06 Aug 2019

Parliament has learnt that in line with the privatisation policy, Botswana Building Society Limited (BBS) and the National Development Bank (NDB) have been earmarked to become the country’s indigenous banks.

Minister of Finance and Economic Planning, Mr Kenneth Matambo said BBS had submitted a banking licence application to Bank of Botswana (BOB) which was still being processed in accordance with the licensing requirements of the BOB.

He said according to BOB policy, the bank had up to six months from the daormal acknowledgement of the application, which was May 17, 2019, to respond to BBS, the applicant. Minister Matambo said government, through his ministry, has been supporting the establishment of Botswana’s indigenous banks in line with government’s privatisation policy.

“In respect of BBS, government has provided a conducive legal framework for the demutualisation and conversion of the society into a banking institution,” he said.

Tati West MP, Mr Biggie Butale had asked the minister when Botswana’s first indigenous bank could be expected to be fully operational. He also wanted him to state the position of government regarding the successful implementation of the project. ENDS