NBFIRA participates in the 2024 International Ombud Expo
The Non-Bank Financial Institutions Regulatory Authority (“NBFIRA”) participated at the 2024 International Ombud EXPO on July 31, 2024.
As part of the stakeholder engagement initiatives, Dr. Kelesego Mmolainyana, Head of Financial Stability and Statistics delivered a presentation on the regulation and supervision of Non-Bank Financial Institution (“NBFIs”), through unpacking the Authority’s objectives, desired outcomes and its role in contributing toward the stability of local financial system. She expounded NBFIRA’s mandate during a panel discussion under the topic, “Designing and implementing effective regulation of service providers and lessons of experience”.
In her presentations, Dr. Mmolainyana brief the audience about the regulated industries and the legislative framework for the NBFI sector. She further stated that effective regulation and supervision involves the ongoing monitoring of the NBFIs through onsite and offsite inspections to avoid systemic risks. Her presentation also elaborated on the Authority’s use of innovative solutions such as the use of online platforms to promote stakeholder education and financial literacy.
Dr. Mmolainyana further elaborated on the importance of the Authority’s role of vetting products of NBFIs to ensure market appropriateness and compliance, regulatory measures that can be taken against non-compliant entities, and how Authority also ensures that the operations of non-viable entities are wounded up in a manner that protects the consumers’ interests.
In conclusion, Dr. Mmolainyana stated that the Authority disseminates information on the financial performance of the regulated NBFIs and encouraged the audience to peruse the annual reports and statistical bulletins in order to understand the NBFI industry aggregates, financial position, capital adequacy and other key financial stability ratios. She additionally advised that the reports and bulletins are published on the Authority’s online platforms such as the website on www.nbfira.org.bw and the public may on request seek guidance to access them or any other information through the official email info@nbfira.org.bw or call 3102595.
