The Non-Bank Financial Institutions Regulatory Authority Act 2006 established the Non-Bank Financial Institutions Regulatory Authority (NBFIRA), after the endorsement (by Government) of the Carmichael Consulting Report, which recommended the setup of a single independent Non-Bank Financial Institutions (NBFI) regulator. The Act grants NBFIRA the mandate to regulate and enforce compliance within the NBFI sector in order to safeguard the stability, fairness and efficiency of the non-bank financial sector in Botswana.