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Local time: Sunday, 19 August 2018 04:31:56hrs
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Ministry of Investment, Trade and Industry (MITI)
97 pawnshops registered so far
97 pawnshops registered so far

Assistant Minister of Trade and Industry, Vincent Seretse, has told Parliament that there are seventy nine (79) pawn shop Business Names and eighteen (18) pawn shop Companies that have registered with the Office of the Registrar of Companies and Intellectual Property (ROCIP). 
Seretse explained that it is, however, difficult to get the exact number because the new Companies Act, 2003 does not require businesses or companies to reflect the type of business that they will be engaged in on the Business Name or Company Registration Certificate.
The Pawn Broker business, he said, involves financial transactions and operates in the same manner as a Micro Lending business.  He further explained that the only difference is that Pawn Broker requires merchandise as collateral for the amount of money loaned. 
“The merchandise is later disposed-off by the Pawn Broker to recover the loan amount in the event that the borrower fails to pay back the loan within the agreed period of time,” he said.

He further informed Parliament that since Pawn Broker business entails financial transactions that also involves charging of interest, managing and controlling of its operations, it should hence fall within the framework of the statutes that govern the operations of similar institutions. Seretse also highlighted that the Ministry of Finance and Development Planning is working on this.

Seretse was answering a question from Shoshong Member of Parliament, Dikgang Philip Makgalemele, who wanted to know the number of registered pawnshops in Botswana and how their operations are managed and controlled by the relevant regulatory body.




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