15 Mar 2022

 Potential investors have been implored to deploy their resources and set up a variety of structures under Botswana’s International Financial Services Centre.
This would support Botswana in its pursuit to become Africa’s international financial services hub, finance and economic development Minster Peggy Serame said in Dubai Monday.
Ms Serame, who was courting investors at Expo 2020 Dubai,  enumerated opportunities in the financial services industry that would extend to servicing the regional market.
Among them she mentioned banking operations, investment funds, international insurance, and ICT enabled services such as business process outsourcing centres.
“This is against the backdrop of a sound, resilient and effectively regulated financial services sector with positive prospects for growth and capability to adapt to global market and policy developments,” she said.
 Ms Serame disclosed that Fitch Solutions had confirmed that Botswana’s banking and financial services industry realised positive growth in 2021 following the economic and COVID-19 headwinds of the previous year.
   A 2021 Financial Stability Report corroborated the Fitch Solutions analysis that overall, the financial services sector had remained stable and resilient thus strengthening and preserving domestic financial stability, she said.
Minister Serame said the report also highlighted ongoing financial markets infrastructures and regulatory developments which had a bearing on effective and efficient functioning of the financial services sector.
Growing patronage and financial inclusion was propelled by some of the developments that included legislative and policy review intended to address financial sector growth and development areas including effectiveness, facilitative, well-coordinated and impactful regulation and supervision as well as sustained integrity, she said.
Ms Serame expressed optimism that in the short-term, the forecast rebound in the country's economy would boost the local banking, insurance, asset management and stock market sectors.
  The economy is projected to grow by four per cent this year.
The rebound was partly propelled by new information and communications technology driven growth areas, recovery of the diamond market and economic transformation agenda, said the minister.ENDS