Third time is not the charm for outgoing Chief Executive Officer – Oaitse Ramasedi as the Non-Banking Financial Institutions Regulatory Authority (NBFIRA) Board, has opted to put an end to his decade long reign at the helm.
NBFIRA board has since confirmed that the Ramasedi’s contract comes to an end on 29th February 2020 and shall, unlike in the past, not be renewed.
Ramasedi who joined NBFIRA in September 2009 as the Deputy Chief Executive Officer after spending nine years with National Development Bank, will be succeeded by current deputy CEO, Sriram Gade. However, Gade will be taking over the reins on a temporary basis as Acting Chief Executive Officer from the 1st March 2020.
Ramasedi who in the past obtained favour from the Ministry of Finance and Economic Development having started five years contract in 2010 and another three-year agreement contract renewal in 2017 through the NBFIRA board`s recommendation. NBFIRA Board expressed satisfaction on Ramasedi’s leadership to deliver the mandate of the organisation thus recommending an extension of his employment contract at the time.
Fasts forward to 2019/20 Ramasedi however did not receive the thumps up, as the Board has since opted to part ways with him, in a statement devoid of the full details of departure.
The Authority oversees the Non-Banking Financial Institutions sector, as at 31st December 2018 had assets worth approximately P121 billion, accounting for 55% of total assets in the local financial system. In that year, the sector comprised of just under 750 regulated entities.
During the past 10 years of the authority’s existence, which were also the times of Ramasedi’s leadership tenure, NBFI in Botswana grew noticeably by assets which valued at P123 billion by 2017. At the time, the growth accounted for 68 percent of the national Gross Domestic Product with 57 percent of total assets in the local financial system.