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Study on Liberalisation of Financial Services under the SADC Protocol on Trade in Services July 2014 This study was supported by: GFA/GIZ SADC Trade in Services project Suppoted by implemented by Imprint Published by: Southern African Development community (SADC) Secretariat SADC Headquarters Plot No. 54385 Central Business District Gaborone Botswana http://tis.sadc.int/ Author: Dr Matthew Stern DNA Economics This study was supported by: Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH on behalf of the German Government GIZ Programme: Strengthening of Economic and Trade Policy Capacities and Competences in SADC, Phase II - GFA/GIZ SADC Trade in Services Project i TABLE OF CONTENTS 1 Overview 1 1.1 Introduction 1 1.2 Background 1 1.2.1 Economic development and convergence in SADC 1 1.2.2 The potential contribution of regional integration and financial liberalisation 2 1.2.3 Financial depth and harmonisation in SADC 3 1.2.4 Trade in services and the FIP 5 1.3 The state of trade liberalisation 6 1.3.1 SADC member country GATS commitments in banking services 6 1.3.2 SADC member country GATS commitments in insurance services 13 1.3.3 Limitations on market access in banking services 16 1.3.4 Limitations on national treatment in banking services 17 1.3.5 Limitations on market access in insurance services 19 1.3.6 Limitations on national treatment in insurance services 21 1.3.7 Impact on competition and foreign investment 23 1.4 Key issues for further discussion and potential negotiation 24 1.4.1 Banking in SADC – keeping it open and making it more accessible and competitive 24 1.4.2 The role and treatment of microfinance 25 1.4.3 Expanding the network – access to the National Payment System 25 1.4.4 Definitions and sector coverage 26 1.4.5 Prudential limits – prospects for a SADC understanding in banking and insurance? 27 2 Angola 29 2.1 The Angolan Economy 29 2.2 Angola’s Financial Sector 29 2.2.1 Financial sector policy 29 2.2.2 Financial sector regulation 30 2.2.3 Financial depth and performance 31 2.3 Angola’s banking and non-bank financial services sector overview 32 2.3.1 Banking industry 32 2.3.2 Microfinance industry 33 2.3.3 Collective investment schemes 34 2.3.4 Bureau de change 35 2.3.5 Capital markets 35 2.3.6 National Payment System 36 2.3.7 Foreign ownership 36 2.4 Trade openness in banking services 36 2.5 Angola’s Insurance services - sector overview 40 2.5.1 Structure of the sector 40 2.5.2 Competition in the sector 40 2.6 Insurance sector regulatory framework and trade openness 40 3 Botswana 41 3.1 Botswana’s Economy 41 3.2 Botswana’s Financial Sector 41 3.2.1 Financial sector regulation 41 3.2.2 Financial depth and performance 42 ii 3.3 Botswana’s banking and non-bank financial services sector overview 43 3.3.1 Banking industry 43 3.3.2 Microfinance industry 44 3.3.3 Collective investment schemes 44 3.3.4 Bureau de change 45 3.3.5 National Payment System 46 3.3.6 Capital markets 46 3.3.7 Botswana Trade & Investment Centre (formerly IFSC) Companies 49 3.3.8 Foreign ownership 50 3.4 Trade openness in banking services 51 3.5 Botswana’s insurance sector overview 58 3.5.1 Structure of the sector 58 3.5.2 Competition in the sector 59 3.6 Insurance sector regulatory framework and trade openness 61 4 Democratic Republic of the Congo 67 4.1 The economy of the DRC 67 4.2 Democratic Republic of the Congo’s Financial Sector 67 4.2.1 Financial sector policy and regulation 67 4.2.2 Financial depth and performance 68 4.3 DRC’s banking and non-bank financial services sector overview 69 4.3.1 Banking industry 69 4.3.2 Microfinance industry 69 4.4 Trade openness in banking services 70 4.5 DRC’s insurance sector overview 74 4.5.1 Structure of the sector 74 4.5.2 Competition in the sector 74 4.6 Insurance sector regulatory framework and trade openness 74 5 Lesotho 77 5.1 Lesotho’s economy 77 5.2 Lesotho’s Financial Sector 78 5.2.1 Financial sector policy 78 5.2.2 Financial sector regulation 78 5.2.3 Financial depth and performance 79 5.3 Lesotho’s banking and non-bank financial services - sector overview 80 5.3.1 Banking industry 80 5.3.2 Microfinance industry 81 5.3.3 Collective investment schemes 81 5.3.4 Bureau de change 82 5.3.5 Capital markets 82 5.3.6 National Payment System 83 5.3.7 Foreign ownership 83 5.4 Trade openness in banking services 83 5.5 Lesotho’s insurance services - sector overview 90 5.5.1 Structure of the sector 90 5.5.2 Competition in the sector 91 5.6 Insurance sector regulatory framework and trade openness 92 iii 6 Malawi 97 6.1 Malawi’s economy 97 6.2 Malawi’s financial sector 97 6.2.1 Financial sector policy 97 6.2.2 Financial sector regulation 98 6.2.3 Financial depth and performance 99 6.3 Malawi’s banking and non-bank financial services – sector overview 99 6.3.1 Malawi’s banking sector 99 6.3.2 Microfinance industry 100 6.3.3 Collective investment schemes 100 6.3.4 National Payments System (NPS) 101 6.3.5 Bureaux de change 101 6.3.6 Capital markets 101 6.4 Trade openness in banking services 102 6.5 Malawi’s insurance services - sector overview 107 6.5.1 Structure of the sector 107 6.5.2 Competition in the sector 108 6.6 Insurance sector regulatory framework and trade openness 109 7 Mauritius 116 7.1 The Mauritian economy 116 7.2 Mauritius’ Financial Sector 117 7.2.1 Financial sector policy 117 7.2.2 The regulatory framework 117 7.2.3 Financial depth and performance 120 7.3 Mauritius’ banking and non-bank financial Services – sector overview 120 7.3.1 Banking and microfinance industries 120 7.3.2 Collective investment schemes 121 7.3.3 Foreign exchange dealers 122 7.3.4 Money changers/bureau de change 122 7.3.5 Capital markets 123 7.3.6 Foreign ownership 124 7.4 Trade openness in banking services 124 7.5 Mauritius’ insurance services - sector overview 130 7.5.1 Structure of the Sector 130 7.5.2 Competition in the sector 131 7.6 Insurance sector regulatory framework and trade openness 132 8 Mozambique 139 8.1 Mozambique’s economy 139 8.2 Mozambique’s Financial Sector 139 8.2.1 Financial sector policy 139 8.2.2 Financial sector regulation 140 8.2.3 Financial depth and performance 141 8.3 Mozambique’s banking and non-bank financial services – sector overview 141 8.3.1 Banking and microfinance industry 141 8.3.2 Collective investment schemes 145 8.3.3 Bureau de change 145 8.3.4 Capital markets 146 iv 8.3.5 National Payment System 146 8.3.6 Foreign ownership 147 8.4 Trade openness in banking services 147 8.5 Mozambique’s insurance services - sector overview 151 8.5.1 Structure of the sector 151 8.5.2 Competition in the sector 151 8.6 Insurance sector regulatory framework and trade openness 151 9 Namibia 157 9.1 Namibia’s economy 157 9.2 Namibia’s financial sector 157 9.2.1 Financial sector policy 157 9.2.2 Financial sector regulation 158 9.2.3 Financial depth and performance 159 9.3 Namibia’s banking and non-bank financial services – sector overview 159 9.3.1 Banking sector 159 9.3.2 Microfinance industry 160 9.3.3 Collective investment schemes 161 9.3.4 National Payments System (NPS) 161 9.3.5 Capital markets 161 9.3.6 Foreign ownership 162 9.4 Trade openness in banking services 162 9.5 Namibia’s insurance services - sector overview 168 9.5.1 Structure of the sector 168 9.5.2 Competition in the insurance sector 169 9.6 Insurance sector regulatory framework and trade openness 170 10 Seychelles 176 10.1 The economy of the Seychelles 176 10.2 Seychelles’ Financial Sector 176 10.2.1 Financial sector policy 176 10.2.2 Financial sector regulation 177 10.2.3 Financial depth and performance 178 10.3 Seychelles’ banking and non-bank financial services – sector overview 178 10.3.1 Banking industry 178 10.3.2 Microfinance industry 179 10.3.3 Collective investment schemes 179 10.3.4 Bureau de change 179 10.3.5 Capital markets 180 10.3.6 National Payment System 181 10.3.7 Foreign ownership 181 10.4 Trade openness in banking services 181 10.5 Seychelles’ insurance services - sector overview 186 10.5.1 Structure of the sector 186 10.5.2 Competition in the sector 188 10.6 Insurance sector regulatory framework and trade openness 188 11 South Africa 193 11.1 The South African Economy 193 v 11.2 South Africa’s Financial Sector 194 11.2.1 Financial sector policy 194 11.2.2 Financial sector regulation 195 11.2.3 Financial depth and performance 199 11.3 South Africa’s banking and non-bank financial services – sector overview 199 11.3.1 Mainstream banking industry 199 11.3.2 Microfinance industry 202 11.3.3 Collective investment schemes 203 11.3.4 Bureaux de change 204 11.3.5 Capital markets 205 11.3.6 National Payments System (NPS) 206 11.3.7 Foreign ownership 206 11.4 Trade openness in banking services 207 11.5 South Africa’s insurance services – sector overview 211 11.5.1 Structure of the sector 211 11.5.2 Competition in the sector 211 11.6 Insurance sector regulatory framework and trade openness 211 12 Swaziland 217 12.1 Swaziland’s economy 217 12.2 Swaziland’s Financial Sector 217 12.2.1 Financial sector regulation 217 12.2.2 Financial depth and performance 218 12.3 Swaziland’s banking and non-bank financial services – sector overview 219 12.3.1 Banking industry 219 12.3.2 Microfinance industry 219 12.3.3 Collective investment schemes 220 12.3.4 Bureau de change 220 12.3.5 Capital markets 220 12.3.6 National Payment System 221 12.3.7 Foreign ownership 221 12.4 Trade openness in banking services 222 12.5 Swaziland’s insurance services – sector overview 225 12.5.1 Structure of the sector 225 12.5.2 Competition in the sector 226 12.6 Insurance sector regulatory framework and trade openness 227 13 Tanzania
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