At the launch of the NBFIRA logo this week, the minister said that the organisation faces challenges in human resources due to the acute shortage of local expertise in the regulatory area.That is why it is relying on the international labour market to get experienced staff. Matambo said the authority has developed close working relationships with other regulatory organisations in the region as well as international bodies like the International Association of Insurance Supervisors, the International Organisation of Pension Supervisors and the African Development Bank (AfDB) to close its manpower gaps. "These organisations have also assisted in developing the human capital for NBFIRA by training staff in best practices in the regulatory environment and helping close the skills gap in key areas," said Matambo.
In 2011, AfDB carried out a project to support NBFIRA in implementing a Risk Based Regulatory Model (RBRM) in line with international best practices. This was meant to unlock independent funding from the private sector as the law indicates that the authority should be financed through fees levied on the regulated industries. The experts assisted in designing the model, providing the necessary operational procedures, training and IT systems.From its inception in 2008, NBFIRA has been funded through an annual government subvention, which has been inadequate for its operational needs. NBFIRA was established after the government decided to establish a single independent authority to regulate the activities of non-bank financial institutions in the country. Historically, a department in the Ministry of Finance and Bank of Botswana performed regulatory functions now undertaken by NBFIRA.
