Access to Capital - Cabo Verde

The exchange rate between the euro and the Cape Verdean escudo (CVE) is fixed under the exchange cooperation agreement concluded between Portugal and Cape Verde on March 13, 1998 for an amount of 1 euro at 110,265 CVE.

The means of payment available in the Cape Verdean financial system, in addition to the currency, namely the acceptance of payments in euros or dollars, are the national bank check (whose acceptance is reduced, depending on the credibility of the user) and bank cards. , National and international debit cards (VISA), credit cards (VISA and Mastercard), accepted at quotViniti4quot terminals (ATM network) and at automatic payment terminals that can be used in all commercial service centers.

The degree of bancarization is about 96%, but it should be noted that there are holders with several bank accounts. Internet banking services are provided by Cape Verdean Banking Services, supplemented by more than 90 branches belonging to the 7 banks operating throughout the territory.

According to Cape Verdean legislation governing financial activities, the system includes :

Financial institutions

Auxiliary institutions of financial activities

International Financial Institutions (IFIs)

Credit financial institutions

These are companies whose activities consist in receiving deposits or other repayable funds from the public and in granting credits for their own account. The Cape Verdean financial system currently has the following credit institutions:

BAI-Angolan Investment Bank Cape Verde www.bancobai.cv with a capital of 1,000,000 PTE (9.07 million EUR) divided between BAI Angola (71%), Sonangol (19%) and the Cape Verdean company Sogei (10%);

BCA-Banco Comercial do Atlântico www.bca.cv , with a registered capital of PTE 1,000,000 (€9.07 million), is located on all the islands and in almost all the municipalities of the country through its 33 branches. Link below contact for all agencies

http://www.bca.cv/Conteudos/Articles/detail.aspx?idc=332&idsc=1405&idl=1.

Its shareholding structure is divided between the consortium Caixa Geral de Depósitos (52.65%), the insurer Garantía (12.52%), State of Cape Verde (10%), workers and other shareholders (24 .83%);

Banco Caboverdeano de negócio https://www.bcn.cv/fr/ ex-Banco Totta du Cap-Vert, with a capital of 900,000 Cape Verdean escudos (8.16 million euros), owned by SEPI-Société promotion and social promotion Investment (43.8%) - held by 20 Cape Verdean shareholders, including 10 residing in Portugal - Banif-Banco Internacional do Funchal (51.8%) and the Red Cross of Cape Verde (4, 4%); and on March 24, 2017, ÍMPAR acquired Banif's stake in BCN, corresponding to 51.7% of the shares, thus ending the negotiations already underway since December 2016, once again placing BCN as the only bank in Cape Town -Green with 100% Cape Verdean capital and management.

BI-Banco Interatlântico http://www.bi.cv/ , whose share capital is PTE 1,000,000 (9.07 million euros), has as shareholders Caixa Geral de Depósitos (70%), Empreitel Figueiredo ( 11.11%). Adega (6.43%), Sita (5.45%) and small shareholders/workers (7.01%). It has 7 branches in the country;

Banco Internacional de Cabo Verde www.iibanks.com , with a capital of 1,443,445 Cape Verdean escudos (13 million euros), began operations in July 2010;

CECV-Caixa Económica de Cabo Verde http://www.caixa.cv/ in partnership with the Post Office of Cape Verde, with a share capital of 348,000 Cape Verdean escudos (3.16 million euros), with 30 agencies in all the islands of the country and 12 post offices. Its shareholding includes the National Institute of Social Protection (31.4%), Geocapital (27.4%), Correios de Cabo Verde (15%), the insurance company Impar (11%), Private Cape Verdean (7 .5%), Other subscribers (6.5%) and workers (1.2%);

Ecobank https://www.ecobank.com . Ecobank, officially Ecobank Transnational Incorporated (ETI), is a pan-African banking conglomerate founded in Togo in 1985 and present in 36 countries in West, Central and East Africa. It is the second largest bank in Africa, surpassed only by the South African Standard Bank. Ecobank is listed on the Abidjan, Lagos and Accra stock exchanges. In Cape Verde, its activity began in 2010;

Novo Banco , https://www.novobanco.pt/site/ with a capital of 300,000 PTE (2.72 million euros), results from a partnership between the State (5%) and Cape Verdean institutions (CECV-Caixa Econômica de Cabo Verde, CCV-Correios de Cabo Verde, IFH-Imobiliária, Terre et Habitat and INPS - National Institute of Social Protection) and BPG - Portuguese Management Bank (activity started in 2010).