10 Jul 2023

The financial sector plays a pivotal role in growing and diversifying the country’s economy, says President Dr Mokgweetsi Masisi.

Speaking during a courtesy call by Standard Chartered Bank Botswana (SCBB) Chief Executive Officer, Mr Mpho Masupe at the Office of the President, Dr Masisi said financial service providers must therefore help in driving the country’s vision of sustainable economic growth. 

He said Standard bank must continue to engage government and all other interested parties that would advance their growth towards benefiting the citizenry. Also, the President said as part of private sector, the bank must promote citizen economic empowerment.

The President said the bank had been operating in the country long enough to understand culture of the people as well as the needs of the business environment.

He appealed to the bank to import skilled local personnel to its branches in other countries as a way of empowering and encouraging them to grow.

Further, Dr Masisi said as the country repositioned and diversified by roping in the use of technology, financial sector must equally up their game and leverage on technology. He advised them to invest in the use of technology for the country to be counted among the best in technological uptake.

For his part Mr Masupe said the bank had been doing business in the country for 126 years and had experienced success and growth over the years as a result of an enabling environment that was engineered by President Masisi’s interventions and policies.

Mr Masupe said the bank was aligned to the national transformation strategy, and therefore would continue to engage in meaningful activities that would advance the growth of the education sector as well as ingenuity and innovative ideas.

Meanwhile, ABSA Group Chairman, Mr Sello Moloko who also paid a courtesy call on the President said the vision of the bank was to transform into a Pan-African Business was currently undergoing transformation towards adopting a vision that would ensure that it catered for its diverse customer base across the continent.

He said the change in gear would drive the bank’s vision in such a way that it would not be seen as a South Africa reserved business but rather open up to the rest of the continent. 

Mr Moloko said as the executive team of the bank was currently touring the continent, it was guided by a strategy that would give direction to serve the diverse customer base of the region.

He said the current government had assured them of a stable business landscape therefore giving them confidence to do whatever was possible in their power to boost the economy.

He said the bank’s growth would translate into the country’s economic growth. Mr Moloko revealed that the bank had resolved to hold its next continental meeting in Botswana.

In response, President Masisi acknowledged the positive impact ABSA was making towards the growth of the economy.

He said the financial institutions such as ABSA must be driven by an environment conducive for business in order to flourish and positively impact on the country and its people. ends