07 Sep 2017

Standard Chartered Bank has been applauded for offering Botswana a bridge to success when the world hardly knew the country existed. 

Speaking at the bank’s 120^th anniversary gala dinner, Minister for Presidential Affairs, Governance and Public Administration Mr Eric Molale said the bank ensured that sound basic financial literacy principles were accessible not only to government but also to its people who were stepping into a new era of conducting business. 

He said the bank went to great lengths to ensure that access to basic banking was available to Batswana across the length and breadth of the country. 

“The bank’s presence in Botswana can be traced back to 120 years ago with the commencement of banking services in Francistown in 1897. I am informed that since the establishment of the first fully fledged branch in 1958 in Lobatse, the bank has grown to have 21 branches. 

In addition, along with the other financial institutions, Standard Chartered Bank continues to increase access to financial services through the adoption and use of new information and communications technology,” he said. 

Mr Molale further said in partnership with government, Standard Chartered Bank played an important role to make Botswana’s economic and social policy objectives possible. 

“Indeed, Botswana and her people are proud of its achievements and the journey we have walked to get to this present day. This nation’s journey from being one of the poorest countries in the world at Independence to being ranked as one of the seven African countries with upper middle income status was on account of Botswana’s rapid economic growth, at one point having been the fastest growing economy in the world,” said Mr Molale. 

He noted that many of government’s first accounts were held with Standard Chartered Bank well before the establishment of the central bank. 

Mr Molale also indicated that the bank was at the forefront of consultation that led to the establishment of Bank of Botswana in 1975 and issuance of the country’s currency in 1976. Mr Molale said when Bank of Botswana was established; Standard Chartered opted to be locally incorporated. 

“With the advent of Botswana Stock Exchange, then called the Botswana Share Market, Standard Chartered was amongst the first companies to list,” he said. 

He said that the important role that the private sector is expected to play in the economy cannot be overemphasised. 

“Government expects the private sector to take a leading role in creating wealth and employment for Batswana,” said Mr Molale. He said government was cognizant of the fact that private investors go into business with the primary motive of earning profit and creating wealth. 

“This should be encouraged because creating wealth and developing production capacities are important aspects for achieving economic growth,” he said. 

Mr Molale said it was in this regard that during the National Development Plan (NDP) 11, government would adopt cluster development initiative as a strategy to develop diversified source of economy. He said among the identified sectors for the clustering initiative is the financial services. 

“The implementation of the cluster development initiative will drive efficiencies and ease doing business hence improving overall business sustainability and competitiveness in Botswana,” he said. 

Mr Molale said government would also continue to have a robust and regulatory framework to facilitate the sector because it has potential to create jobs and generate export earnings. 

For his part, chairperson of the Board of Standard Chartered Bank Botswana, Professor Bojosi Otlhogile said the occasion of the bank’s 120 years in Botswana was not just about celebrating a milestone but also very much an occasion to pause and look back at all the hard work that had accompanied the journey. 

He said Standard Chartered had been at the side of Botswana, providing banking services to grow wealth and contributing to transform the economy. They also pledged to continue this partnership for many more generations to come. 

“We want to continue to be at the centre of the economic transformation of this country and to be a trusted partner to government and all other key stakeholders,” he said. 

Speaking on some of the bank’s investment in the community of Botswana, Professor Otlhogile said the bank recently partnered with the Ministry of Health and Wellness, Ministry of Basic Education and other organisations to launch the portable eye examination kit in schools in Botswana through their flagship global community programme that focuses on curable and preventable blindness. 

“The P1million project utilises innovative mobile app technology to examine school children for visual impairment with the aim to offer treatment or spectacles where needed. The project reached over 12 800 pupils across 49 schools,” said Professor Otlhogile. He noted that the bank has also paid a dividend of P900 000 to the Standard Chartered Education Trust in 2016 to support charitable causes.ENDS