BY KABELO SEITSHIRO
The Non Banking Financial Institutions Regulatory Authority (NBFIRA) has kick-started the process of identifying a replacement of its founding Chief Executive – Oaitse Ramasedi.
Ramasedi however still has about 9 months left to his contract which ends in February 2020.
NBFIRA head of Communications and International affairs – Boa Chombah says as is best corporate governance practice, the leadership position will be advertised in due course.
Whilst she could not give targeted time frames at this moment, Chombah gives an assurance that the process will be in adherence to the NBFIRA recruitment policies. She stressed that they cannot predetermine the outcome of the recruitment process.
The Government extended Ramasedi’s employment contract in March 2017 and signed a three year short-term agreement, extending his tenure through early 2020 after his previous contracted ended by end February 2017.
While at the time the extension was on ‘cautionary basis’, the NBFIRA board had expressed satisfactory on Ramasedi’s leadership style in delivering the mandate of the organization. The board then recommended an extension of the contract by three years.
Ramasedi’s journey with NBFIRA started in 2009 when the authority was established as a regulatory body. This was a period when the global financial crisis was at its peak after the collapse of the global markets.
He has overseen the growth of the Non banking sector in the country since the establishment of the regulatory agency – NBFIRA some ten years ago.
During this period, the domestic capital markets industry grew by an additional 52 licensed players. There was also an advent of an additional seven categories of operation within the industry.
By 2017, the sector’s assets were valued at P123 billion, accounting for 68 percent of the nation’s Gross Domestic Product, and made up 57 percent of total assets in the local financial system.