21 Jun 2022

Standard Chartered Bank Botswana has been urged to extend its business and development agenda to rural communities.

The call was made by Vice President Slumber Tsogwane during a meeting with the bank’s chief executive officer Mr Mpho Mosupe in Gaborone yesterday.  

Although actively involved in economic activities such as farming, rural communities had limited access to financial institutions, said the vice president.

Some had challenges of accessing financial assistance to improve their farming activities, he added.

Saying farmers were good at saving and therefore needed financial institutions nearby,  Mr Tsogwane encouraged the bank  to spread its wings and cover people in less developed areas. 

He said government was determined to improve the livelihoods of people living in less developed localities and  needed development partners to support the roadmap. 

Government planned to transform and grow different sectors of the economy and that it was only possible through the support and knowledge of its people.

He urged the bank to work hand in hand with government in order to grow the financial market. 

“We must work on strengthening our partnership in development as we need your cooperation and assistance,” said Mr Tsogwane.  

The vice president appealed to the business sector to help improve rural area livelihoods. 

Mr Tsogwane, who is Rural Development Council chairperson, said government had passed laws intended to improve financial security.

He said counter-terrorism and money laundering legislations were aimed at improving the ease of doing business as well as financial security. 

Mr Tsogwane also informed the CEO of government’s wish to have the bank’s headquarters located in Botswana.

For his part, Mr Mosupe said the purpose of the meeting was to assure the country’s leadership of the bank’s support.

The bank was committed to doing business in the country, he stated. Ends