The first Angolan digital banking platform DUbank, is set to be inaugurated at the beginning of 2020 with an initial investment valued at $12 million.
Sérgio Hirose, Executive Director at DUbank, claimed that all the legal requirements stipulated by the National Bank of Angola have already been fulfilled. The only item remaining was the endorsement of the regulatory body for banking activity in the country.
The businessman explained that the investment has been made since April 2019, with the installation of platform, technological systems and only the license from the BNA (Central Bank) required to start the activity.
DUbank Angola, will have a customer support service and can reach all customers across Angola, where there is internet connection.
The DUbank website was installed last December and already has more than five thousand requests from members pre-registered to open an account.
The initiative will create 100 direct jobs, more than 300 candidates already registered their interest to work on the project, and will focus on training national technicians.
Although Angola does not yet have regulations governing the activity of digital banking platform, DUbank Angola guarantees security and transparency, as the Central Bank is responsible for carrying out the audit.
The digital bank will work through a smartphone, with an account and a multi-card, whose transfer management will be in charge of the Interbank Service Company (EMIS).
When asked if a digital bank could be managed with no deposit facilities, Sérgio Hirose said,
“Individuals just need to enter their smartphone application which will generate a payment guide. Customers should then go to any bank to make the deposit in their DUbank Angola account.
And, if your salary is domiciled in a DUbank Angola account, you can then perform any banking transaction without operating costs.”
DUbank will have services such as the salary segment, payment slip, tax payment, insurance, transfers, among others, provided by conventional banks.
The concept will attract many foreign investors to the country. Furthermore, Sérgio Hirose claimed he already had correspondent banks in Brazil, United States of America that were interested in collaborating.
The DUbank platform allows you to have a password and also a payment password. With any transaction that occurs, the customer will receive a message and can block on the spot.
The card will have a chip function, to enhance security measures. Opening an account with DUbank requires no initial fee, but the customer is requested to give national insurance details and an address. For those who do not have such documents yet, but who wish to benefit from the initiative and become more financially independent, the account can be opened through a telephone number.
In terms of advantages, the intention is to avoid queuing at the bank and to bring more people into the world of online banking without introducing them to heavy banking fees or set up charges. There are no fixed costs as it is digital and in real-time therefore, the application gives a balance of expenses and how much is earned.