Consumer Education
Consumer Education - Insurance
Licensing Never enter into any business transaction with insurance companies, brokers or agents that are not licensed with the Non-Bank Financial Institutions Regulatory Authority (“NBFIRA”). If you are unsure, call NBFIRA to verify licensing of the entity or individual. Shop around for the best policy Don’t take the first policy that comes your...
Consumer Education - Retirement funds
The Retirement Funds Department is responsible for the regulation and supervision of the Pensions Industry. The participants are regulated in terms of various legislation including the NBFIRA Act (No. 2 of 2006), Pensions and Provident Fund Act 1987 and Regulations (Cap 27: 03), Part XIV of the Income Tax Act and NBFIRA Prudential Rules which were...
Consumer Education - Lending Activities
A micro loan is a short term unsecured credit that should be paid off from reliable source of cash flows such as salary. It is different from Micro Finance which is structured to finance small businesses and paid off from the sales proceeds. Micro Lending: Micro-lending is regulated under the provisions of the NBFIRA Act, 2006 and it’s supporting...
Consumer Education - Pawnshop Regulations
Need to open a pawnshop business? See below; LIST OF LICENSING/EXEMPTION REQUIREMENTS (PAWNSHOPS) Covering letter on business letterhead Contact details (Physical & postal addresses and telephones numbers, include email and website if available) Vetting documentation ( personal questionnaire, police clearance, SV 1 FORM, IDs, bank Details,...
Consumer Education - Capital Markets
Capital markets directorate leads in the development and review of the regulatory framework for Capital Markets and ensures that all regulated activities in the sector are conducted in strict compliance with the governing laws. Rules & Regulations the Authority uses: Non-Bank Financial Institutions Regulatory Authority (Securities Business...
