How to Trade on BODIVA — Complete Guide

With 58,389 custody accounts registered at CEVAMA as of year-end 2024 – up from fewer than 660 in 2016 – the mechanics of accessing the Bolsa de Divida e Valores de Angola (BODIVA) are no longer the province of a small institutional elite. Retail investors now account for a substantial share of new account openings, driven by oversubscribed IPOs and government bond yields that have consistently outpaced inflation. What follows is a practitioner’s guide to the full trade lifecycle, from account origination through settlement.

Step 1: Open a custody account at CEVAMA

Every investor trading on BODIVA must hold a conta de custodia (custody account) at the Central de Valores Mobiliarios de Angola (CEVAMA). This account is the legal record of your securities holdings – all instruments on BODIVA are dematerialized and exist only in electronic book-entry form.

You do not open a CEVAMA account directly. Instead, you apply through one of the 16 licensed brokers (corretoras) or 21 settlement agents (agentes de liquidacao) authorized by the Comissao do Mercado de Capitais (CMC). The broker submits your application to CEVAMA on your behalf.

Required documents

For Angolan nationals (pessoas singulares):

• Bilhete de Identidade (BI) – valid national identity card
• Numero de Identificacao Fiscal (NIF) – tax identification number
• Comprovativo de morada – proof of residential address (utility bill or bank statement, typically dated within the last 90 days)
• Completed CEVAMA account opening form (provided by the broker)

For corporate entities (pessoas colectivas):

• Certidao do Registo Comercial – commercial registry certificate
• Estatutos da sociedade – company articles of association
• NIF of the entity
• BI and NIF of authorized signatories
• Board resolution authorizing brokerage account opening

For foreign investors, see Step 5 below.

Account opening typically takes 3-5 business days, though some brokers with streamlined onboarding processes report completion in 24-48 hours. There is no charge from CEVAMA for opening a custody account; however, your broker may apply an account setup fee.

Step 2: Fund your account

All trading on BODIVA is denominated in Angolan kwanzas (AOA). You must deposit funds into the conta de liquidacao (settlement account) linked to your custody account at your chosen broker or settlement agent.

Funding methods include:

• Bank transfer (transferencia bancaria): The most common method. Transfer from any Angolan bank account to the broker’s designated client account. Funds typically clear same-day within the RTGS system.
• Deposit at branch: Several bank-affiliated brokers accept cash or cheque deposits at branch level, credited to your brokerage settlement account.

There is no regulatory minimum deposit amount, but practical minimums exist by instrument class:

The bond market entry point of just Kz 1,000 is a deliberate policy choice by the Ministry of Finance, designed to make sovereign debt accessible to retail investors. For context on the government’s bond issuance programme, see the treasury bonds overview.

Step 3: Choose a broker

Sixteen intermediaries currently hold brokerage licenses from the CMC. These fall into two categories:

• SCVMs (Sociedades Corretoras de Valores Mobiliarios): Execution-only brokers that act purely as agents, matching client orders on BODIVA without taking proprietary positions.
• SDVMs (Sociedades Distribuidoras de Valores Mobiliarios): Broker-dealers authorized to both execute client orders and trade on their own account (carteira propria).

Most major brokers are subsidiaries of Angola’s largest banks – BAI, BFA, Standard Bank Angola, BIC, and Banco Millennium Atlantico among them. This bank-broker integration means that if you already hold a current account at one of these institutions, the brokerage onboarding process is typically accelerated.

Key criteria for selecting a broker:

• Commission rates: Standard equity commissions range from 0.5% to 1.0% of transaction value. Bond commissions tend to be lower, typically 0.25%-0.5%. Some brokers offer discounted rates for high-frequency or high-value clients.
• Platform access: Not all brokers offer electronic order submission. Ask whether the broker provides remote order placement (telephone, email, or online portal) or requires in-person branch visits.
• Research coverage: A small number of brokers – primarily BFA and Standard Bank Angola – publish proprietary research notes on listed companies.
• Settlement efficiency: All brokers must settle through CEVAMA at T+2, but operational reliability varies.

A complete listing of licensed intermediaries is maintained on the market participants directory.

Step 4: Place your order

Orders are executed on BODIVA’s electronic trading platform, the Sistema Electronico de Transaccoes e Informacao de Cotacao (SETIC). You instruct your broker to place an order on your behalf – direct market access for retail investors is not yet available.

Order types

• Market order (ordem ao mercado): Executed immediately at the best available price. Suitable for liquid instruments where price certainty matters less than execution certainty.
• Limit order (ordem com limite): Specifies the maximum purchase price or minimum sale price. The order remains on the book until filled, partially filled, or cancelled. The standard order validity period is one trading session unless otherwise specified.

Trading hours

BODIVA’s equity trading session runs from 10:00 to 13:00 Luanda time (WAT, UTC+1), Monday through Friday, excluding public holidays. The bond market operates on an extended schedule. The full calendar is published on the trading calendar page.

What you can trade

Step 5: Foreign investor access

Non-resident investors (investidores nao-residentes) can trade on BODIVA, subject to additional requirements established by the Banco Nacional de Angola (BNA).

Regulatory framework

The landmark Aviso 15/19, issued by the BNA in 2019, exempted capital markets transactions from the Contribuicao Especial sobre as Operacoes Cambiais (CEOC) – the foreign exchange operations tax that previously imposed a 0.1% levy on all currency conversions. This exemption materially reduced the cost of entry and exit for foreign portfolio investors.

Requirements for foreign individuals

• Valid passport (in place of the BI)
• NIF issued by the Angolan tax authority (Administracao Geral Tributaria, AGT) – non-residents can apply for a NIF through a local fiscal representative
• Registration with the BNA as a non-resident investor
• Conta de investidor nao-residente at a licensed custodian bank
• Proof of address in country of residence

Capital repatriation

Dividends and capital gains may be repatriated in foreign currency, provided the original investment was registered with the BNA and the investor holds valid documentation. Repatriation requests are processed through the custodian bank and typically settled within 5-10 business days. The process is governed by the Lei do Investimento Privado (LAIP) and supplementary BNA regulations.

Step 6: Settlement at T+2

Once your order is executed on SETIC, settlement occurs on a T+2 basis – meaning two business days after the trade date. CEVAMA handles the delivery-versus-payment (DVP) process:

1. T (Trade date): Your order is matched and confirmed on SETIC. Both buyer and seller receive trade confirmations through their respective brokers.
2. T+1: CEVAMA validates the trade details, confirms securities availability in the seller’s custody account, and verifies cash availability in the buyer’s settlement account.
3. T+2: Simultaneous and irrevocable transfer of securities (from seller to buyer) and cash (from buyer to seller). The DVP mechanism ensures that neither leg settles without the other, eliminating principal risk.

For a detailed explanation of the post-trade infrastructure, see the settlement and clearing process guide.

Taxes and fees

Imposto sobre a Aplicacao de Capitais (IAC)

The IAC is Angola’s capital gains and investment income tax. It applies at a flat rate of 15% on:

• Capital gains from the sale of securities
• Interest income from bonds
• Dividend income from equities

Withholding is handled at source by the custodian bank or settlement agent. Investors receive net proceeds after IAC deduction. The tax authority responsible is the Administracao Geral Tributaria (AGT).

Broker commissions

BODIVA and CEVAMA fees

BODIVA charges a trading fee on each transaction, and CEVAMA charges a settlement fee. These are typically embedded in the broker’s commission structure and not itemized separately to the client. For a full breakdown, see the fee schedule page.

Practical tips

Start with bonds. The government bond market is far more liquid than equities, with daily turnover in the billions of kwanzas. Treasury bills (Bilhetes do Tesouro) with maturities of 91, 182, and 364 days offer a low-risk entry point for new investors. The entry point of just Kz 1,000 makes it accessible to virtually all income levels.

Understand the FX dimension. All instruments on BODIVA are AOA-denominated. For foreign investors, the total return is a function of both the local-currency instrument return and the AOA/USD (or AOA/EUR) exchange rate movement. The kwanza has been broadly stable since mid-2024, but historical volatility has been significant. Monitor the FX section for current rates and BNA auction results.

Attend IPOs. Primary market offerings have consistently offered significant upside. The average first-day return across the five BODIVA IPOs has been substantial, with BFA’s 2025 listing setting the high-water mark. The IPO section tracks the full pipeline of upcoming offerings under the PROPRIV programme.