BODIVA processed 10,328 transactions totaling AOA 6.06 trillion (~$6.6 billion) in 2024, with custody accounts at CEVAMA reaching 58,389 – yet the exchange remains poorly understood by many potential investors, both domestic and international. The following addresses the most common questions received by brokers, the CMC, and BODIVA itself.
Account opening and access
How do I open a trading account?
You need a custody account (conta de custodia) at CEVAMA, Angola’s central securities depository. You cannot open this directly – instead, you apply through one of the 16 licensed brokers (corretoras) or 21 settlement agents authorized by the Comissao do Mercado de Capitais (CMC). The broker handles the CEVAMA application on your behalf. Account opening typically takes 3-5 business days, though some bank-affiliated brokers complete the process in 24-48 hours for existing bank clients. There is no CEVAMA fee for opening a custody account. For the full step-by-step process, see the how to trade guide.
What documents do I need?
For Angolan nationals: a valid Bilhete de Identidade (BI), your Numero de Identificacao Fiscal (NIF), and proof of residential address (comprovativo de morada) such as a utility bill or bank statement dated within the last 90 days. For corporate entities: the Certidao do Registo Comercial (commercial registry certificate), company articles (estatutos da sociedade), corporate NIF, and identification of authorized signatories. Foreign investors substitute a passport for the BI and must additionally register with the BNA as a non-resident investor.
How do I find and choose a broker?
All 16 licensed brokers are listed in the market participants directory. The majority are subsidiaries of Angola’s major banks – BAI, BFA, Standard Bank Angola, BIC, and Banco Millennium Atlantico among them. If you already hold a bank account at one of these institutions, opening a brokerage account through their affiliated broker is typically the fastest path. Key differentiators between brokers include commission rates (0.5-1.0% for equities), availability of remote order placement (telephone or online vs. in-person only), and research coverage.
Can I have accounts at multiple brokers?
Yes. An investor may hold custody accounts through more than one broker. However, each custody account at CEVAMA is linked to a single broker and settlement agent. If you wish to trade through a different broker, you must either open a new custody account through that broker or request a transfer of your existing account – a process that requires written authorization and may take several business days.
What can I trade?
What instruments are available on BODIVA?
BODIVA offers four main instrument categories: (1) equities – shares in the five listed companies (BAI, BCGA, ENSA, BODIVA, BFA); (2) government bonds – Obrigacoes do Tesouro (treasury bonds) in kwanza, dollar-indexed (OT-X), and non-reajustable (OT-NR) series, plus Bilhetes do Tesouro (treasury bills); (3) corporate bonds issued by selected Angolan companies; and (4) repurchase agreements (acordos de recompra), which dominated 72% of total trading value in 2024. The full equity listing details are on the equities dashboard.
How do I buy government bonds?
Government bonds can be purchased on the secondary market through your broker on BODIVA, or at primary auctions conducted by the Banco Nacional de Angola (BNA) on behalf of the Ministry of Finance. The minimum face value is just AOA 1,000 (~$1.10), making sovereign debt highly accessible. Bonds pay periodic coupons (for Obrigacoes do Tesouro) or are sold at a discount and redeemed at par (for Bilhetes do Tesouro). Maturities range from 91 days (shortest T-Bill) to 10+ years (longest OT series). For detailed information on government debt, see the treasury bonds section.
How do I buy stocks?
Instruct your broker to place a buy order on BODIVA’s electronic trading platform (SETIC) for the desired company and quantity. You can place a market order (ordem ao mercado) for immediate execution at the best available price, or a limit order (ordem com limite) specifying your maximum purchase price. Settlement occurs at T+2, meaning the shares will appear in your CEVAMA custody account two business days after execution.
What are the five listed companies?
As of early 2026, five companies trade on BODIVA’s equity segment: BAI (Banco Angolano de Investimentos – Angola’s largest bank by assets, listed November 2022), BCGA (Banco Caixa Geral Angola – subsidiary of Portugal’s CGD, listed November 2022), ENSA (Empresa Nacional de Seguros de Angola – national insurer, listed 2024), BODIVA (the exchange itself, listed 2024), and BFA (Banco de Fomento Angola – listed September 2025, 5x oversubscribed). Total market capitalization stands at approximately $3.37 billion.
Fees, taxes, and costs
What fees will I pay?
Three categories of fees apply: (1) broker commissions, typically 0.5-1.0% of transaction value for equities and 0.25-0.5% for bonds; (2) BODIVA trading fees and CEVAMA settlement fees, which are usually embedded in the broker’s commission and not separately itemized; and (3) possible annual custody and account maintenance fees, which vary by broker and are sometimes waived. There is no stamp duty or transaction tax beyond the IAC (see below).
What tax do I pay on gains?
The Imposto sobre a Aplicacao de Capitais (IAC) applies at a flat rate of 15% on capital gains from the sale of securities, interest income from bonds, and dividend income from equities. The tax is withheld at source by your custodian bank or settlement agent – you receive net proceeds after IAC deduction. The Administracao Geral Tributaria (AGT) is the responsible tax authority. No additional income tax applies to securities investment income for individuals.
What is the minimum investment?
There is no regulatory minimum. In practice, the smallest possible investment is AOA 1,000 (~$1.10) for a government treasury bill or bond. For equities, the minimum is one share – prices vary by listing but BAI, for example, trades at kwanza-equivalent prices that are accessible to most Angolan retail investors. The deliberately low entry point for bonds reflects Ministry of Finance policy to democratize access to government debt.
Foreign investor access
Can foreigners invest on BODIVA?
Yes. Non-resident investors (investidores nao-residentes) – both individuals and institutions – can trade all instruments on BODIVA through licensed local brokers. Additional requirements apply: you must obtain a NIF from the Angolan tax authority (through a local fiscal representative), register with the BNA as a non-resident investor, and open a conta de investidor nao-residente at a licensed custodian bank. Since 2019, Aviso 15/19 exempts capital markets transactions from the CEOC foreign exchange tax, removing the largest historical friction point for cross-border flows.
Can I repatriate my profits?
Dividends, interest income, and capital gains may be repatriated in foreign currency (USD, EUR), provided the original investment was registered with the BNA and proper documentation is maintained. Repatriation requests are processed through your custodian bank and typically settle within 5-10 business days. The process is governed by the Lei do Investimento Privado (LAIP) and supplementary BNA regulations.
What currency is trading in?
All trading on BODIVA is denominated in Angolan kwanzas (AOA). Foreign investors must convert to AOA to purchase securities and convert back when repatriating proceeds. The kwanza exchange rate is determined primarily through the BNA’s foreign exchange auction system, with interbank and commercial bank rates available. For current rates and analysis, see the FX section.
Trading mechanics
What are the trading hours?
BODIVA’s equity trading session operates from 10:00 to 13:00 Luanda time (WAT, UTC+1), Monday through Friday, excluding Angolan public holidays. The fixed-income market operates on an extended schedule. Pre-market order entry is accepted before the opening. The full calendar of trading days and holidays is published on the trading calendar page.
What order types are available?
Two primary order types: market orders (ordem ao mercado), executed immediately at the best available price; and limit orders (ordem com limite), which specify a maximum purchase price or minimum sale price and remain on the order book until filled, partially filled, or cancelled. Direct market access for retail investors is not yet available – all orders are placed through your broker.
What is the settlement cycle?
T+2. This means trades executed on Monday settle on Wednesday, Tuesday trades settle on Thursday, and so on (excluding public holidays). Settlement is handled by CEVAMA using a delivery-versus-payment (DVP) mechanism, ensuring that the securities and cash legs of each transaction settle simultaneously and irrevocably. For a detailed explanation of the process, see the settlement and clearing guide.
Can I trade online?
Direct online trading by retail investors (like a self-directed brokerage platform) is not yet widely available on BODIVA. Most investors place orders through their broker via telephone, email, or in-person visits. However, several brokers are developing digital order-entry capabilities, and BODIVA has indicated that enabling broader electronic access is a strategic priority. Some institutional investors access SETIC indirectly through broker-provided terminals.
Market structure and safety
Is my money safe?
Multiple protections apply. Client assets held at CEVAMA are legally segregated from the broker’s own assets (conta de terceiros vs. conta propria), meaning that if your broker becomes insolvent, your securities remain in your name and cannot be claimed by the broker’s creditors. Settlement operates on a DVP basis, eliminating the risk that you deliver cash but fail to receive securities (or vice versa). The CMC conducts ongoing market surveillance and can sanction intermediaries for misconduct. That said, BODIVA is a frontier market and carries inherent risks – including thin liquidity, FX volatility, and limited regulatory track record – that sophisticated investors should weigh carefully.
What is the CMC?
The Comissao do Mercado de Capitais is Angola’s independent securities regulator, established under the Codigo dos Valores Mobiliarios (Lei 22/15). It is responsible for licensing all capital markets intermediaries, approving prospectuses and public offerings, monitoring trading for market abuse, enforcing disclosure obligations on listed companies, and protecting investors. The CMC reports to the Ministry of Finance and operates independently from the BNA’s banking supervision function. For a full profile, see the CMC regulatory overview.
What is CEVAMA?
The Central de Valores Mobiliarios de Angola is Angola’s sole central securities depository. It holds all securities in dematerialized (electronic book-entry) form, maintains the definitive register of ownership, manages custody accounts for all investors, and executes the DVP settlement process. CEVAMA launched in 2016 and administered 58,389 custody accounts as of year-end 2024. It is a subsidiary of BODIVA.
How liquid is the market?
Liquidity varies dramatically by segment. The government bond and repo markets are deeply liquid, with daily turnover in the billions of kwanzas driven by BNA open market operations and commercial bank treasury management. The equity market is significantly less liquid – with only five listed companies and a short trading history, daily equity turnover remains modest. Bid-ask spreads on equities can be wide, and large orders may take time to fill. Liquidity is expected to improve as the PROPRIV privatization pipeline delivers additional listings and the investor base broadens.
Can I short sell?
No. Short selling (venda a descoberto) is not permitted on BODIVA. All sell orders must be backed by securities held in the seller’s CEVAMA custody account at the time the order is placed. The DVP settlement process validates securities availability on T+1, and any order not backed by existing holdings will fail settlement.
Are there ETFs or index funds?
Not yet. BODIVA does not currently list exchange-traded funds (ETFs), index funds, or any other collective investment vehicles on its exchange. A small number of domestically domiciled unit trusts (fundos de investimento) exist, managed by licensed SGOICs and investing in Angolan bonds and equities, but these are not exchange-traded. The introduction of listed ETFs has been discussed as a future development, contingent on the market reaching sufficient size and depth.
Dividends and corporate actions
How do I receive dividends?
Dividend payments are distributed through CEVAMA and your settlement agent. When a listed company declares a dividend, CEVAMA identifies all shareholders of record as of the data de registo (record date), which is typically set two business days before the payment date. The company transfers the total dividend amount to CEVAMA, which allocates it pro-rata to custody account holders. Your settlement agent credits the net amount (after 15% IAC withholding) to your linked settlement account. The entire process is automatic – no action is required from the investor.
How do I participate in future IPOs?
IPO participation is managed through licensed brokers. When a new offering is announced, the prospectus (prospecto) specifies the subscription period, price range, allocation methodology, and eligible investor categories. You submit a subscription order through your broker during the open subscription window. If the IPO is oversubscribed (as all five BODIVA IPOs have been), shares are allocated according to the rules set out in the prospectus – typically with a preferential tranche for retail investors. Monitor the IPO section for the latest pipeline and upcoming offerings.
What happens when a bond matures?
Upon maturity, CEVAMA coordinates the redemption. The issuer (the Ministry of Finance for government bonds, or the corporate issuer) transfers the redemption amount (face value plus any final coupon) to CEVAMA, which distributes it to the custody accounts of all holders as of the record date. Your settlement agent credits the net proceeds (after any applicable IAC withholding on the final coupon) to your settlement account. The bond is simultaneously removed from your custody account. No action is required from the investor.
Regulatory and legal
What law governs the capital markets?
The primary legislation is the Codigo dos Valores Mobiliarios (Lei 22/15), Angola’s comprehensive securities code covering issuance, trading, settlement, market conduct, and investor protection. This is supplemented by CMC regulations (regulamentos), BNA directives (avisos), and Ministry of Finance instructions. Key supplementary instruments include Aviso 15/19 (CEOC exemption for capital markets), the CMC’s listing rules, and prospectus requirements.
Is there a deposit protection scheme?
There is no explicit deposit protection scheme equivalent to FDIC or SIPC for securities held at CEVAMA. However, the legal segregation of client assets (the conta de terceiros structure) provides structural protection against broker insolvency. Additionally, the DVP settlement mechanism prevents settlement-related losses, and the CMC has enforcement powers to sanction misconduct and require restitution.
Can I transfer my holdings to another broker?
Yes. You can request a transfer of your custody account from one broker to another by submitting a written transfer request (pedido de transferencia) to both your current and receiving broker. CEVAMA processes the transfer after receiving confirmation from both intermediaries. The process typically takes 3-5 business days and may involve administrative fees from one or both brokers. During the transfer period, your securities remain safe in CEVAMA’s registry – only the broker designation changes.