NBFIRA Unveils New Corporate Identity
The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) unveiled its new corporate branding last week. The Authority, which was established five years ago has been operational all this time without a brand, finally has a face, said board chairman Mmatlala Dube. She pointed out that the corporate branding comes after the Authority has been operating with a number of teasers in some of their correspondences, business cards and some other formal identification.
“However, feedback from stakeholders on the appropriateness of such branding was used to ultimately end up with the new logo we have today,” Dube said.
She added that since inception the Authority has faced challenges of funding, as dependence on government subventions has proved to be inadequate for its operational needs.
“Despite the circumstances we managed to use limited resources to keep the Authority functioning, ” She said adding that the Authority has achieved satisfactory implementation level of its first strategic plan.
Dube added that with the cooperation of their multiple stakeholders they will be able to achieve their goal of contributing to increased levels of confidence in the financial stability of the Botswana non-bank financial sector.
For his part, Greenland, a board member with the authority said as the Authority grows its influence and consolidates towards its mandated purpose, the need to develop a strong corporate signature must be prioritized and a unique brand established.
“This is of particular importance for a regulatory authority charged with instilling customer confidence. The new logo will serve as a fingerprint that uniquely identifies NBFIRA’s presence in the regulatory sector,” Greenland said.
Meanwhile, Minister of Finance and Development Planning Kenneth Matambo said that NBFIRA’s brand is a combination of a name, symbol, colour and human resources competencies, which will enable the Authority to become a reputable regulatory authority, consistent with the authority’s corporate values. The minister said however that since its inception in 2008, the authority has made significant progress in implementing the regulatory framework. He said the promulgation of Micro Lending regulations in 2012 was a major step towards establishing financial soundness in the sector.
He added that over the years it has proven that the government subvention has been inadequate for the Authority’s operational needs.
“The publication of regulations for the collection of supervisory levies and fees has significantly improved the Authority funding position,” he said adding that in future it will ensure that the Authority attains self-funding and cease dependence on government.
Matambo stated with confidence that his Ministry aims through NBFIRA, to curb the current abusive lending practices in Botswana’s previously unregulated and high-risk non-bank financial institutions sector.
