announced in July its plans to expand operations into Angola where it
hopes to compete aggressively with the state-owned Angola Telecom which has enjoyed a large
market share to date. The company hopes to increase its fintech offering to include mobile payments, micro-insurance and micro-finance. (Elias Biryabulema, 2019).