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NBFIs withstand harsh conditions

NBFIs withstand harsh conditions
SAVING FOR A RAINY DAY: Retirement funds continue to dominate the NBFI sector

Retirement funds dominate the industry

The Non-Bank Financial Institutions (NBFI) sector - i.e. organisations that do not have a full banking licence and cannot accept deposits from the public - remained resilient despite the harsh impact of Covid-19 on the economy.

This is according to information availed by the sector’s regulator, Non-Bank Financial Institutions Regulatory Authority (NBFIRA).

The NBFI sector is a broad industry made up of among others: retirement funds insurance, capital markets, lending activities with the latter comprising of pawnshops and micro lenders.

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