‘ Non- bank financial institutions strong’

“In line with the objective of the Macroprudential Policy Framework for Botswana that seeks to strengthen resilience of the financial market infrastructure, the FSC( Financial Stability Council) has recommended that bail out funds be set up for the non- banking financial sector.

Thus, the Regulatory Authority initiated the process of establishing a Policyholders’ Protection Fund, aimed at protecting insurance policyholders in case of bankruptcy or liquidation of an insurer.

The Regulatory Authority has also commenced a study to assess the strength of the retirement funds industry in Botswana, in relation to its sustainability, as well as evaluate the social impact and coverage of the retirement system in Botswana,” wrote Motshidisi. At a corporate level, NBFIRA adopted a five- year corporate strategy beginning of 2021. The strategy contains 12 strategic objectives and the corresponding initiatives. Some of the key elements of the strategic include, robust and modern technology, strong consumer protection, effective stakeholder engagement among others. The has Authority has also completed the development of a digitalisation strategy for the period 2022 to 2026, which provides a framework for the coordinated and controlled identification, acquisition and implementation of digitalisation initiatives aligned to the corporate strategic plan. “When implemented properly, the strategy should lead to improvement in the service levels to all customers of NBFIRA,” said the CEO.