The Bank of Tanzania (BoT) has signed a memorandum of understanding (MoU) to join the Committee of Insurance, Securities and Non-Banking Financial Authorities (CISNA) on 3rd October, 2023.

BoT Deputy Governor, Financial Stability and Deepening, Ms. Sauda Msemo, signed the Memorandum of Understanding (MoU) on behalf of the Bank during the ongoing 46 CISNA annual meeting in Swakopmund, Namibia.

The CISNA reports to the SADC Committee of Ministers of Finance and Investment through the Committee of the Senior Treasury Officials.

The main mandate of the CISNA is to ensure that non-banking financial services regulatory frameworks within SADC member states are harmonized and comply with international best practices, standards and principles set by relevant international standards’ setting bodies.

As a regulator of non-banking financial institutions such as social security schemes, microfinance institutions and SACCOS, the Bank of Tanzania is obliged to become a member of CISNA.

By joining the CISNA, the Bank will benefit from sharing the experiences from other Regulators in the region which is vital in setting the regulatory frameworks for non-banking financial services.