07 Mar 2022

Financial literacy and inclusion in Botswana remains very low despite showing a significant improvement two years ago.

 This was revealed by Minister of Finance and Economic Development Ms Peggy Serame at the official opening of Mmamatlotlo Business and Financial Seminar in Jwaneng on Saturday. 

 She informed her audience that the ministry conducted a FinScope consumer survey in 2020 to gain a clear understanding of the formal and informal financial products and services in Botswana.

“I am happy to note that the FinScope consumer survey revealed an improvement from 24 per cent to 16 per cent in financially excluded population,” she said. 

Minister Serame said only 39 per cent of women were in business stressing that the status quo needed to be changed.

 She however advised women not to neglect their families as well as their health in pursuit of upliftment.

“I would also like to encourage you to instill a culture of entrepreneurship, ingenuity and innovation in your children, especially the girl child, but be cautious not to forget the boy child and men in general,” she said.

Ms Serame said the seminar, organised by Ms Lenah Mahalelo and Ms Gaone Keitiile with the objective of bringing about financial literacy and inclusion, especially among women, was timely.

The minister said the seminar was a way of implementing the survey’s  public education on financial literacy recommendation.

Financial inclusion, she said,  brought many economic benefits to individuals as well as small, medium and micro enterprises leading to sustainable economic growth in general.

Hailing the seminar  as an example of self-empowerment. Jwaneng mayor, Ms Olga Ditsie commended the organisers for arranging it without waiting for government input.

She said the seminar was relevant especially in the COVID-19 pandemic era when businesses had been struggling and others having closed down.

Mayor Ditsie said remaining businesses needed to be motivated.

“The economy of the country is in our hands as citizens and there is no time to finger point, but to take responsibility and play our role,” she said. 

She said as a mining town, Jwaneng was mostly populated by men with women mostly playing a supporting role.

“So this seminar will encourage women to find a small side business to do while husbands are at work, rather than just staying home. We should also take advantage of the commitment by the Debswana Jwaneng Mine to support local businesses to sustain the town post the mining period,” she said.

Another speaker, Ms Boitumelo Ntsosa of Destiny Creek, a manufacturing company, said in this era of free trade among African countries, Batswana needed to improve export capacity.

She also stressed the need for businesses to raise standards in order to improve chances of penetrating international markets.

In addition, Ms Ntsosa advised entrepreneurs to be prudent with resources that got businesses off the ground for sustainability and durability.

Speakers included Ms Neo Seate of Senela Farm and Ms Tshepiso Mopipi of Mega Mining Equipment Sales. 

The seminar was held under the theme: An Industrious Woman, a Treasure to the Nation.BOPA