03 Sep 2025

Savings banks have proven to be true agents of human dignity by committing to timeless values of responsibility, inclusion, stability and resilience.

Delivering a keynote address at the 31^st World Savings and Retail Banking Institute (WSBI) African Regional Conference in Kasane on yesterday, Vice President Mr Ndaba Gaolathe said according to the Centenary Report, WSBI’s 6 400 member banks served 1.7 billion people worldwide.

He said financial inclusion remained a challenge for Africa as the World Bank’s Global Findex 2025 showed that while 79 per cent of adults worldwide owned an account, only 55 per cent of adults in Sub-Saharan Africa did and almost half of the people remained unbanked.

Mr Gaolathe said the theme: Driving Sustainable Development Through Financial Inclusion, Green Finance, and Responsible Banking, called for expansion of access, innovation and sustainability of banking. The Vice President stated that Botswana’s diamond-led growth model had served well however, it could not deliver Botswana’s high-income aspirations.

“We are decisively pursuing reforms under the Botswana Economic Transformation Programme (BETP) to build a productive, inclusive, technology-driven, and globally competitive economy beyond diamonds,” said Mr Gaolathe.

 This drive he said mirrored the WSBI ethos that true resilience came when financial systems and national economies were rooted in inclusion, stability, and long-term vision. He said WSBI’s history demonstrated that financial institutions must evolve to meet the needs of society, and Botswana’s reforms alike must ensure that the economy became a gateway to opportunity rather than a barrier to progress.

Mr Gaolathe said despite the fact that Africa contributed less than four per cent of global greenhouse gas emissions, the continent endured the harshest impacts through droughts, floods, cyclones, and food insecurity.

 “Green finance is no longer a choice but it is our shield and Botswana’s Integrated National Financing Framework is one such example of aligning national strategies with climate action,” he said and commended the Botswana Savings Bank (BSB) for hosting the conference and for embodying the spirit of the WSBI.

BSB has consistently carried banking to the unbanked, nurturing a culture of savings, advancing financial literacy, and aligning innovation with social purpose, Mr Gaolathe said.

WSBI African Region president, Mr Al-Amine Nejjar stated that WSBI remained committed to strengthening regional banking systems in Africa. He said financial inclusion was key for Africa adding that it was commendable to see growth from different African nations who had embraced innovation, rich and diverse programmes.

Mr Nejjar said the conference presented opportunities to discuss sustainable solutions for banking in Africa, and offered knowledge sharing for the banking sector. Furthermore, he indicated that it was a platform to reflect on the evolving banking sector, infrastructure gaps and accessibility of banking services in rural areas.

BSB CEO, Mr Nixon Marumoloa said the conference aimed to reflect on how savings and retail banks could drive inclusive growth, strengthen financial resilience and support sustainable development in Africa. He said the forum was for collaborations learning and reimagining the role of financial institutions in today’s world. ENDS