Approximately 58,000 custody accounts now hold dematerialized securities through the Central de Valores Mobiliarios de Angola (CEVAMA), Angola’s central securities depository and settlement system. As the sole post-trade infrastructure for every instrument listed on BODIVA – from treasury bills and government bonds to the equity shares of BAI (trading near Kz 100,500) and BFA (trading near Kz 118,000) – CEVAMA occupies a critical position in the architecture of Angola’s capital markets.
Institutional Profile
| Detail | Value |
|---|---|
| Full Name | Central de Valores Mobiliarios de Angola |
| Parent Entity | BODIVA (Bolsa de Divida e Valores de Angola) |
| Function | Central securities depository, clearing, settlement |
| Regulator | Comissao do Mercado de Capitais (CMC) |
| Securities Held | Equities, treasury bills (Bilhetes do Tesouro), treasury bonds (Obrigacoes do Tesouro) |
| Total Custody Accounts | ~58,000 |
| Settlement Cycle (Equities) | T+2 |
| Settlement Cycle (Government Bonds) | T+0 to T+1 |
Core Functions
Securities Registration. CEVAMA maintains the definitive legal register of ownership for all BODIVA-listed securities. Every transfer of title – whether from a secondary market trade or a primary market allocation during an IPO – is recorded in the CEVAMA system. This registry function provides legal certainty of ownership and eliminates the risks associated with physical certificates.
Custody. All securities within the CEVAMA system are held in dematerialized (book-entry) form. There are no physical share certificates. This structure aligns with international best practice and is a prerequisite for efficient institutional participation. Custody accounts are segregated by beneficial owner, providing asset protection in the event of intermediary default.
Clearing and Settlement. CEVAMA processes the clearing and settlement of all trades executed on BODIVA. Equities settle on a T+2 cycle, consistent with major international markets. Government bonds, which constitute the largest share of BODIVA’s trading volume, settle on T+0 or T+1, reflecting the shorter settlement conventions typical of sovereign fixed-income instruments. The Banco Nacional de Angola (BNA) uses the CEVAMA infrastructure for the settlement of its twice-weekly treasury bill and bond auctions.
Corporate Actions. CEVAMA administers dividend payments, coupon distributions, bond maturities, stock splits, and other corporate events. When BAI or BFA declare dividends, the distribution flows through CEVAMA to the registered holders in each custody account.
Investor Access
Any investor wishing to hold BODIVA-listed securities or participate in BNA government bond auctions must open a CEVAMA account. Accounts are established through BODIVA-licensed broker-dealers (sociedades corretoras) or commercial banks authorized as CEVAMA participants. The account-opening process requires identification documents and compliance with anti-money-laundering (AML) and know-your-customer (KYC) procedures mandated by the CMC. Non-resident investors, including members of the Angolan diaspora, may open CEVAMA accounts subject to BNA foreign exchange regulations.
Role in Market Development
As the PROPRIV privatization programme delivers additional IPOs to BODIVA, CEVAMA’s operational capacity becomes a direct constraint on market growth. The system must scale to handle increased trade volumes, new account openings, and more complex corporate action events. With Angola’s sovereign credit rated B-/B3/B- (S&P/Moody’s/Fitch, all Stable outlook) and the BNA base rate at 17.5%, fixed-income trading through CEVAMA remains substantial, while the equity segment continues to expand.