28 Nov 2018

Botswana Building Society (BBS) has opened a new branch in Palapye. 

 Speaking during the official opening of the bank on November 26, Bank of Botswana (BoB) governor, Mr Moses Pelaelo said Palapye was one of the fastest growing villages in the country, hence the bank’s response to economic opportunities including actual and potential demand for services. 

He explained that the primary mandate of BBS was to provide housing finance against immovable urban property and commercial loans.

 “The latest transformation of BBS from a friendly mutual society to a public limited company incorporated in April 2018 is of great significance. It allows broader scope for consideration of strategy, sustainable funding and provision of a wider array of services,” he said.

Mr Pelaelo further said there was greater potential to respond to economic opportunities, drive operational excellence and capacity to meet diverse customer needs, thus enhancing the value of services to customers as well as prospects for sustainable returns and growth.

 “BBS recently placed its shares on the Serala platform which is for unlisted equities at the Botswana Stock Exchange and has shares of over P564 million. 

This development provides yet another opportunity for ownership and strategic control of a home-grown, prudently managed and profitable financial institution by Batswana,” Mr Pelaelo said. 

Compared to commercial banks, he said BBS had a residential mortgage which at the end of June 2018 amounted to P2.9 billion, constituting 31 per cent of the total of P9.3 billion for commercial banks.

 He said it represented some of the relevant information that should inform prospective growth areas, strategic initiatives and resource requirements of BBS going forward. 

He noted that BBS has and continues to invest in various corporate social responsibility projects worth millions. The projects include a school library at Letswai Primary School in Zutshwa; computer labs at Marapong and Mowana primary schools in the Central District and North East District respectively as well as the building of new ablution facilities and upgrading old ones at Molapowabojang Primary School. 

These investments in educational facilities, he said, would go a long way in contributing towards good education for children and that it had to be applauded.

Furthermore, he implored Palapye residents and surrounding villages to use BBS and other financial institutions in the area to save, to access and use credit wisely for the benefit of their families and sustainable development of the country. 

The building society’s managing director, Mr Pius Molefe said the expansion of the bank was part of their new vision to commercialise BBS so that they could extend even more services and products to Batswana across the country.

 He noted that the improvement, atmospherics, ambience and design of the branches were intended to provide customers with quality services. 

“I would like to assure the people of Palapye and Batswana in general that our intention as BBS Limited is to create a commercial bank with a brand that will resonate with the values of this nation while at the same time delivering innovative products and services through excellent customer service,” Mr Molefe said. ENDS