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SADC non-bank regulators convene in Swakop for implementation of new strategic plan

SADC non-bank regulators convene in Swakop for implementation of new strategic plan

The SADC Committee of Insurance, Securities and Non-Banking Financial Authorities held its 46th meeting last week in Swakopmund, hosted by the Namibia Financial Institutions Supervisory Authority (Namfisa).

Operating under its acronym CISNA, 24 member authorities from 14 SADC Member States convened in Swakopmund for the weeklong meeting where the CISNA strategic plan was on the table.

Namfisa Chief Executive and CISNA chair, Kenneth Matomola introduced the new CISNA structure and the authority’s functional secretariat. Mr Matomola also informed the meeting of the progress in implementing the stategic plan.

As part of the new structure, Matomola showed the delegates the corporate logo which was officially unveiled by the Erongo Governor, Hon Neville André.

Also present at the official opening, the Governor of the Bank of Namibia, Mr Johannes !Gawaxab conveyed a message of the importance of harmonisation of regulatory and supervisory frameworks in SADC.

The Director of Finance, Investment and Customs in the SADC Secretariat, Mr Mtonakutha congratulated CISNA with the rapid progress to implement the new structure, just in time for the new governing body that was elected on 04 October 2023.

Mr Matomola was re-elected as chair, supported by Dr Grace Muradzikwa of the Insurance and Pension Commission of Zimbabwe.

During the meeting, the General Council approved the first set of audited financial statements, the CISNA budget for 23/24, annual reports for 2021 and 2022, the investment policy as well as amendments to the CISNA Rules.

The General Council also approved for submission to the Committee of Ministers of Finance and Investment, eight model laws that span areas of insurance, microfinance, cooperatives, debt listing, SMEs, financial intermediaries and medical aid societies. The model laws are important tools for harmonizing the regional regulatory and supervisory framework for the non-banking financial services.

The General Council meeting was preceded by the Bi-Annual CISNA meetings of the Governance Council and Sub-Committees from 01 to 03 October 2023.

The three CISNA Sub-Committees oversee Capital Markets, Microfinance and Financial Co-operatives; Insurance and Retirement Funds, Medical Schemes and Financial Intermediaries.

The 47th CISNA meeting will be held in October 2024 in Zanzibar, hosted by the Bank of Tanzania.


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