05 June2:42 PM
Banco de Fomento Angola (BFA) was selected as a Service provider for the issuance of multi-lane cards and for facilitating social cash transfers, aimed at 3,000 families in the municipalities of N'Zeto (Uíge) and Ombadja (Cunene), of the Kwenda “Caminhar” Program .
The Project is an initiative of the Angolan Government to strengthen the social safety net, based on a program of social cash transfers, which aims to support families in need and in vulnerable situations.
For this purpose, prepaid cards were developed, exclusive for the beneficiaries of the Social Monetary Transfer Program, associated with an account of the Social Support Fund (FAS) opened at BFA, designated as “Mother Account”, which will allow periodic transfers automatic payments for ATM cards created.
Households, identified and elected by the FAS, will receive a quarterly subsidy of 25,500 KZ, for one year, from the date of enrollment in the Program, based on different payment alternatives, including the use of a multi-card card - Card Kwenda.
BFA will monitor the registration and training of beneficiaries, in order to ensure the correct use of the cards provided.
The Kwenda Card allows to mitigate various risks associated with money transfers, the inclusion of families in the banking system and serves several purposes such as cash withdrawal and payment of services at ATMs and TPAs.
The Program is supported by a financing line provided by the World Bank and managed by the Social Support Fund (FAS) and expects to reach approximately 1,608,000 beneficiary families nationwide, within 3 years.
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