Banking (Deposit-Taking Institutions) Regulations 2025

C.1103

Statutory Instrument No. 107 of 2025

BANKING ACT
(Act No. 8 of 2023)

BANKING (DEPOSIT-TAKING INSTITUTIONS) REGULATIONS, 2025 (Published on 15 August, 2025)

ARRANGEMENT OF REGULATIONS

REGULATION

PART I — Preliminary

1. Citation

PART II — Licensing Requirements

2. Notice to unlicensed persons
3. Application for deposit-taking institution licence
4. Annual licence fee
5. Surrender of licence
6. Permissible activities and prohibited activities
7. Mergers, acquisition and registration of controlling companies
8. Transfer of significant or controlling interest

PART III — Prudential Requirements

9. Capital requirements
10. Liquidity management
11. Notice of appointment of external auditor
12. Fit and proper person
13. Application for permission to outsource internal audit function

PART IV — Voluntary winding-up

14. Appointment of liquidator under voluntary winding-up
15. Publication of voluntary liquidation
16. Rights of depositors and creditors
17. Distribution of assets

PART V — Miscellaneous Provisions

18. Abandoned funds
19. Recovery of administrative penalties
    SCHEDULE

C.1104

IN EXERCISE of the powers conferred on the Minister responsible for finance by section 109 of the Banking Act, the following Regulations are hereby made —

PART I — Preliminary

Citation

1. These Regulations may be cited as the Banking (Deposit-Taking Institutions) Regulations, 2025.

PART II — Licensing Requirements

Notice to unlicensed persons
2. For purposes of section 7 (5) of the Act, the Central Bank shall issue a notice to cease and desist as set out in Form 1 in the Schedule to any person who engages in deposit taking activities without a licence.

Application for deposit-taking institution licence
3. (1) An application for a licence to conduct deposit-taking activities shall be made to the Central Bank in Form 2 as set out in the Schedule and shall be accompanied by the following corporate documents and information —
(a) completed application forms by the shareholders of the proposed deposit-taking institution; (b) details of anticipated or proposed directors and shareholders; (c) certified copies of certificate of incorporation of the applicant company; (d) a completed personal questionnaire for shareholders, the proposed members of the board of directors, principal officer and senior management of the deposit-taking institution; (e) curriculum vitae, including details of nationality and residence, for the proposed senior management and full names of three referees with contact details; (f) certified copies of official identity document of the proposed directors, shareholders and principal officers of the deposit-taking institution; (g) police clearance report of the proposed directors, shareholders and principal officers of the deposit-taking institution; (h) an undertaking to provide back-up capital and proof of availability of minimum paid-up share capital in the form of bank statement in the name of the company or the promoters or shareholders of the company and proof of the sources of funds; (i) a business plan with financial projections for a minimum of five years from commencement date accompanied by — (i) a statement of comprehensive income, (ii) a statement of financial position, (iii) a cash-flow statement, and (iv) a copy of the accounting policies to be adopted by the proposed deposit-taking institution. Underlying assumptions must be clearly stated in the business plan, and (j) any other information that the Central Bank may deem necessary to complete assessment of the application. (2) An applicant for a licence shall pay to the Central Bank a non-refundable fee of P5 000 for the processing of an application.

Annual licence fee
4. Subject to section 10 (3) of the Act, a deposit taking institution shall pay an annual licence fee of P10 000.

Surrender of licence
5. (1) A deposit-taking institution that wishes to surrender its licence in accordance with section 15 (4) of the Act shall make an application to the Central Bank in Form 3 as set out in the Schedule.

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(2) An application under subregulation (1) shall state reasons for the request, and the Central Bank shall within 90 days of receipt of such application inform the applicant of its decision.

Permissible and prohibited activities
6. (1) A deposit-taking institution shall engage in the following activities —
(a) accept deposits, including savings and time deposits from individuals, groups and associations but not from the public sector, that is, government and state-owned enterprises; (b) pay and receive interest as may be agreed with clients; (c) provide credit to its clients, including formal and informal self-help groups, individuals and associations, except overdrafts or revolving credit lines; (d) promote and monitor loan usage by its clients and provide ancillary capacity building in areas such as record-keeping and small business management; (e) maintain and operate various types of accounts with banks in Botswana; (f) mobilise and provide financial and technical assistance and training to micro-enterprises; (g) provide financial technologies-leveraged services such as mobile money transactions; and (h) such other activities as may be approved by the Central Bank. (2) A deposit-taking institution shall not engage in the following activities — (a) foreign exchange transactions; (b) issuance of international commercial papers; (c) processing international electronic funds transfer; (d) speculative activities, including financing any activity in any way related to gambling, betting or any other speculative venture or any other socially, or economically undesirable activities; and (e) leasing, renting, sale or purchase of any kind with its directors, officers, employees or persons who either individually or in concert with their family members and beneficiaries own five percent or more of the equity of the deposit-taking institution without the prior approval in writing by the Central Bank.

Mergers, acquisition and registration of controlling companies
7. (1) An application for a merger or acquisition under section 20 (3) of the Act shall be made to the Central Bank in Form 4 as set out in the Schedule and shall be accompanied by the following corporate documents and information —
(a) a copy of the agreement on the proposed merger or acquisition and any related transaction documents; (b) shareholder's consent to the proposed merger; (c) certified board resolutions from each of the involved institutions, approving the proposed merger or acquisition; (d) audited financial statements of the most recent three years for all financial institutions involved in the merger or acquisition, which meet the Central Bank's minimum requirements set out in section 32 of the Act, and a copy of consolidated accounts of institutions duly certified by an independent firm of auditors as at the date of application for approval; (e) a list of substantial changes to the statement of financial position, statement of comprehensive income, or cash-flow statement since the date of the latest audited financial statements;

C.1106

(f) a statement of the purpose, nature, objectives, structure and financing arrangements of the merger or acquisition, including any plan to raise additional equity or incur debt for the merger or acquisition and the capital structure of the resultant financial institution; (g) financial projections, including assumptions underlying for the projected financial statements for the first five years of operation after the merger or acquisition; (h) a detailed business plan of the resultant financial institution for the next five years; (i) a schedule of projected regulatory capital for the first five years of operation; (j) proposed details of shareholding structure, curriculum vitae of directors and senior management, and their business affiliations; (k) corporate governance arrangements, including proposed board and management committees, that will come into existence, their composition, responsibilities and reporting obligations for the resultant financial institution; (l) the proposed branch network, proposed list of all offices that will be closed, retained as branches, including the head office; (m) a description of how the proposed merger and/or acquisition will meet the convenience and needs of the public; (n) the proposed arrangements regarding personnel policies, retrenchment, recruitment and redeployment of citizen employees; (o) a description of the integration of the operations of the constituent financial institution; (p) evidence of the ability of the major shareholders of a resultant financial institution to provide additional capital should the resultant financial institution experience financial distress or inadequate capital to meet regulatory requirements; (q) due diligence covering all areas of any possible legal matters that may face the resultant financial institution; (r) the proposed date of commencement of the operation of the resultant entity; (s) the proposed organisational arrangement of the resultant financial institution showing functional units and reporting structures; (t) a letter of confirmation from the home supervisory authority if one of the merging or acquired financial institutions is a foreign institution, indicating approval of, or objection to, the merger or acquisition; (u) a statement of commitment to observance of domestic legislation and any other relevant laws; and (v) a report showing an analysis of the likely effects of a proposed merger or acquisition on competition in the financial sector. (2) Notwithstanding subregulation (1), the Central Bank may call for any other information it deems necessary to complete the assessment of the application. (3) An application for a merger, or acquisition shall be accompanied by a non-refundable fee of P5 000.

C.1107

8. (1) A deposit-taking institution that proposes to hold or transfer a significant or controlling interest, shall make an application to the Central Bank in Form 5 as set out in the Schedule.
   (2) An application for transfer of significant or controlling interest shall be accompanied by a non-refundable fee of P1 500.

PART III — Prudential Requirements

Capital requirements
9. (1) The minimum capital requirements for a deposit-taking institution shall be P2 500 000.
(2) Notwithstanding subregulation (1) the Central Bank may subject to a prior notice of 12 months vary the minimum capital requirement for a deposit-taking institution. (3) A deposit-taking institution shall maintain a minimum capital adequacy ratio of 12.5 percent. (4) The capital adequacy ratio shall be measured as a proportion of the capital base of a deposit-taking institution to its risk-weighted assets (capital/risk-weighted assets ratio) in Form 6 as set out in the Schedule.

Liquidity management
10. (1) For purposes of section 25 (1) of the Act, liquid assets shall include —
(a) notes and coins held by a deposit-taking institution; (b) balance in current account with a commercial bank; (c) domestic short-term investments with not more than 180 days to maturity; and (d) any other assets as may be determined by the Central Bank. (2) The liquid asset requirement that applies to a deposit-taking institution shall be 3 percent of deposits and short-term liabilities. (3) A deposit-taking institution shall submit a monthly liquidity report to the Central Bank within 10 calendar days following the end of each month. (4) A report required under subregulation (3) shall be made in the format specified in the statutory return template or as maybe determined by the Central Bank.

Notice of appointment of external auditor
11. A deposit-taking institution shall notify the Central Bank of the appointment of an external auditor under section 35 (1) of the Act by submitting the notice in Form 7 as set out in the Schedule.

Fit and proper person
12. A deposit-taking institution that applies for approval for the appointment of a director or for a no objection to the appointment of a principal officer or senior manager shall submit the information specified in Form 8 and 9 as set out in the Schedule.

Application for permission to outsource internal audit function
13. A deposit-taking institution that wishes to outsource its internal audit function in terms of section 56 (5) of the Act shall make an application to the Central Bank in Form 10 as set out in the Schedule.

PART IV — Voluntary winding-up

Appointment of liquidator under voluntary winding-up
14. A deposit-taking institution that proposes to voluntarily wind up in terms of section 73 (3) (a) of the Act shall make an application for voluntary winding-up in Form 11 as set out in the Schedule.

Publication of voluntary liquidation
15. A deposit-taking institution that is authorised by the Central Bank to enter into voluntary liquidation shall publish the voluntary liquidation in Form 14 as set out in the Schedule.

C.1108

Rights of depositors and creditors
16. A deposit-taking institution undergoing voluntary liquidation in terms of section 89 (2) of the Act, shall pay any lawful claim and return any funds and property to the rightful owners within 60 days following authorisation of the liquidation by the Central Bank.

Distribution of assets
17. Any abandoned funds or property shall be transferred to the Central Bank in Form 12 and 13 as set out in the Schedule.

PART V — Miscellaneous Provisions

Abandoned funds
18. For purposes of section 96 (1) (b) of the Act, abandoned funds shall be transferred to the Central Bank in Form 15 as set out in the Schedule.

Recovery of administrative penalties
19. For purposes of section 106 (1) (a), a deposit-taking institution that fails to make payment within 30 days of being directed to do so, shall incur penalties of 0.5 percent a day of the outstanding amount

C.1109

SCHEDULE

Form 1

NOTICE OF CEASE AND DESIST TO UNLICENSED PERSONS (Reg. 2)

To:

Name of unlicensed entity

Address:

Telephone Number: ( )

It has come to the attention of the Central Bank that (name of entity) ....................... is engaging in or offering to engage in or holding yourself out as authorised to be engaged in the following activity(ies):

which require(s) licensing with the Central Bank in terms of the Banking Act.

In terms of Section 7 (5) of the Banking Act, (name of entity) .................................... is hereby notified to cease and desist from engaging, offering to engage in or holding yourself out as authorised to engage in the aforementioned activity with effect from the .................................................................................... {insert date}

Note that the following penalty(ies) may be imposed for failure to discontinue the stated activity:

Furthermore, note that failure to comply with this notice is an offence.

Signed at [place.......................] on this [day.........] of [month....................] of [year....................]

Signature of duly authorised representative of the Central Bank ...............................

Full names of signatory

C.1110

Form 2

APPLICATION FOR A LICENCE TO ESTABLISH A DEPOSIT-TAKING INSTITUTION

(Reg. 3)
(To be submitted in duplicate)

The Governor
Bank of Botswana
Private Bag 00154
Gaborone

1. I, the undersigned, acting as principal/promotor/in the capacity as duly authorised agent on behalf of.................................................................. (“the principal”), hereby apply for a deposit-taking institution licence under section 8 of the Banking Act to establish... .................................................................... a bank (specify class).

2. I submit with this application the documentation and a written statement containing the information prescribed by regulation 3 of the Banking (Deposit-taking Institutions) Regulations, 2025.

..................................................
Applicant

..................................................
Date

Applicant’s address
..................................................
..................................................
..................................................

Principal’s address
..................................................
..................................................
..................................................

C.1111

FOR OFFICIAL USE

			Status
1	Application form
2	Letter of comfort by applicant authorised person	Form 1
3	Principal officers/parent deposit-taking institution/ controlling shareholders letter of comfort and consent	Form 2
4	Consent by home supervisory authority	Form 3
5	Prospective business plan covering a period of five (5) years	Form 4
6	Duly completed fit and proper application forms for the proposed senior management officials, board members and ultimate beneficial owners comprising the following: (a) a notarized copy of the officers’ valid passport (for foreign nationals); (b) a certified copy of a national identity card (for Botswana citizens); (c) an up-to-date and detailed curriculum vitae; (d) Copies of the officers’ academic and professional certificates, which should be duly certified where the issuing authority is located within the Republic of Botswana or notarized if the certificates and other related documents are issued by foreign authorities; (e) Completed personal questionnaire for the officers; (f) Two passport-size photographs; (g) Police clearance report; and (h) Security vetting form (to be collected from the Central Bank).	Form 5
7	Specimen “letter of authorisation” for the exchange of information between the central bank and the proposed deposit-taking institution’s home supervisory authority and/or parent	Form 6
8	Extract from the minutes of the board of directors meeting of the applicant deposit-taking institution	Form 7
9	Extract from the minutes of the board of directors meeting of the applicant deposit-taking institution’s principal, parent deposit-taking institution and/or controlling shareholders	Form 8
10	Proposed name
11	Nature of business
12	Issued share capital
13	Details of anticipated shareholding
14	Company registration documents
15	Financial reference

C.1112

16	Audited financial statements (if any)
17	Processing fee
18	Undertaking to provide back-up capital

..................................................
Governor

..................................................
Date

C.1113

Form 3

NOTICE OF INTENTION TO SURRENDER A DEPOSIT-TAKING INSTITUTION LICENCE (Reg. 5)

The Governor
Bank of Botswana
Private Bag 00154
Gaborone

1. I, the undersigned, Chairperson of............................, duly empowered thereto, hereby wish to give notice of the intention to surrender a licence of the above-mentioned deposit-taking institution, which has been operating as ....................................................................
   This is in compliance with section 15 (4) of the Banking Act.

2. The surrender of the licence came about as per our board resolution number............................dated........................................................The reason(s) for surrendering the licence being
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