The conventional view of Angola’s banking sector, until recently, has been that it is for those with a stomach for high risk-taking and not for the faint-hearted. While the ruling Movimiento Popular de Libertacao de Angola (MPLA) government fought a civil war against the Uniăo Nacional para a Independęncia Total de Angola (Unita) rebel movement, banking became almost a law unto itself, as billions of dollars from the country’s oil exports were concealed in a maze of channels and accounts.
Allegations of corruption and political interference diminished the reputation of the country’s banking system in the eyes of the International Monetary Fund (IMF) and the global banking industry, leaving bankers to pursue brighter prospects elsewhere in Africa.
