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INDUSTRY ADVICE

MFSA (South Africa)

The MFSA was established in 1996 to serve as mouthpiece for the individual micro lender within the bigger scope of the macro economy of South Africa. The MFSA is a non-profit organisation (Sect 21 Company) with a Memorandum of Incorporation, a Board of Directors and working committees as well as the officially recognised representative body of professional micro credit providers. MFSA is a self-regulating organisation for the sake of an ethical industry. As an organisation of voluntary members who are dedicated, registered and committed to professional business practices, MFSA is there to service its members, consumers, the industry and the total economic sector and to protect the rights and interest of professional micro credit providers.

NCR (South Africa)

The National Credit Regulator (NCR) was established as the regulator under the National Credit Act No. 34 of 2005 (The Act) and is responsible for the regulation of the South African credit industry. It is tasked with carrying out education, research, policy development, registration of industry participants, investigation of complaints, and ensuring the enforcement of the Act. The Act requires the Regulator to promote the development of an accessible credit market, particularly to address the needs of historically disadvantaged persons, low income persons, and remote, isolated or low density communities. The NCR is also tasked with the registration of credit providers, credit bureaux and debt counsellors; and with the enforcement of compliance with the Act.

MICROLENDERS ASSOCIATION OF NAMIBIA (Namibia)

The Micro Lenders Association of Namibia (MLA) was established on 4 July 1998 in Windhoek to act as representative for the Micro Lending Industry in Namibia in consultations with the Government (Regulator) to establish proper legislation for the industry. The MLA also represents the industry in consultations with other relevant organizations i.e. the Bank of Namibia and commercial banks to develop products or services utilized by the Industry.

NAMIBIA FINANCIAL INSTITUTIONS SUPERVISORY AUTHORITY (Namibia)

The Namibia Financial Institutions Supervisory Authority (NAMFISA) is an independent institution established by virtue of Act No. 3 of 2001 to regulate and supervise financial institutions in the financial services industry in the public interest, and fully funded by levies imposed on this industry. Prior to the establishment of NAMFISA, a Directorate in the Ministry of Finance performed the function of supervision over the business of financial institutions. In terms of the NAMFISA Act, the functions of the Authority are to: Exercise supervision over the business of financial institution over financial services; Advise the Minister of Finance on matters related to financial institutions and financial services; and Supervise, monitor and enforce compliance with the Financial Intelligence Act, 2012 (Act No. 13 of 2012) in respect of all accountable and reporting institutions supervised by NAMFISA in terms of the NAMFISA Act. NAMFISA established itself as a reputable Authority in this field, locally and internationally. Over the years, it has contributed to the stability of the financial sector of Namibia while protecting consumers of financial products and services. NAMFISA has developed and maintained a strong, effective presence in the regulatory field, in Namibia and internationally, while working closely with its counterparts elsewhere in Africa to establish solid regulatory frameworks.