The Vice President, Mr. Ndaba Nkosinathi Gaolathe, officially opened the 48th Committee of Insurance, Securities and Non-Banking Financial Authorities (CISNA) Annual General Meeting in Maun this morning.
The meeting brought together regulators and policymakers from across the Southern African Development Community (SADC) to review key developments in the non-banking financial sector. Delegates discussed strategies to harmonize regulatory frameworks, strengthen financial oversight, and promote sustainable growth among Non-Banking Financial Institutions (NBFIs) in the region.
In his opening remarks, Vice President Gaolathe highlighted the vital role of NBFIs in driving inclusive economic growth. He noted that mobile-based financial services have become a cornerstone of financial inclusion, helping individuals and small enterprises gain access to essential financial products and services.
He said that through innovation and collaboration, NBFIs can empower underserved populations by extending small loans, enhancing credit access for Small and Medium-sized Enterprises (SMEs), and improving financial literacy. According to the Vice President, these actions help create a stronger foundation for resilient and equitable economies.
Mr. Gaolathe underscored that inclusion must be at the heart of every financial strategy. He said women, youth, and small enterprises should not be left behind or remain passive observers in financial systems. Instead, they must become central participants shaping the region’s economic future.
“The growth we seek must include everyone,” he said. “When we empower women, youth, and small businesses through accessible and reliable financial systems, we unlock the full potential of our economies.”
He encouraged delegates to draw lessons from successful initiatives within the region, many of which operate quietly but have achieved significant impact in improving access to finance and strengthening community resilience.
The Vice President also acknowledged CISNA’s ongoing efforts to enhance regulatory coordination across SADC. He said harmonization of non-banking financial regulations is essential for building investor confidence, reducing cross-border risks, and promoting transparent markets that support sustainable development.
CISNA, a SADC subcommittee under the Committee of Central Bank Governors, plays a critical role in aligning regulatory practices and standards across member states. Its work covers insurance, pension funds, capital markets, and microfinance institutions, all of which are key drivers of financial stability and inclusion.
The 48th Annual General Meeting is expected to produce a set of resolutions aimed at deepening cooperation among regulators and reinforcing the role of NBFIs in achieving the SADC vision of shared prosperity.
Vice President Gaolathe concluded his address by urging participants to continue advancing policies that make financial systems more inclusive, innovative, and responsive to the needs of all citizens. He said the future of Africa’s economic growth depends on collective effort, integrity, and a shared commitment to progress.
