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Botswana: fintech & payments regulation

Regulated

Botswana fintech & payments: BoB for payments/banks, NBFIRA for non-banks; no specific VASP law

Lead regulator:
Bank of Botswana
Key law:
Banking Act 2023
Last updated:
2026-07-12

The Bank of Botswana (BoB) regulates traditional banking, deposit-taking institutions, and payment-related activities such as bureaux de change under the Banking Act 2023 and associated regulations. These frameworks mandate strict licensing, capital adequacy (e.g., P20 million for banks, P2.5 million for deposit-takers), and prudential standards.

The Non-Bank Financial Institutions Regulatory Authority (NBFIRA) oversees a broad spectrum of non-bank financial services, including insurance, securities, micro-lending, and asset management. While NBFIRA regulates many financial activities, the provided documents do not explicitly mention a specific licensing regime for Virtual Asset Service Providers (VASPs) or general fintech payment institutions outside of the traditional banking and non-bank categories.

Payment activities like currency exchange are strictly regulated by the BoB with specific operational limits. Other financial services require licenses from NBFIRA under various acts, with capital requirements varying by sector. There is no explicit mention of a dedicated fintech sandbox or specific crypto-asset legislation in the provided source documents.

Who regulates

  • Bank of Botswana

    Primary supervisor for banking, deposit-taking institutions, and bureaux de change.

    [1][2][3]

  • Non-Bank Financial Institutions Regulatory Authority (NBFIRA)

    Supervisor for non-bank financial institutions including insurance, securities, micro-lenders, and asset managers.

    [4][5][6][7]

Core laws & rules

  • Banking Act (2023)

    Establishes the legal framework for licensing, regulating, and supervising banks and deposit-taking institutions to ensure systemic safety and soundness.

    [2]

  • Securities Act (2017 (Regulations))

    Establishes licensing requirements for securities institutions, evaluated by NBFIRA based on corporate governance and capital.

    [8]

  • Credit Information Act (2021)

    Establishes a regulatory framework for credit bureaus under the supervision of the Bank of Botswana.

    [9]

Licensing & registration

  • Banking Institutions

    Comprehensive licensing framework with prudential standards and minimum capital requirements. Capital: P20 million

    [1]

  • Deposit-Taking Institutions

    Licensing for entities accepting deposits from individuals, groups, and associations. Capital: P2.5 million

    [10]

  • Micro Lenders

    Licensing requires specific legal documentation, ownership structures, and fit-and-proper management. Capital: P20,000

    [6]

  • Reinsurance/Insurance Companies

    Licensing based on corporate residency, fit-and-proper controllers, and operating expenses. Capital: P5 million to P10 million

    [11]

Restrictions & warnings

  • Bureaux de change are subject to a daily cash transaction limit of P10,000 and must maintain robust anti-money laundering controls.

    [3]

  • Medical aid funds must operate on a not-for-profit model.

    [4]

Direction of travel

  • Regulatory fees and supervisory levies are standardized for 2025-26, indicating ongoing active supervision of the non-bank sector.

    [12][13]

  • No specific virtual asset or crypto-asset licensing regime is mentioned in the provided documents.

    Low confidence — verify with the regulator before relying on this.

Sources

  1. Banking Regulations 2025 · 2025-01-01
  2. Banking Act, 2023 · 2023-01-01
  3. Bank of Botswana Bureaux de Change Regulations · 2015-07-29
  4. Medical Aid Funds Act, 2025 · 2026-02-11
  5. Retirement Funds Regulations, 2025 · 2026-02-03
  6. Requirements for Licensing a Micro Lender · 2025-12-04
  7. NBFIRA (Persons Operating a Securities Infrastructure Business) Rules Final 05.08.24 · 2025-09-24
  8. Securities (Institutions Licensing) Regulations 2017 · 2025-01-22
  9. Credit Information Act 2021 · 2021-01-01
  10. Banking (Deposit-Taking Institutions) Regulations 2025 · 2025-01-01
  11. Requirements for Licensing of a Reinsurance Company · 2025-10-31
  12. Non-Bank Financial Institutions Regulatory Authority Licensing Fees 2025-26 · 2025-09-22
  13. Proposed Licensing Fees 2026 for Non-Bank Financial Institutions · 2025-01-25

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This guide is compiled automatically from 13 primary-source documents published by Botswana's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.