NBFIRA Delivers Keynote Address at Botswana Accountancy College Public Lecture

As part of the Authority’s stakeholder outreach initiatives, Mrs. Matlakala Raphaka, Director of Insurance participated as the guest speaker at the Botswana Accountancy College (‘BAC’) public lecture held on April 18, 2024. Mrs Raphaka’s presentation entitled "Insurance Regulation in Botswana", gave an overview of the regulation and supervision of the Insurance and medical Aid Funds industries in Botswana.

In her presentation, Mrs. Matlakala Raphaka, took the audience through the regulatory and supervisory frameworks, that is the legislative tools that the Authority uses, with the NBFIRA Act 2023 being the umbrella Act. She unpacked the Authority’s objectives, desired outcomes and its role in contributing towards the stability of local financial system. Mrs. Raphaka stated that effective regulation and supervision involve the ongoing monitoring of insurance companies and other Non-Bank Financial Institution (NBFIs) through onsite and offsite inspections to avoid systemic risks. She mentioned that the Authority also takes note of media reports and tip-offs lodged on it’s whistleblowing platform the ‘NBFIRA Ethics Hotline’.

Mrs. Raphaka further elaborated on the importance of the Authority’s role of vetting products of NBFIs to ensure market appropriateness and compliance, as well as regulatory measures that can be taken against non-compliant entities. The Authority also ensures that the operations of non-viable entities are wounded up in a manner that protects the consumers’ interests.

In conclusion Mrs. Raphaka highlighted that part of the Authority’s mandate is to empower consumers of NBFIs through promoting consumer education in effort to assist them to make informed decisions when buying products and services from the NBFI sector.