Recent developments in the financial sector  Turning to the financial sector, as at the end of September 2006, our financial sector comprises of four commercial banks, eleven licensed financial institutions (LFIs), twenty-two savings & loan societies, two micro banks (one of which is a pilot project) seven superannuation funds, two investment managers, five fund administrators, five life insurance companies and two life insurance brokers.
Total assets of the financial sector, as at the end of September 2006 was K10.5 billion. The commercial banks holds 65.5 percent of total assets of the system followed by ASFs with 25.5 percent. Licensed financial institutions and savings & loan societies hold 7.3 percent each and life insurance companies’ accounts for 1.7 percent.