Body to rein in unbridled micro-lenders

source: Mmegi
KABO MOKGOABONE
STAFF WRITER

With recruitment adverts for its CEO currently running, the establishment of the Non-Bank Financial Institutions Regulatory Authority to keep an eye on the operations of the multi-billion pula non-banking sector (NBFIRA) is underway.

The authority, which will be partly modelled on the Financial Services Board (FSB) of South Africa, will regulate monetary institutions other than banks, key among which are asset managers and micro lenders, which are not regulated by the central bank or treasury. Some of the other institutions the regulator will keep a check on are pension and provident fund administrators, custodians, investment advisors and security dealers.

A board has been appointed ahead of the [continue reading]



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