NBFIRA calls for transparent financial systems in SADC

The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) has advocated for transparent financial systems across the SADC region.Speaking at the 48th Annual Meeting of the Committee of Insurance, Securities and Non-Banking Financial Authorities (CISNA), Board Chairperson of NIBFIRA, Thabo Gaadingwe said financial integrity remains the bedrock of public trust.He emphasized that it is imperative to deepen cross-border intelligence, share and harmonize enforcement mechanisms,“The rise of digital assets, decentralized finance, and other innovations continuously challenges our regulatory agility,” said Gaadingwe acknowledging the fast-evolving global financial ecosystem.Gaadingwe presented the challenges as an opportunity to deepen regional collaboration and harmonise standards, ensuring that SADC citizens are protected and empowered as active participants inthe new financial era.He further mentioned that CISNA’s long-standing role as a beacon of regional cooperation cannot go unnoticed.The board chair credited the committee’s technical committees, capacity-building efforts, and policy dialogues for shaping a coherent regulatory environment.“Our task today is to build upon that strong legacy,” he said.He said NBFIRA is committed to regulatory excellence, and they have a mission of continuous improvement, to enhance their regulatory effectiveness. He announced that earlier this year, the Authority achieved ISO 9001:2015 certification for its Quality Management System.“This milestone is a testament to our pursuit of operational excellence. However, we recognize that excellence is not a destination but a continuous journey,” he said.He encouraged all CISNA members to pursue similar innovations to build a regional ecosystem where technology empowers regulatory mandates rather than overwhelming them. He further said that, investment in technology to enhance supervisory oversight and risk management is also a key in this field.On the critical issue of financial crime, Gaadingwe stressed vigilance amid growing risks.“Financial integrity remains the bedrock of public trust,” he said, noting NBFIRA’s collaboration with partners such as the Eastern and Southern Africa Anti-Money Laundering Group and local law enforcement agencies to strengthen anti-money laundering and counter-financing of terrorism frameworks.Gaadingwe reminded attendees that regulation ultimately serves people, from pensioners to entrepreneurs and families. He also touched on Consumer protection and education, saying, it is central to the Authority’s mission, citing nationwide financial literacy campaigns and strengthened grievance redress efforts.“We can safely say, our methods and approach are serving our customers well.”Gaadingwe also urged CISNA members to prioritise transparency, fairness, and accessibility in pursuit of genuine financial inclusion. He also encouraged alignment with global standards from bodies like IOSCO and IAIS, tailored to regional contexts.

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NBFIRA calls for transparent financial systems in SADC