24 Mar 2024

A collaborative programme between the First National Bank of Botswana (FNBB) and TheNeoHub dubbed FirstPreneur pledges capacity building amongst local SMEs to become scalable businesses ready to perform even at international level.

This was confirmed during the signing of a Memorandum of Agreement (MoA) between the two entities on Tuesday morning at the FNBB headquarters in Gaborone.

For his remarks, TheNeoHub – workplace innovation architect, Mr Tumelo Mokowe said the inaugural phase of the programme in partnership with FNBB targeted 200 next big businesses: 50 per cent of which would be youth, 25 per cent women and SMMEs, respectively.

Mr Mokowe said the main drive behind the programme was to transform SMMEs into bankable entities that were eligible to be assisted across the board and also be aligned to have a meaningful impact in the country’s economy.

Mr Mokowe said through this programme, they would identify qualified SMEs and conduct a thorough diagnostic review that would detail sequenced interventions needed to assist the business to become bankable.

He said through the programme, they provided tailor-made support and resources to enhance their financial viability and make them attractive to potential investors.

“We also aim to elevate SMEs from their current status to becoming bankable by the end of the two-year programme. We are determined to help them with building governance and processes for sustainable growth,” he said.   In addition, he said through the programme they commit to having SMEs embracing Environment, Social and Governance (ESG) criteria, where their business  processes were actually aligned to set standards, taking into account accountability, ethical practices and conduct within their businesses.

Mr Mokowe said with this programme they were hoping that building sustainable SMEs would essentially help to reduce the unemployment gap in the country.

He said the more they produced quality SMEs, the more contribution to the country’s GDP and creation of value chains at host villages or towns.

Mr Mokowe said they had already formed synergies with different industry players including government departments as well as private sector entities to cautiously review the applications received from diverse businesses next month. 

He said at this stage, they would conduct one-on-one quality assessment interviews to further understand the shortlisted businesses, their needs and character in terms of their drive and ways to develop.

“This will help us in coming up with tailor-made solutions for every entity incubated in the programme. Throughout the entire process, there shall be instant reporting that will happen between TheNeoHub and FNBB to ensure desired goals are met, timely,” he said.

Mr Mokowe said for this programme they had contracted a pool of business mentors from both local and international shores to offer business advisory services throughout the two-year planned period.

Meanwhile, FNBB commercial director, Ms Jennifer Makgabenyane said the key components of the programme would be mentorship, training, access to resources and networking opportunities for the incubated SMEs, with the aim of fostering innovation and sustainability in the entrepreneurial ecosystem in Botswana.

Ms Makgabenyane said the objectives of FirstPreneur were centered on cultivating a culture of entrepreneurship and innovation, providing practical skills and knowledge to aspiring entrepreneurs.  She added that this would be attained through supporting entrepreneurs by establishing a robust financial ecosystem, developing startup businesses and contributing to economic development.

“It is indeed a strategic move for FNBB to have partnered with TheNeoHub for the FirstPreneur. Their expertise in entrepreneurship and enterprise development will indeed help scale up incubated businesses,” she said.

Ms Makgabenyane said for this programme, collaboration remained key, especially given the endeavour to develop businesses to reach international standards. ENDS