Botswana - Revocation, Suspend or Cancelation of Money Lender Licence

Advertisement

Procedure

Apply In Person:

1. The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) office, Department of Microlending, which is in charge of the implementation of provisions of the Microlending Regulations such as licensing, off-site monitoring, on-site inspections, enforcements, and complaints handling. NBFIRA Contact & Map Location Details
2. The Regulatory Authority may revoke, Suspend or Cancelation of Money Lender License if;
   • it appears to the Regularity Authority that the information provided in the application for the licence is fraudulent or contains a materially false statement; or
   • The licensee has failed, within a period of twelve months from the date of issuance of the licence, to commence business under the licence; or
   • The licensee is seriously or persistently in breach of any provision of this Act;
   • The licensee has failed to comply with any condition of its licence or with any directive of the Regulatory Authority; or
   • The licensee has ceased to conduct the business authorised by its licence. Etc
3. The Authority may, on giving reasons in writing to the holder of a license, Suspend or Cancelation of Money Lender License require the licensee to respond accordlying for a period not exceeding 21 days.
4. Upon receipt of the licensee respond dossier the Authority shall vet and assess them accordlying,
   • Where the Authority is satisfied with explanation, in writing withdraw the notice referred to.
   • Where the Authority is not satisfied with the written explanation by the licensee, it shall invite the licensee for an oral interface within five days after receiving the explanation.
5. Where the Authority is not satisfied with the explanation after an oral interface with the licensee, the Authority shall—
   • issue a notice of revocation to the licensee;
   • require the licensee to deliver to the Authority the license within fourteen days after receiving the notice of revocation of license; and
   • endorse on the license, the words “REVOKED”
6. Further any money Lender is required to comply with the applicable Money lenders Act of the country. Where Money Lender violates the provisions of the Investment Proclamation or regulations or directives issued to implement same, the Authority may suspend the Money Lenders License until the Money Lender takes due corrective measures.
7. Where the Authority revokes a license, the Authority shall cause notice of revocation to be published in the Gazette or a newspaper of wide circulation at least within thirty days after the revocation.
8. The Authority may, suspend a license instead of revoking that license if the Authority is not satisfied with the explanation from the applicant.
9. The suspension of a license may be—
   • for a specified period;
   • until the occurrence of a specified event; or
   • until specified conditions are complied with.
   • A notice of suspension of licence.
10. A person whose license is revoked or suspended shall be taken not to be licensed unless the Authority withdraws the suspension, in the case of suspension of a license.

Withdraw of the suspension.

• A person whose license is revoked or suspended shall be taken not to be licensed unless the Authority withdraws the suspension, in the case of suspension of a license.
• The application shall state the grounds on which the applicant intends to rely on to seek the suspension to be withdrawn, stating clearly the remedies for the reasons that led to suspension.
• Where the Authority is satisfied with the reasons furnished by the applicant, the Authority shall withdraw the suspension in writing.

Advertisement

Required Documents

• The certificate of incorporation of the Company,
• The particulars of the directors of the Company;
• A resolution of the particulars of the secretary of the company;
• Money Lender License
• Any other supporting documentation as requested by the Authority

Office Locations & Contacts

Non-Bank Financial Institutions Regulatory Authority (NBFIRA)
Department of Microlending
Address: 3rd-floor Exponential Building, Plot 54351 New CBD, Off PG Matante Road,
Gaborone.
Botswana
Private Bag 00314, Gaborone
Tel: +267 3102595 / 3686100
Fax: +267 3102376 / 3102353
NBFIRA Contact & Map Location Details
NBFIRA Website
Business hours: Monday-Friday from 8:00 am-1:00 pm and 2:00 pm -5:00 pm, closed during Public Holidays & Weekends.

Eligibility

• Money lending licence shall not be revoked unless the applicant holds an eligibility Money lenders Licence certificate granted in accordance with the provisions of money lenders Act.

Fees

• No fees is charged for this service.

Validity

• Valid until the issues that led to cancellation are resolved.

Documents to Use

Please attach documents that can be used by people. e.g. links

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

Please explain the processing time taken in obtaining the document/certificate.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is dkisplayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

Please provide other instructions related to the certificate/documents.
e.g. The state office holds birth records since January 1908.

Required Information

• Name of applicant.
• Physical and postal address of head office.
• Date of incorporation.
• Form of incorporation
• Description of the applicant’s business or functions.
• Certificate of incorporation Number.
• Particulars of directors (Name, Nationality, Date of appointment, Level of education).
• Money lender licensee details
• Reason for the request
• Declaration by the applicant

Need for the Document

• Based on sufficient reason, the Non-Bank Financial Institutions Regulatory Authority (NBFIRA) may revoke, suspend or cancel a money lending license until the certificate holder takes due corrective measures.
  

Information which might help

Enter other information which might help.

Other uses of the Document/Certificate

Please explain what are other uses for obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

• Non-Bank Financial Institutions Regulatory Authority (Leasing Companies) Regulations, 2017
  
• NBFIRA Micro Lenders
  

Others

More information which might help people.