BNS

What BNS does

BNS (Black N Share) is an Angolan financial services group founded in 2020 by Inocêncio das Neves, operating through two main regulated entities from Talatona, Luanda: BNS - Sociedade Corretora de Valores Mobiliários, S.A. (securities brokerage) and BNS - Sociedade Gestora de Organismos de Investimento Coletivo, S.A. (asset management), under the parent Black N Share, SA. The group is supervised by the Comissão de Mercado de Capitais (CMC) under licenses 002/SCVM/CMC/08-2024 and 001/SGOIC/CMC/10-2024 respectively, with additional oversight from the Banco Nacional de Angola (BNA) and ARSEG. BNS serves individual investors, corporate clients, institutional investors, and government entities in Angola.

BNS offers an integrated suite spanning brokerage and asset management: order reception and execution on BODIVA, discretionary portfolio management, securities registration and depository, collective investment organization (OIC) management, financial analysis, and capital markets investment consulting. The asset management arm manages three fund categories — securities investment funds (FIM), real estate investment funds (FII), and venture capital funds (FCR) — and has launched three named proprietary funds: Fundo BNS KITADI KIAME I (FEIVMF, closed-end), Fundo BNS TUNDAVALA I (FCR, venture capital), and BNS Investiment for África (open-end, bond-tilted). The platform is built on a multi-subdomain digital presence (bns.ao, corretagem.bns.ao, asset.bns.ao, mybns.ao, recolha-de-intencoes.bns.ao) without disclosed proprietary technology.

BNS's revenue model is a mix of transaction commissions (brokerage execution), recurring management fees (discretionary portfolios and OIC funds, including potential performance fees), and professional services fees (financial analysis and capital markets consulting). The go-to-market is sales-led, combining a direct specialist team targeting institutional and enterprise clients with a website-based intent collection form and inside sales (phone and email) for retail and mid-market investors. The company also acts as a primary-market distribution intermediary, notably for the October 2024 BFA IPO, and operates a 29-person team across two Luanda offices (Belas Business Park, Edifício Cabinda and Edifício Bengo).

Name

BNS

Legal name

Black N Share, SA

Website

https://bns.ao

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

BNS (Black N Share) is an Angolan financial services group, founded in 2020, operating CMC-regulated brokerage and asset management entities that offer order execution, portfolio management, investment funds, and capital markets consulting to individual, corporate, institutional, and government clients in Angola.

Ownership category

akta.pro rank

Headquarters

HQ city

Luanda

HQ country

Angola

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Corretagem - Reception and Execution of Orders: BNS charges commissions for receiving and executing buy and sell orders for financial assets such as stocks, bonds, units of participation and other securities in the regulated market.
2. Discretionary Portfolio Management: BNS manages investment portfolios on behalf of clients, taking autonomous decisions on allocation and movement of assets within the portfolio, earning management fees.
3. Collective Investment Management (OIC/Funds): BNS manages investment funds including Mobiliários (FIM), Imobiliários (FII), and Capital de Risco (FCR), earning management fees and potentially performance fees from fund operations.
4. Financial Analysis and Capital Markets Consulting: BNS provides financial analysis and capital markets investment consulting services, likely earning fees for advisory services.
5. Securities Registration and Deposit: BNS provides securities registration and deposit services for securities and derivative instruments, earning custodial and administrative fees.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

BNS (Black N Share) is an Angolan financial services group providing capital markets intermediation through two CMC-regulated entities: BNS Corretagem (securities brokerage) and BNS Gestão de Ativos (collective investment management). Its services include order reception and execution for stocks, bonds and fund units, discretionary portfolio management, securities registration and depository, management of collective investment schemes (FIM, FII, FCR), financial analysis, and capital markets consulting for individual, corporate, institutional and government clients in Angola.

Product overview

BNS (Black N Share) is a financial services group operating through two main entities: Black N Share - Sociedade Corretora de Valores Mobiliários (securities brokerage) registered with CMC under n.º 002/SCVM/CMC/08-2024, and Black N Share - Sociedade Gestora de Organismos de Investimento Coletivo (asset management) registered under n.º 001/SGOIC/CMC/10-2024. The brokerage platform offers six core services: Order Reception and Execution, Discretionary Portfolio Management, Securities Registration and Depository, OIC Management, Financial Analysis, and Capital Markets Consulting. The asset management arm manages three types of investment funds: Securities Investment Funds (FIM), Real Estate Investment Funds (FII), and Venture Capital Funds (FCR), along with named products including Fundo BNS KITADI KIAME I (FEIVMF closed-end fund) and Fundo BNS TUNDAVALA I (FCR venture capital fund). Individual investors can also access direct products including stocks (Ações), bonds (Obrigações), and units in the collective investment funds.

Differentiator

Problem solved

Functional benefit

Products and services

• Recepção e Execução de Ordens (Order Reception and Execution) Reception and execution of buy and sell orders for financial assets — including stocks, bonds, units of participation and other securities — on Angola's regulated markets via BODIVA. Targeted at individual, corporate and institutional investors who require intermediation to trade on the stock exchange.
• Gestão Discricionária de Carteira de Outrem (Discretionary Portfolio Management) Discretionary portfolio management in which BNS investment managers autonomously decide on the allocation and movement of client assets within pre-established guidelines. Targeted at individual, corporate and institutional clients seeking professional, active management of their investment portfolios.
• Registo e Depósito de Valores Mobiliários e Instrumentos Derivados (Securities Registration and Depository) Registration and depository service for securities and derivative instruments ensuring protection and integrity of client financial assets. Targeted at investors holding securities through BNS who require custodial and administrative services.
• Gestão de Organismos de Investimento Coletivo (OIC Management) Professional management of collective investment organizations, providing diversified portfolios managed by BNS specialists. Targeted at investors seeking exposure to pooled, professionally managed investment vehicles in Angola.
• Análise Financeira (Financial Analysis) Financial analysis services providing detailed insights on capital markets to help investors maximize returns and minimize risks. Targeted at individual, corporate and institutional clients seeking in-depth market analysis.
• Consultoria para Investimentos em Mercados de Capitais (Capital Markets Investment Consulting) Specialized advisory on investments in stock exchanges and capital markets. Targeted at investors (individuals, corporates, institutions, government) seeking expert guidance to structure and execute capital markets investment strategies.
• Fundos de Investimentos Mobiliários (FIM — Securities Investment Funds) Securities investment funds where investors share risks and returns through collective investments in marketable securities managed by BNS. Targeted at investors seeking diversified exposure to the Angolan and broader securities markets.
• Fundos de Investimentos Imobiliários (FII — Real Estate Investment Funds) Real estate investment funds providing co-ownership of properties, land and other real estate assets under professional management. Targeted at investors seeking exposure to Angola's real estate sector through pooled investment vehicles.
• Fundos de Capital de Risco (FCR — Venture Capital Funds) Venture capital funds investing in emerging companies with high growth potential and attractive risk-adjusted returns. Targeted at qualified investors seeking exposure to early-stage and expansion-stage Angolan companies through managed funds.
• Fundo BNS KITADI KIAME I - FEIVMF Fundo Especial de Investimento em Valores Mobiliários Fechado de Subscrição Pública (FEIVMF), a closed-end special securities investment fund open to public subscription, investing in money and capital market opportunities including government debt, private debt, equities and short-term assets. Targeted at public subscribers seeking a closed-end diversified portfolio.
• Fundo BNS TUNDAVALA I - FCR Venture capital fund (FCR) investing in early-stage or expanding companies with high growth potential and future valorization in financial markets including stock exchanges. Targeted at qualified investors seeking venture-capital exposure in Angola.
• BNS Investiment for África Open-end securities investment fund providing access to a diversified portfolio of investment funds with exposure primarily to the bond market; participation unit at Kz 56,849.74 (Fundo Aberto), and a closed version at Kz 59,135.54 per unit as of 24 April 2024. Targeted at investors seeking open-ended diversified exposure via BNS-managed collective vehicles.
• Ações (Stocks) Access to stock investments allowing investors to become shareholders in companies by purchasing shares on BODIVA via BNS Corretagem. Targeted at individual and corporate investors seeking direct equity exposure.
• Obrigações (Bonds) Access to government and corporate debt securities (obrigações) acquired through BODIVA. Targeted at individual and corporate investors seeking fixed-income exposure.

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core and minor.

• Comissão de Mercado de Capitais (CMC)coreOthersCMC is the primary regulatory authority overseeing BNS operations. BNS is registered with CMC under license 002/SCVM/CMC/08-2024 (for brokerage services) and license 001/SGOIC/CMC/10-2024 (for collective investment management). CMC provides regulatory oversight and licensing framework essential for BNS to operate in Angola's capital markets.
• Banco Nacional de Angola (BNA)coreOthersBNA is the central bank of Angola and one of the regulatory authorities supervising BNS group companies. BNA oversight ensures BNS operates within Angola's monetary and financial system regulations.
• Agência Angolana de Regulação e Supervisão de Seguros (ARSEG)coreOthersARSEG is the Angolan regulatory agency for insurance and reinsurance supervision. BNS operates under ARSEG's regulatory umbrella as part of Angola's broader financial services oversight framework.
• BODIVA (Bolsa de Dívida e Valores de Angola)coreOthersBODIVA is listed as a useful link on BNS website, indicating BNS is a member of BODIVA and operates on Angola's securities exchange for trading stocks, bonds, and other securities.
• Banco BIR (Banco de Investimento Rural)coreOthersBanco BIR serves as the depositary (depositário) for BNS Investiment for África fund, holding and safeguarding the fund's assets, which is a critical function in collective investment management.
• Auditoria ABCminorOthersAuditoria ABC is the appointed auditor for the BNS Investiment for África fund, providing independent financial auditing services to ensure fund transparency and regulatory compliance.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Banco Económico: Angolan universal bank with capital markets and investment services. Comparable as a regulated Angolan intermediary competing for retail brokerage and investment fund flows.
• Banco BAI: Banco BAI is a top-tier Angolan universal bank with brokerage, asset management, and investment fund offerings. Competes head-to-head with BNS across both brokerage execution and managed fund products in Angola.
• FNB Angola: Angola subsidiary of FirstRand with wealth and investment offerings. Comparable as a regulated Angolan financial intermediary offering investment and brokerage-style services to retail and corporate clients.
• BFA (Banco de Fomento Angola): BFA is one of Angola's largest banks and a leading securities broker-dealer with full-service capital markets capabilities. Directly comparable as an Angolan broker competing for the same corporate, institutional, and retail flow.
• Standard Bank Angola: Angola arm of Standard Bank Group offering brokerage, wealth, and investment services. Comparable as a multi-product capital markets intermediary targeting institutional and high-net-worth clients in Angola.

Regional players

• African Alliance: Pan-African investment bank and asset manager active across multiple African markets. Comparable to BNS in offering integrated capital markets advisory, brokerage, and asset management.
• Eaglestone Capital: Pan-African investment bank and brokerage with Lusophone Africa focus. Comparable as a capital-markets intermediary serving corporates and institutions in the broader Lusophone African market where BNS operates.

Emerging players

• Coronation Fund Managers: Independent African asset manager with open-end funds and institutional mandates. Comparable to BNS's collective investment management and discretionary portfolio offerings on a fund-management business model basis.
• Allan Gray South Africa: Independent African asset manager known for flagship open-end mutual funds and portfolio management. Comparable to BNS's FIM and discretionary portfolio management business on a model basis, though operating in a more developed market.

Direct peers

• Apex Capital Partners: Angola-focused investment and advisory firm offering capital markets and asset management services. Direct competitor to BNS in the Angolan institutional and corporate advisory space.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/bnsao

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BNS