Africa-Press – Angola. Commercial banks in Angola will, from today, Monday (1/1/2024), pay 700 kwanzas in interbank commission, if their customers withdraw money from ATM Terminals ( ATM) of other banking institutions.
The measure, which does not affect multicaixa card users, covers all banks that issue payment cards and install ATMs in the country, according to the Interbank Services Company (EMIS).
Previously, the interbank fee for withdrawing monetary values from ATMs from different banks was 350 kwanzas, a commission that, this year, increases to Kz 700, an increase of 100% of the previous value.
The interbank commission is a rate agreed between commercial banks for the reciprocal services provided to each other, without directly impacting the bank customer.
In practical terms, it refers to the amount that one bank pays to another whenever a customer uses another’s ATM.
By the way, the executive administrator of EMIS, Joaquim Caniço, recalls that the respective fee has always existed and “never had an impact on users’ pockets”.
In an interview,he person responsible clarifies that the interbank commission in question is part of a set of incentives for banks to better manage the logistics of loading money into their ATMs.
As a result, the source states that in this process, banks that maintain the largest number of ATMs and make more money available to the population gain more.
However, Joaquim Caniço reiterates that it is a commission that “does not apply to the payment card user”, but contributes to the existence of more ATMs with cash available in Angola.
In other words, the measure aims to encourage banks to make more money available in ATMs, while small banks or those with a reduced number of operating equipment and little financial availability to load ATMs will pay more, due to the fact that their customers use machines from other banks.
EMIS records the existence of around 7.6 million ATM cards and close to 3.5 thousand automated teller machines (ATM) in Angola, with an average of 184 ATMs for each commercial bank.
For More News And Analysis About Angola Follow Africa-Press
