20 Mar 2017

Data remains key in determining both the market growth and possible failures with regards to any discussion about financial regulation in view of key pointers of the global financial crisis, says Non-Banking Financial Institutions Regulatory Authority (NBFIRA), chief executive officer (CEO), Mr Oaitse Ramasedi.

Speaking at the Memorandum of Understanding (MoU) signing ceremony between Statistics Botswana and NBFIRA recently, Mr Ramasedi said the process of establishing formal cooperation between the two organisations began in 2013.

He said the MoU was premised on the need for collaboration on data for entities NBFIRA regulated and there should not be ambiguities in their priorities as the two bodies formalise this working agreement to advise each other on issues relating to improved transparency, accurate and timely information sharing.

“We must view this as culmination in a multilateral consensus on a broad range of commitments through having bilateral meetings through the working committee to promote dialogue for development around data kept by both organisations,” he said.

Mr Ramasedi further said collaboration between the two would equip NBFIRA with insight on issues of common interest.

“Some of the common issues include continuing viability of sector data in order to protect consumers of financial services, determine the market size of regulated entities and their contribution to our country’s GDP and to also determine sector growth and other market variables which can further give is indicators of possible market failures when numbers of consumer products uptake dwindles,” he said.

For his part, acting statistician general, Dr Burton Mguni said partnership was directed towards the need to work closely with other entities in the production of statistics to enhance decision making processes as well as planning.

“Statistics have come to be recognised nationally and internationally as part of enabling infrastructure for development. They act as a stimulant to public action, a catalyst for change and an input into making development programme work. Among other things, statistics provide a basis for good policy and decision making,” Dr Mguni said.

He said it was therefore critical that SB was cautious of the quality of statistics it produced.

“Different agencies generate different statistics and therefore there is need for data exchange protocols across sectors,” he added said.

Dr Mguni further noted that SB was mandated to ensure a coordinated production of quality official statistics using international best practices.

He said SB was also committed to assist and share information required by NBFIRA depending on its availability.

“I need to however point out that this data exchange protocol has to be in accordance with the provisions of the different Acts, in particular the Statistics Act provides confidentiality and protection of the data providers,” he said. ENDS