Financial regulators in Angola and Cabo Verde report rising consumer complaints

Regulatory reports from Angola and Cabo Verde highlight growing challenges in the financial services sectors of both nations.

In Angola, the Agência Angolana de Regulação e Supervisão de Seguros (ARSEG) reported 350 complaints regarding insurance and pension funds for the first half of 2026. The most frequent issues included delays in settling claims, poor communication, and contractual non-compliance. ENSA Seguros, Salam Allianz, and Nossa Seguros were identified as the three insurers with the highest number of complaints. ARSEG noted a low level of financial literacy among consumers and urged supervised entities to improve communication during the contracting process.

In Cabo Verde, the Banco de Cabo Verde (BCV) reported a 150 percent surge in banking fraud cases in 2025 compared to the previous year. Reported fraudulent activities included unauthorized ATM withdrawals, online payment fraud via stolen card data, internal bank employee fraud, and phishing. The BCV received a total of 278 complaints, with the banking sector accounting for 88 percent of all grievances. While the insurance sector saw a 26.92 percent increase in complaints, it remained a smaller portion of the total volume.