Non-bank financial institutions to be regulated

source: BOPA
23 November, 2007

GABORONE – The establishment of a Non-bank Financial Institutions Regulatory Authority (NBFIRA) will safeguard the stability, fairness and efficiency of the non-bank financial sector.

Speaking at the launch of the authority in Gaborone, this week, finance and development planning minister, Mr Baledzi Gaolathe said the institutions will now be closely regulated.

He said various pieces of legislation such as the insurance industry, pension and provident funds acts will also have to be put in place to govern those areas.

Currently, Mr Gaolathe said his ministry was the regulatory authority for non-bank financial institutions in the country.

These institutions include the insurance companies, pension fund administrators, micro lenders, security dealers, finance and leasing companies, investment advisors and asset managers among others.

It is intended that these regulatory functions would be handed over to the NBFIRA, as soon as it [continue reading]

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