25 Apr 2024

Government plays a pivotal role in ensuring that citizens have the knowledge and skill to participate in digital payments. Minister of Transport and Communications Mr Thulagano Segokgo said on Tuesday during a two day Payments Insight conference in Gaborone.

He said the ministry played a critical role in developing and maintaining digital infrastructure that underpins modern payment systems.

The minister said innovation was at the heart of technological advancement in payment systems therefore the ministry was committed to fostering a collaboration between industry players, start-ups and academia by nurturing a vibrant ecosystem of ideas and technologies.

‘Our ministry is dedicated to promoting digital literacy initiatives and bridging the digital divide with inclusive payment systems that cater to diverse needs and capabilities are essential for fostering economic and social inclusion,” he said. The minister said other important aspect was data privacy and security.

“With the increasing digitization of payments, safeguarding data privacy and enhancing cybersecurity measures are critical imperatives,” he said.

To make sure this takes place he said the ministry was working closely with relevant stakeholders to develop robust data protection regulations, cybersecurity frameworks and awareness programs to mitigate the risks and build trust in the digital payment systems.

“Payments are inherently global and international collaboration is vital when talking about cross-border transactions and harmonizing regulated agreements,”

He also added that Botswana was actively engaging in international forums and fund measures to ensure that payment systems aligned with global best practices whilst addressing local needs and priorities.

The minister commended JRK conference coordinators for hosting the first ever payment conference.

He said the platform was not only deepening understanding in such issues, but was also contributing to Botswana’s economic advancement.

“Your role in developing robust payment platforms, promoting financial literacy, driving financial inclusion, and fostering reliable, responsible financial practices is indispensable to our economic growth,” he said.

The minister said government was creating a conducive environment, regulators ensure compliance, governance and safety, whereas private sector had the task to deliver innovative solutions to drive Botswana digital economy..

“We are to leave no one behind, the Botswana entrepreneur, the streetwalker, the lady selling crafts, whether its food, time, ice, or whatever it is, the entrepreneur should be facilitated to receive and make payments efficiently.

The ministry remained resolute to drive reliable, affordable connectivity to every Botswana, as you delve into the intricacies of payment systems, it’s paramount to underscore the governance and wayfaring commitment to fostering a robust regulatory environment,’ she said.

He also said he believed that efficient, secure, and inclusive payment mechanisms were the bedrock of a flourishing economy.

“The landscape of the payments intersects every sector, and your presence here underscores the importance of payment systems,” the minister added.

JRK Training Consulting managing director Ms Constance Storom thanked the minister for honouring the event and hailed the event main sponsors Visa International and First National Bank and other international leaders across the African region.

She said they believed in their vision and agreed to partner with them therefore bringing the Insights vision to life.

She said the conference represented a fundamental moment in the Botswana, s digital transformation.

“The Insights Conference platform promises to be a catalyst for progress in the payments and digitalization landscape,” she said.

Also she said the goal with this platform was to gather local, regional and international, top leaders, pioneers and technology companies as well as financial institutions to effect true change in the evolving landscape of payments. ENDS