Being the 3rd largest banking hub of sub-Saharan Africa after the South Africa and Nigeria, Angola boasts a developed banking system that includes 3 state banks and 20 private financial institutions. Similar to many other spheres of Angolan economy, the banking system is tightly connected with Portugal. Despite the rapid growth of Angolan banking system, its services are still limited and hampered by the trivial lack of money. Such thing as the Angolan stock market doesn’t exist.
Foreigners arriving in Angola are looking for a safe place for their money and a reliable service for managing personal finances. Despite obvious financial benefits of working in Angola, dealing with money here can be a frustrating experience for migrants from well-developed countries due to extremely high prices and weakness of the banking system. Angolan expats have to learn new ways in order to survive. In this guide, you will read about the peculiarities of banking in Angola and get valuable tips concerning money in this country preoccupied with money.
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