In a world of ever-evolving economic dynamics, commitment to fostering stability, consumer protection and financial inclusion within the financial systems must take center stage. This is the sentiment of Erongo regional governor, Neville Andre Itope, who recently acknowledged the importance of collective efforts in addressing complex economic and financial issues.
Itope made these remarks at the beginning of October 2023 during the 46th Committee of Insurance, Securities and Non-Banking Financial Authorities (CISNA) meetings in Swakopmund. CISNA is part of the Directorate of Finance, Investment and Customs of the SADC Secretariat and reports to the SADC Committee of Ministers of Finance and Investment through the Committee of Senior Treasury Officials. CISNA’s membership comprises 26 member authorities from 14 SADC member states.
While welcoming CISNA members to Swakopmund, Itope recognized the need to adapt, collaborate and embrace new approaches, in light of emerging technologies, shifting regulatory frameworks, and changing consumer expectations.
The Namibia Financial Institutions Supervisory Authority (Namfisa) hosted the opening ceremony of the CISNA General Council on 3 October 2023 in the presence of Itope, Johannes !Gawaxab, Bank of Namibia governor and Sadwick Mtonakutha, Finance, investment and customs director at the SADC Secretariat.
New CISNA structure
The meeting was attended by 24 CISNA member authorities from 14 Member States, representatives of the SADC Secretariat and the Committee of SADC Stock Exchanges.
In his welcome address, the CISNA Chairperson and CEO of NAMFISA, Kenneth Mamotola, expressed his satisfaction at the full implementation of the new CISNA structure and the establishment of the CISNA Secretariat as well as the progress made in the implementation of the CISNA Strategic Plan 2022-2026.
Matomola announced that CISNA was celebrating its 25th anniversary. In this context, CISNA revamped its corporate identity to better identify with the SADC and the Member States. The new CISNA logo was revealed by governor Itope.
At the meeting !Gawaxab stated the CISNA meeting was emblematic of the harmonisation of regulatory and supervisory frameworks for NBFIs within the SADC region. He mentioned that over the past five years, the global financial sector had navigated through uncharted waters and the Sub-Saharan Africa region was expected to witness economic deceleration in 2023. He remarked that the challenges posed by the current operating environment underscored the heightened need for international and regional cooperation. For the Governor, in the journey towards development, the NBFI sector must remain responsive to the needs of our economies while upholding financial stability.
Furthermore, Mtonakutha congratulated CISNA for the progress made and assured his continued support to the committee. He pointed to the importance of timing for the meeting in the context of transition from the previous strategic plan to the new one, particularly as CISNA elected a new governing body.
New member
Moreover, the CISNA proudly welcomed the Bank of Tanzania as the 27th CISNA Member Authority. In terms of the CISNA Rules, Sauda Msemo, Deputy Governor of the Bank of Tanzania signed the CISNA Multilateral Memorandum of Understanding, completing the process of joining the CISNA Membership.
The General Council elected the new office bearers who would serve on the CISNA structure for a period of two years in terms of the CISNA Rules.
Namfisa’s Matomola was re-elected as the CISNA Chairperson and Dr Grace Muradzikwa, Commissioner of the Insurance and Pension Commission of Zimbabwe was elected as the CISNA Vice Chairperson.
During the meeting, the General Council approved its first set of audited financial statements, the CISNA budget for 2023 and 2024, annual reports 2021 and 2022, 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 non-banking financial services.
The General Council also took note of progress made with respect to risk-based approach project, carbon trading, recognition framework for foreign healthcare insurance products, capacity building, FinTech and sustainable finance.
Governance Council
The General Council meeting was preceded by the Bi-Annual CISNA meetings of the Governance Council and Sub-Committees. The Governance Council and the three Sub-Committees met to discuss and progress on the CISNA Strategic Plan 2022 to 2026.
The three CISNA Sub-Committees oversee several financial services sectors namely, Capital Markets SubCommittee, Microfinance and Financial Co-operatives Sub-Committee; Insurance and Retirement Funds, Medical Schemes and Intermediaries Sub-Committee.
The 46th CISNA Meeting concluded with a public conference held on 5 and 6 October 2023. The main topics for the public conference were Women Empowerment and Financial Inclusion; Sustainable Finance and Financial Inclusion including presentations from member authorities on their experience; Green Hydrogen; and creating an enabling environment for FinTech.