Banco Económico
Banco Económico is an Angolan commercial bank providing retail, corporate, and private banking through branches, the EconomicoNet digital platform, and the Multicaixa network. It serves individuals, businesses, high-net-worth clients, and oil and gas firms with deposits, credit, payments, and insurance.
- Company typePublic
- Founded2015
- HeadquartersLuanda, Angola
- Headcount501–1,000
- GTM typeB2B and B2C
- OfferingServices
What Banco Económico does
Banco Económico, S.A. is an Angolan commercial bank headquartered in Luanda that provides retail, corporate, and private banking services to individuals, businesses, high-net-worth clients, and oil and gas sector firms. The bank operates through a multi-channel distribution model combining an Angolan branch network, digital channels (the EconomicoNet web platform and EconomicoNet App for iOS/Android), telephone banking (EconomicoDirecto), and Angola's Multicaixa ATM/POS network. Its core technology stack is the EconomicoNet platform, with a specialized corporate variant (EconomicoNet CORPORATE) providing domestic and international payments, tax-payment integration via MINFIN, salary and supplier payments, direct debits, cheque management, term deposit operations, and liquidity/reconciliation workflows; security is layered with SMS token authentication for high-value operations and a Consult@Cartão portal for corporate Visa credit card holders.
Banco Económico segments its customer base into Particulares (retail), Empresas (corporate - further split into Grandes Empresas, Médias Empresas, Pequenas Empresas e Negócios, Institucionais, and Oil&Gas), and UMOXI/Private for high-net-worth clients, with a dedicated Private banking offering and FAA military protocol. The product portfolio spans current and savings accounts (Conta à Ordem, Conta Bué Salário, Conta Bankita, Conta Júnior), a suite of term deposits under the Rendimento brand (Flexível, Mensal, Crescente, Net, Imediato, ME, Exclusivo), credit products (Crédito à Habitação, Crédito Pessoal, Leasing), an insurance/bancassurance distribution line (home, life, auto/moto, travel, health, family protection, domestic employees, group health), and institutional offerings including Gestão de Fundos, Sala de Mercados (markets trading desk), Recebimento Fácil collections, and TPA/POS acceptance. International capability is provided via multi-currency support and foreign transfers within Angola's domestic regulatory perimeter.
The bank's revenue mechanics combine traditional commercial banking streams - interest income from credit, fee and commission income from accounts/cards/transfers, deposits funding the balance sheet, FX margin, and bancassurance distribution commissions - executed through dedicated relationship management for corporate clients and standardized self-serve channels for retail. Registered share capital is AOA 72,000,000,000, structure is 'Sociedade Aberta', and operations are concentrated in Angola with no disclosed international expansion. Pricing is not publicly disclosed beyond the bank's published Preçário; no parent company, controlling shareholder, or funding event data is provided.
Banco Económico firmographics
Firmographics- Name
- Banco Económico
- Legal name
- Banco Económico, S.A.
- Website
- https://bancoeconomico.ao
- Company type
- Public
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 501–1,000 employees
- Short description
- Banco Económico is an Angolan commercial bank providing retail, corporate, and private banking through branches, the EconomicoNet digital platform, and the Multicaixa network. It serves individuals, businesses, high-net-worth clients, and oil and gas firms with deposits, credit, payments, and insurance.
- Ownership category
- akta.pro rank
Banco Económico industry classification
Industry- Product category
- Commercial Banking
- NAICS
- Commercial Banking (52211), Depository Credit Intermediation (5221)
- SIC
- State Commercial Banks (6022)
- akta.pro primary industry
- General SME & Middle-Market Commercial Banking (FSABABAA)
- akta.pro secondary industries
- Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC), SME Business Lending (Term Loans, Lines of Credit, Overdrafts) (FSABABAB), Retail Wealth & Bancassurance Distribution (Investment & Insurance via Bank) (FSABAAAJ)
Keywords
Where Banco Económico is headquartered
LocationHeadquarters
- HQ city
- Luanda
- HQ country
- Angola
- HQ region
- Africa
Offices2 records
Markets served
Banco Económico business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Supply Chain, Others
Revenue model
- Interest Income: Revenue generated from providing credit products including mortgages, personal loans, leasing, and working capital financing to retail and corporate customers.
- Fee and Commission Income: Fees from banking services including account maintenance, transactions, transfers, card management, and digital banking service usage.
- Currency Exchange: Revenue from foreign exchange transactions and currency trading services, with multiple currency support including USD, EUR, GBP, and others.
- Deposit Taking: Accepts customer deposits through various account types including current accounts, savings accounts, and term deposits (Rendimento Flexível, Rendimento Mensal, Rendimento Crescente, etc.).
- Insurance Products: Bancassurance distribution including home insurance, life insurance, auto/motor insurance, travel insurance, health insurance, and domestic employee insurance.
Go-to-market motion1 record
Distribution channels6 records
Marketing channels4 records
Banco Económico product offering
Product offeringCore offering
Banco Económico is an Angolan commercial bank that delivers retail, corporate, and private banking services through physical branches and its EconomicoNet digital platform. Its core offerings span current and savings accounts, time deposits (Rendimento series), credit products (mortgages, personal loans, leasing), Multicaixa-branded debit cards, and bancassurance products (home, life, auto, travel, family, domestic employee, group health). For businesses, it provides EconomicoNet CORPORATE with treasury management, Recebimento Fácil payment collection, TPA terminals, fund management, and market operations services.
Product overview
Banco Económico offers a comprehensive digital banking platform centered around its EconomicoNet internet banking system with web and mobile app channels, complemented by a full suite of retail, corporate, and private banking products. The product portfolio is organized across three main segments: Particulares (retail customers) with accounts, cards, savings deposits (multiple Rendimento time deposit variants), credit products (home loans, personal loans, leasing), and insurance; Empresas (business banking) with treasury services, corporate credit cards, TPA terminals, specialized solutions for large/medium/small enterprises, Oil&Gas sector services, fund management, and market trading; and UMOXI private banking with exclusive privileges and personalized services. Key digital channels include EconomicoNet (web), EconomicoNet App (iOS/Android), EconomicoDirecto (phone), and Consult@Cartão (corporate card portal). The bank integrates with the Multicaixa payment network, Visa Corporate cards, and the Ministry of Finance's MINFIN portal for tax payments.
Differentiator
Problem solved
Functional benefit
Brands
- Umoxi: Premium/private banking service for high-net-worth clients offering exclusive privileges, investments, financial advisory, and specialized insurance products.
- EconomicoNet
- EconomicoNet App
- EconomicoNet CORPORATE
- EconomicoDirecto
- Consult@Cartão
Products and services
- EconomicoNet Internet Banking
- EconomicoNet App
- EconomicoNet CORPORATE
- EconomicoDirecto Telephone Banking
- Conta à Ordem (Current Account)
- Conta Bué Salário (Salary Account)
- Conta Poupança Júnior e Jovem (Junior and Youth Savings Account)
- Conta Bankita (Children Savings Account)
- Depósitos a Prazo (Rendimento Series Time Deposits)
- Rendimento Mensal (Monthly Interest Time Deposit)
- Rendimento Net (Digital Time Deposit)
- Crédito à Habitação (Home Mortgage Loan)
- Crédito Pessoal (Personal Loan)
- Leasing
- Cartão Multicaixa (Multicaixa Debit Card)
- Levantamento sem Cartão (Cardless ATM Withdrawal)
- Autorização de Débito em Conta (ADC)
- Recebimento Fácil
- Net Corporate Tesouraria (Corporate Treasury)
- Terminal de Pagamento Automático (TPA)
- Consult@Cartão
- Gestão de Fundos (Fund Management)
- Sala de Mercados (Markets Desk)
- Grandes Empresas (Large Enterprises Banking)
- Médias Empresas (Medium Enterprises Banking)
- Pequenas Empresas e Negócios (Small Business Banking)
- Oil&Gas Sector Banking
- Umoxi Premium Banking
- Seguros (Insurance Products)
- Protecção Família (Family Protection Insurance)
- Saúde Grupo (Group Health Insurance)
Companies that use Banco Económico
Customer profileSegments9 records
Ideal customer profiles3 records
Banco Económico technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration5 records
Feature5 records
Banco Económico partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and minor.
- MINFIN (Ministry of Finance - Angola)corePartnership with Angola's Ministry of Finance enabling businesses to pay taxes (Documento de Liquidação de Imposto - DLI) directly through the EconomicoNet CORPORATE banking platform. This integration allows efficient tax payment processing and reconciliation.
- Multicaixa (EMIS)coreIntegration with the Multicaixa national payment network for ATM withdrawals, card payments, and the Recebimento Fácil service allowing customers to make payments at any Multicaixa channel.
- Vista AlegreminorExclusive partnership providing Umoxi premium banking customers with special Vista Alegre privileges and benefits as part of the premium customer experience.
- FAA (Forças Armadas Angolanas)minorProtocol agreement (Protocolo FAA) providing special banking services and conditions for members of the Angolan Armed Forces.
Scale indicators2 records
Recent moves6 records
Expansion highlights5 records
Banco Económico competitors and assessment
Company assessmentDirect peers
- Banco Sol: Portuguese-speaking African bank (Angola) with retail and corporate banking. Comparable as a Lusophone African commercial bank with similar product set and corporate/SME focus.
- Banco BIC Angola: Angolan universal bank with retail and corporate focus, including SME and oil sector exposure. Comparable as a domestic commercial bank of similar scale competing for similar customer segments.
- Banco Angolano de Investimentos (BAI): One of Angola's largest universal banks with strong retail and corporate franchises. Comparable as a domestic commercial bank competing for the same Particulares, Empresas, and Oil&Gas clients.
- Millennium Atlântico: Portuguese-owned Angolan universal bank serving retail, private, and corporate clients. Comparable as a mid-to-large full-service commercial bank with similar multi-segment strategy and digital platform.
- Banco de Fomento Angola (BFA): Largest private bank in Angola, offering retail, corporate, and treasury services. Directly comparable as a full-service Angolan commercial bank with similar SME, large enterprise, and oil sector exposure.
Regional players
- Banco Económico de Moçambique (or BCI Moçambique): Major Mozambican commercial bank offering retail, SME, and corporate banking. Comparable as a Lusophone African commercial bank in a neighboring oil-and-gas-adjacent market, useful for regional benchmarking.
Emerging players
- Yetu Bank: Relatively newer Angolan commercial bank focused on digital and SME banking. Comparable as an emerging Angolan full-service bank pursuing similar retail and SME segments with digital-led strategy.
Others
- BAI Europa (BAI): Portuguese-based arm of BAI focused on corporate and private banking. Comparable as an Angolan-linked private/corporate banking channel serving similar HNW and corporate clients with cross-border needs.
Broad incumbents
- Standard Bank de Angola: Subsidiary of Standard Bank Group offering corporate, investment, and retail banking in Angola. Comparable as a full-service commercial bank with multinational backing competing for the same corporate and Oil&Gas clients.
- Banco de Poupança e Crédito (BPC): State-linked Angolan bank with the largest branch network and dominant retail deposit position. Comparable as a domestic universal bank serving retail, SME, and corporate customers with similar product breadth.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Banco Económico social profiles
Digital presenceBanco Económico financial estimates
Financial estimateRevenue estimate
Valuation estimate
Banco Económico leadership team
Management profileNumber of profiles
Banco Económico funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Banco Económico M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Banco Económico
What does Banco Económico do?
Banco Económico is an Angolan commercial bank that delivers retail, corporate, and private banking services through physical branches and its EconomicoNet digital platform. Its core offerings span current and savings accounts, time deposits (Rendimento series), credit products (mortgages, personal loans, leasing), Multicaixa-branded debit cards, and bancassurance products (home, life, auto, travel, family, domestic employee, group health). For businesses, it provides EconomicoNet CORPORATE with treasury management, Recebimento Fácil payment collection, TPA terminals, fund management, and market operations services.
Is Banco Económico a public or private company?
Banco Económico is a public company. It is classified as unknown and is currently operating.
When was Banco Económico founded?
Banco Económico was founded in 2015. It employs 501 to 1,000 people.
Where is Banco Económico based?
Banco Económico is headquartered in Luanda, Angola, in the Africa region.
How does Banco Económico make money?
Five revenue lines are on record. Interest Income is the primary driver. The others are fee and Commission Income, currency Exchange, deposit Taking and insurance Products.
Who are Banco Económico's main competitors?
Direct peers on record are Banco Sol, Banco BIC Angola, Banco Angolano de Investimentos (BAI), Millennium Atlântico and Banco de Fomento Angola (BFA). Banco Económico de Moçambique (or BCI Moçambique) is listed as a regional player. Yetu Bank is listed as an emerging player. BAI Europa (BAI) is listed as an others. Broad incumbents are Standard Bank de Angola and Banco de Poupança e Crédito (BPC).
Does Banco Económico have an API?
No public API is recorded for Banco Económico.
What industry is Banco Económico in?
Banco Económico's product category is Commercial Banking. Its primary akta.pro industry code is FSABABAA, General SME & Middle-Market Commercial Banking, with a secondary code of FSABAAAA, Mass-Market Consumer Deposit Banking (Checking/Savings). Its NAICS code is 52211 and its SIC code is 6022.