PUBLIC NOTICE
REGISTRATION OR LICENCING OF LENDING NON-BANK FINANCIAL INSTITUTIONS (NBFIs) WITH NBFIRA.
The NBFIRA Act (CAP. 46:08) provides “for the regulation of non-bank financial institutions for the purpose of enhancing the safety and soundness of non-bank financial institutions, setting high standards of conduct of business by non-bank financial institutions, improving the fairness, efficiency and orderliness of the non-bank financial sector and stability of the financial system and reducing and deterring financial crime and for purposes incidental thereto and connected therewith”.
This Notice is issued to draw the attention of NBFIs involved in the non-bank lending activities, who have not applied for the relevant licenses and /or sought exemption, to apply for licensing and/ or exemption of their operations with the Regulatory Authority.
Micro Lenders
Following the Regulatory Authority’s Notice issued in March 2012, all Micro Lenders who have failed to apply for a license in terms of the NBFIRA Act read together with the Micro Lending Regulations of 2012, are hereby called upon to immediately cease micro lending operations as they are operating illegally until they apply to and are licensed by the Regulatory Authority. Action shall be taken against those operators who continue with the illegal/ unlicensed operations.
Pawnshops and the Finance and Leasing Companies
These operations have been exempted from licensing requirements, until further notice, in terms of the Notice published in the Government Gazette dated June 17, 2009. However, all operators must accordingly seek exemption from the Regulatory Authority by the 30th June 2014.
Operators who would fail to seek exemption from the Authority by the set deadline shall be required to cease and desist from continued operations.
All applications must be addressed to:
Deputy Chief Executive Officer - Regulatory
Non-Bank Financial Institutions Regulatory Authority
Plot 54351 new CBD
Private Bag 00314
