01 Nov 2022

The newly established Non-Bank Financial Institutions Tribunal (NBFIT), which started work last month, will soon expedite the hearing of appeals. 

NBFIT secretary, Mr Thuto Senwedi explained during a media briefing on Monday that the tribunal had been tasked with review of the decisions of the Non-Bank Financial Institutions Regulatory Authority(NBFIRA) and the country’s sole self-regulatory organisation, Botswana Stock Exchange (BSE). 

Thus those aggrieved by the decision of NBFIRA or BSE, or any interested party in the decisions of the two entities may apply to the tribunal for review. However, an appeal against a decision lodged with NBFIT does not suspend the effect of the decision, unless the tribunal had been asked to do so, he said. 

“We are an independent and adjudicative body. As such we take independent and partial decisions,” Mr Senwedi said.

The five NBFIT members are said to be independent industry experts in the legal and non-bank financial service sector, ‘hence members of the community can be assured of the tribunal impartiality’.

Mr Senwedi further explained that the chairperson and deputy chairperson were qualified to be appointed as judges as per the country’s Constitution while the three remaining members were from any area of the non-bank financial sector. 

Mr Senwedi said the tribunal proceedings would be conducted expeditiously and assured the members of the public that cases would not be dismissed on technicalities. 

In addition, he said appeals could be filed either in Setswana or English, adding that evidence could also be given in those languages, unless the tribunal directed otherwise.

The tribunal, according to Mr Senwedi, does not require legal representation and appeals would be charged a non-refundable once-off fee of P500.

For her part, the director of Insurance and Pensions, Ms Patrinah Masalela told the journalists that NBFIT was a statutory body under the NBFIRA Act. She said the tribunal was instituted on the realisation that the non-bank financial institution sector was important to the economy with assets were worth over P153 billion. 

Such growth, she said, called for safety, fairness and sustainability of the sector, hence the establishment of NBFIT. Before NBFIT, she said the minister of finance was bestowed with the responsibility to preside over the grievances against NBFIRA and BSE. ENDS