Public Notice – Revocation of Licence for Bright Pawn Shop

The Non-Bank Financial Institutions Regulatory Authority (“NBFIRA”) informs members of the public that it has revoked Bright Pawn Shop licence to trade as a Non-Bank Financial Institution. Through its supervisory investigations, the Regulatory Authority found Bright Pawn Shop to have failed to comply with the requirements under the Terms and Conditions for Lending Business Other Than Micro-Lending as it pertains to submission of the supervisory assessment questionnaire. The Authority followed due process and consultations with Bright Pawn Shop which failed to adequately rectify the non-compliance within the agreed time-frame. The effect of the cancellation of licence is that Bright Pawn Shop shall no longer be permitted to issue new loans, including top ups to their existing clients or carry out any other service of an NBFI company. Clients of Bright Pawn Shop are advised that existing customers are not exempted from servicing their loans and should therefore continue with their loan repayments in the normal course.

All entities operating in the Non-Bank Financial Institutions sector in Botswana must be licensed or exempted by NBFIRA and compliant with relevant financial service laws. Doing business with an unlicensed entity is illegal and exposes you to potential risks such as financial crime. It also denies you protection by the law governing the NBFI sector should things go wrong.

Visit our website on www.nbfira.org.bw to verify an entity’s current licensing status before conducting business with them.

NBFIRA regulates and supervises the Non-Bank Financial Institutions sector to contribute to the stability of the local financial system.

Oduetse A. Motshidisi

CHIEF EXECUTIVE OFFICER