Public Notice – Revocation of Licence for Tuck and Turner Enterprises (Pty) Ltd

The Non-Bank Financial Institutions Regulatory Authority (“NBFIRA”) informs members of the public that it has revoked Tuck and Turner’s licence to trade as a Non-Bank Financial Institution. Through its supervisory investigations, the Regulatory Authority found Tuck and Turner Enterprises (Pty) Ltd to have failed to comply with the requirements under the Micro-Lending Regulations, 2012 as it pertains to submission of audited financial statements. The Authority followed due process and consultations with Tuck and Turner Enterprises (Pty) which failed to adequately rectify the non-compliance within the agreed time-frame. The effect of the cancellation of licence is that Tuck and Turner Enterprises (Pty) 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 Tuck and Turner Enterprises (Pty) 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