The launching of the Committee of Insurance, Securities and Non-Banking Financial Authorities (CISNA) Secretariat was held on Friday morning at the Regional Centre of Excellence, FSC, the NEX Tower of Ebène.
The opening was held in the presence of the Director Financial, Investment and Customs, Southern African Development Community (SADC), Mr Sadwick Mtonakutha; the Governor of the Bank of Mauritius, Mr Harvesh Seegolam; the First Deputy Governor, Bank of Mauritius, and Chairperson of the Financial Services Commission (FSC), Mr Mardayah Kona Yerukunondu; the Chief Executive of the FSC, Mr Dhanesswurnath Thakoor and other Board Members of the FSC.
Forty-five member delegates from 12 SADC Member States namely, Angola, Botswana, Democratic Republic of Congo, Eswatini, Malawi, Mauritius, Mozambique, Namibia, South Africa, Tanzania, Zambia and Zimbabwe, were also present.
Mr Yerukunondu stated in his speech that the establishment of the CISNA Secretariat in Mauritius is the start of an amazing journey towards capital market development, sound regulation and effective supervision in the SADC region. He added that the establishment of the Secretariat at the FSC is testimony of the collaboration between the FSC and the CISNA and their commitment to assist CISNA in acquiring its mandate of making sure that the non-bank financial services regulatory frameworks with SADC Member States are harmonised and comply with best international practices.
Mr Yerukunondu later emphasised that the growth of Africa’s financial sector over the past few years has been remarkable. He noted that the region has great potential as revealed by latest statistics which indicate that the 16-member SADC represents some 340 million people and a Gross Domestic Product of nearly US 780 billion dollars. These figures, he underlined, demonstrate the potential of the region, especially with trade liberalisation through the Africa Continental Free Trade Area Agreement and increased technology adoption.
In his speech, Mr Matomola, Chairperson of CISNA, said that CISNA was established out of the willingness and determination of the SADC Governments to promote effective exchange of experiences and cooperation in the supervision and regulation of the insurance and pension sectors, capital markets and other non-banking financial institutions so as to achieve the objectives of SADC.
Mr Matomola also highlighted that CISNA has an integral role in contributing to better regulation and supervision of the non-banking financial industry (NBFI), increased cooperation and collaboration amongst the SADC Member States, covering areas that include market infrastructure and capital market development and deepening, prudential and market conduct supervision, financial system stability, risk management in the regional financial systems, and training initiatives and development within the region.
As for the Director of Finance, Investment and Customs, SADC, Mr Mtonakutha, he recalled that CISNA aims to promote financial stability by effectively and efficiently championing a process of collaboration, engagement and co-ordination between the NBFI regulators and stakeholders through policy research, capacity building and market development initiatives. He added that CISNA’s role, therefore, is to strive to ensure that all regulatory and supervisory frameworks for NBFI within SADC are harmonised and comply with best international practices, standards and principles as set by the relevant international standard setting bodies.
The opening ceremony was marked by the launching of CISNA’s website. The collaboration between the United Nations Capital Development Fund and the SADC with CISNA as the supporting structure was also announced.
About CISNA
The CISNA General Council established the CISNA Secretariat on 27 May 2021 pursuant to the CISNA Rules. The operationalisation of the CISNA Secretariat was approved on 28 April 2022. Currently, the CISNA Secretariat is being hosted by the FSC Mauritius.
CISNA has 26 Member Authorities from 14 SADC Member States namely, Angola, Botswana, Democratic Republic of the Congo, Eswatini, Lesotho, Malawi, Mauritius, Mozambique, Namibia, Seychelles, South Africa, Tanzania, Zambia and Zimbabwe.
CISNA was established in June 1998, pursuant to Article 2 of Annexure 10 of the Protocol on Finance and Investment of the SADC as a committee of authorities responsible for the regulation and supervision of insurance, securities, and NBFI in SADC Member States. 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.
