Public Notice - Bomaid Financial Position

The Non-Bank Financial Intuitions Regulatory Authority does not ordinarily respond to reports concerning regulated entities circulated on social media. However, in view of the recent reports concerning BOMAID and the likely effects of these reports on BOMAID’s members and the public, the Authority has taken the exceptional step to set the record straight concerning BOMAID for the benefit of the members and the public.

Accordingly, the Authority reassures members of BOMAID and the public in general of the following:

1. Financial Soundness: BOMAID’s financial position is sound and in compliance with relevant regulatory requirements for medical aid funds. Thus, the Authority is satisfied that BOMAID is currently able to meet its financial obligations as and when they fall due.
2. Operational Challenges: BOMAID has been working to resolve some operational challenges that have regrettably affected some of it’s stakeholders in the recent past. The Authority has directed BOMAID to expedite rectifying the said challenges as a matter of priority and keep such stakeholders duly informed. The Authority has received due commitment from BOMAID.

The Authority further wishes to remind stakeholders that it implements its mandate without partiality and with all due diligence. It is a prerequisite for prospective entities, irrespective of the constitution of their shareholding, who wish to operate within the non-bank financial institutions sector, to meet the licencing requirements on an ongoing basis. Once duly licensed, entities are supervised accordingly to ensure their compliance to the relevant regulatory framework for their respective industry. In cases of non-compliance, the Authority has at its disposal a range of supervisory and enforcement tools with which to address these issues in a timely manner and without fear or favour.

For more information, please contact Boa Ntebele, Head of Communications & International Affairs on +267 3102595/3686100 or email on info@nbfira.org.bw.