08 Sep 2019

There is need for a coordinated approach in the country’s financial inclusion agenda in order to increase financial literacy and capability levels in Botswana, Vice President Mr Slumber Tsogwane has said.

“This can never be successful if we forget the macroeconomic impact and the importance of the insurance sector’s participation in enhancing financial literacy and capability,” he said in his remarks at the third annual Insurance Institute of Botswana conference recently.

He said government valued the significant role played by the insurance industry, including their part in the promotion of a savings culture and the active creation of employment ‘all of which contribute tremendously towards the development of our financial services industry’.

The vice president encouraged insurance industry players to continue developing professionals, which he said augured well for the transformation of the country’s economic model into one that generated and maximised output through knowledge and innovation.

Like any other industry, Mr Tsogwane said the insurance sector was in need of fresh talent and the continued development of existing professionals’ skill sets.

He noted that the sector faced competition from other industries and challenges brought about by changes in technology and learning styles.

The vice president said Botswana was honoured to host important conferences because they boosted the country’s economy adding that it was President Dr Mokgweetsi Masisi’s vision to ensure Botswana became a hub for international conferences.

“Our key priority, as a country, is to consistently use our strategic geographical positioning in Southern Africa as a launch-pad into the rest of the SADC region,” he said.

He congratulated the institute for continuously bringing insurance industry players together to dialogue on how best the sector could be developed.

The conference was held under the theme; Market Development. Innovative Insurance Products- Key to Growth and Sustainability. ENDS