THE Non-Bank Financial Institutions (NBFIs) sector has demonstrated remarkable scale and stability, with total sector assets reaching E128 billion.
This is as of the end of the fourth quarter (Q4) of 2025. This is according to the 2025 Quarterly Statistical Bulletin by the Financial Services Regulatory Authority (FSRA).
This follows a strong performance in the third quarter, where assets were recorded at E124 billion. The E4 billion increase between quarters reflects a sector that continues to demonstrate resilience and a steadily expanding footprint within the national economy.
According to the latest industry overview, the landscape is characterised by a robust and diverse ecosystem of 355 licenced Financial Service Providers (FSPs).
This network of institutions provides a wide array of services ranging from long-term social security to immediate consumer credit, reflecting a sophisticated financial market that caters to both institutional and retail needs.
The last quarter data identifies retirement funds as the heavyweights of the NBFI environment. With 98 licenced funds currently in operation, this sub-sector accounts for E60 billion in assets, nearly half of the entire NBFI asset pool.
This represents a growth from the E58 billion recorded in the third quarter. The concentration of capital within these funds highlights their critical role in mobilising long-term savings and providing the necessary liquidity for national investment projects.
The capital markets segment also showed significant strength during the period. Investment advisors manage a substantial E35 billion in assets, while collective investment schemes (CIS) contribute a further E11 billion.
The diversity of the sector is further evidenced by different asset distributions. Building Societies hold a E3.5 billion in assets, continuing their role as key players in property and personal finance.
Savings and Credit Cooperatives (SACCOS) account for E3.3 billion, thus reflecting the strength of member-based financial movements.
This coincides with a robust presence of 157 licenced credit and savings entities, the largest group of providers by count in the industry.
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The volume of entities within the credit and savings sub-sector total 157 licenced providers indicating a highly competitive and accessible market for consumers.
Development Finance Institutions (DFIs) manage E2.3 billion focusing on strategic economic development.
While these providers along with retail outlets hold E538 million in assets, represent a smaller portion of total asset value compared to retirement funds, they are vital for providing day-to-day liquidity and credit to the country’s populace.
“The capital markets segment also showed significant activity and shifting dynamics: Investment advisors assets grew from E33 billion to E35 billion between the third and fourth quarter. While collective investment schemes (CIS) assets stood at E10 billion in the third quarter, settling at E8.1 billion in the last quarter.
“The building societies sub-sector saw a major jump from E3.7 billion to E11 billion, marking a significant expansion in its asset base toward the end of the year,” reads the report in part.
The cooperative movement and consumer credit sectors continue to play a vital role in financial inclusion.
Meanwhile, Development Finance Institutions (DFIs) recorded growth from E2.3 billion to E3.3 billion and insurance assets remained stable at approximately E7.8 billion.
The transition from third to the fourth quarter highlights a maturing industry. The total number of licenced Financial Service Providers (FSPs) decreased from 379 to 355, respectively suggesting a period of industry consolidation and refinement even as the total asset value increased.
With E128 billion now under management across the sector, the NBFI industry remains a critical pillar of the country’s financial stability and economic development.
