The Botswana Non-Bank Financial Institutions Regulatory Authority has cancelled and revoked the exemption of Turnbright Investments (Pty) Ltd trading as Turnbright Pawn Shop, under section 46(1)(c) of the Non-Bank Financial Institutions Regulatory Authority Act, 2023. As a result, Turnbright is no longer permitted to provide any regulated pawnshop services to the public. The revocation means Turnbright must stop offering, advertising, or providing short-term, asset-backed loans and any other regulated pawnshop service, must not hold itself out as a licensed or exempted pawnshop, and must not enter into new customer engagements relating to regulated pawnshop activities. NBFIRA warned that any continued regulated activity without a valid exemption would contravene the Act and may lead to further enforcement action. NBFIRA advised Turnbright to notify customers and make arrangements for securing and safeguarding customer assets, facilitating their proper return or lawful transfer, and closing or transferring customer accounts in accordance with applicable law.
Botswana Non-Bank Financial Institutions Regulatory Authority 2026-02-27
Botswana Non-Bank Financial Institutions Regulatory Authority revokes Turnbright Pawn Shop exemption and bars it from offering pawnshop services
The Botswana Non-Bank Financial Institutions Regulatory Authority has revoked Turnbright Investments (Pty) Ltd's exemption under the Non-Bank Financial Institutions Regulatory Authority Act, 2023. Turnbright is now prohibited from offering regulated pawnshop services, including short-term, asset-backed loans. The authority has instructed Turnbright to notify customers and ensure the secure return or transfer of customer assets.