13 Sep 2017

Bank Gaborone has  extended its horizon by opening its 11th branch in Maun.

Speaking at the official opening, Bank of Botswana governor,  Mr Moses Pelaelo commended the bank for its contribution to the country’s financial sector, and its commitment on the financial inclusion agenda

The bank, which started operations in the country in 2006, he said, had shown growth which surpassed some of its old banking competitors through its significant expansion of branches across the country.

Mr Pelaelo noted that Bank Gaborone has added three branches in the past three years in Palapye, Kang and Maun in 2017. He also said it had experienced increased lending and deposits from millions to billions over the years.

He encouraged Maun residents and the business community to utilise Bank Gaborone in improving their businesses and financial state.

However, Mr Pelaelo cautioned  some individuals who failed to honour their financial obligations, saying it concerned  BOB.

Mr Pelaelo also noted that the world was grappling with the financial slump, and that individuals were  challenged financially. He advised that people should get into financial obligations for business growth and to communicate with banks when faced with financial challenges.

Banks, he said, had a financial responsibility to their depositors and that they were negatively affected by unserviced loans.

With regards to foreign currencies, Mr Pelaelo said financial institutions should be vigilant in assisting clients with foreign currencies, and that financial institutions should ensure cross border transactions were supported by valid documents.

“There is a legal requirement to declare any cross-border transfers, including cash in any currency equivalent to  P10 000 and above,” he said.

Mr Pelaelo said the Financial Intelligence Agency and BoB continued to monitor and ensure local banks’ complied with laws, business conduct  requirements as well as the anti-money laundering and combatting the financing of terrorism protocols.

Financial institutions, he said, should also be watchful over cybercrime to avoid losing customer trust.

He observed that financial crimes were in many forms as unauthorised cash withdrawals from customers’ bank accounts at Automated Teller Machines   (ATMs), identity theft, scanning   and   cloning of bank cards.

Mr Pelaelo said failure to mitigate such crimes would cause members of the public to lose confidence in financial institutions and entrusting their savings with banks. ENDS