More than 58,000 custody accounts have been opened on CEVAMA – BODIVA’s central securities depository (Central de Valores Mobiliarios de Angola) – as of early 2026, a figure that has grown significantly since the BAI IPO in June 2022 brought thousands of first-time investors into the Angolan equity market. Opening a custody account is the mandatory first step for any investor seeking to trade the five listed equities or participate in fixed-income markets on BODIVA.
What is a CEVAMA Custody Account?
A CEVAMA custody account (conta de custodia) is the securities holding account required for all transactions on BODIVA. It functions as the equivalent of a brokerage or depository account on international exchanges. Securities purchased on BODIVA – whether equities, Bilhetes do Tesouro (BTs), Obrigacoes do Tesouro (OTs), or corporate bonds – are registered and held in electronic book-entry form within CEVAMA.
All custody accounts are maintained through licensed custodian banks authorized by the Comissao do Mercado de Capitais (CMC). Direct CEVAMA account opening by investors is not possible; access is intermediated through custodians.
Step-by-Step Account Opening Process
Step 1: Select a Custodian Bank
Choose a CMC-licensed custodian bank. Major Angolan commercial banks offer custody services, and several have dedicated capital markets departments. The choice of custodian may also determine which brokers are available for trade execution, as some firms offer integrated custody-brokerage services.
Step 2: Gather Required Documentation
| Document | Residents | Non-Residents |
|---|---|---|
| National ID (Bilhete de Identidade) or Passport | Required | Passport required |
| Tax Identification Number (NIF / Numero de Identificacao Fiscal) | Required | Required |
| Proof of Address (Comprovativo de Morada) | Required | Required |
| Bank Account Details | Required | Angolan bank account required |
| Source of Funds Declaration | Required | Required |
| Corporate Documents (for entities) | If applicable | If applicable |
| BNA Foreign Investment Registration | – | Required |
Step 3: Complete KYC and AML Procedures
Custodian banks are required to conduct Know Your Customer (KYC) and Anti-Money Laundering (AML) due diligence under Angolan law (Lei de Prevencao e Combate ao Branqueamento de Capitais). This process typically involves in-person verification at a branch in Luanda, though some custodians are developing remote onboarding capabilities.
Step 4: Sign the Custody Agreement
The custody agreement (contrato de custodia) sets out fee schedules, corporate action handling procedures, reporting obligations, and account terms. Review trading fees and custody charges before signing.
Step 5: Fund Your Account and Engage a Broker
Once the custody account is active, deposit funds into the linked bank account and engage a licensed broker (SCVM or SDVM) to execute trades. Brokers submit orders through BODIVA’s electronic trading system SETIC, and settled securities are credited to your CEVAMA custody account on a T+3 basis for equities.
Foreign Investor Access
Non-resident investors can open CEVAMA custody accounts and trade on BODIVA, subject to additional requirements:
- BNA registration: Cross-border capital flows must be registered with the Banco Nacional de Angola under applicable foreign exchange regulations
- CEOC exemption: Under Aviso 15/19, capital markets transactions are exempt from the Contribuicao Especial sobre as Operacoes Cambiais (foreign exchange operations tax), a significant cost advantage
- Currency: All BODIVA transactions settle in Angolan kwanza (AOA). Foreign investors must convert to kwanza at prevailing market rates (~Kz 914.60/USD as of February 2026)
- Repatriation: Dividends and capital gains can be repatriated after applicable taxes (10% IAC on dividends; 10% on capital gains) subject to BNA reporting
Common Questions
How long does account opening take? Typically 5-10 business days for resident individuals; non-residents should allow 2-4 weeks for additional regulatory clearances.
Is there a minimum deposit? Custodian banks set their own minimums. Some require no minimum; others may require Kz 50,000-100,000.
Can I hold both equities and bonds? Yes. A single CEVAMA account can hold all BODIVA-traded securities, including equities, BTs, OTs, and corporate bonds.
For market operating hours, see Market Calendar. For a comparison with other African exchanges, see BODIVA vs African Exchanges.