Bank embarks on crucial digital transformation
Business withstood Covid-19 volatility in 2020
Baroda Executives optimistic for future growth
BAKANG TIRO
editors@thepatriot.co.bw
Bank of Baroda Botswana Limited senior executive leadership managers are confident that the business is poised for strong growth as the bank is embarking on robust digital transformation.
The bank as part of digitalizing its services launched the Baroda M-Connect Plus Mobile banking App and business debit card for the business community as way of improving service delivery to them.
In an interview, Managing Director of Bank of Baroda Shailendra Singh said that the bank is also adopting to the new ways of doing business by launching digital products amidst Covid-19 pandemic.
According to Singh, the bank is very aggressive to the digital platforms so as to unlock growth.
Oozing with confidence, Bank of Baroda MD said that the commercial bank of Indian origin is geared for growth as it has just celebrated 114 days in India and this year marks it 10 years of existence locally.
“The Covid-19 pandemic has fundamentally affected the banking and financial markets at both the domestic and global level. Botswana economy is dependable more on the diamonds sector but the since it has been affected financial services formed part of the cornerstone of economy. And also as the bank we are committed to supporting growth of Botswana’s economy,” he said.
He said that the bank is not in Botswana just for income but is determined to empower Batswana.
Furthermore, Singh said that the bank was not economically affected by the pandemic last year.
In 2020, he said that the overall business performance recorded a positive growth of nearly 20%.
But, he said due to the surge in Covid-19 pandemic this year the bank has been quite challenged.
He stated that Bank of Baroda Botswana’s parent company being the Bank of Baroda India is the second largest bank in India with over 8500 branches adding that bank intends to expand further locally.
Bank of Baroda, he said, it has a growing footprint in key financial markets of Africa that include Kenya, Seychelles, Uganda, Rwanda, Mauritius and Botswana and is present in over 19 countries globally.
The bank according to Singh first started its operations in the port city of Mombasa in Kenya in 1953.
For his part, Bank of Baroda branch chairman Sailesh Kumar says that it is very useful for the customers to be protected against Covid-19 through introducing innovative products for them.
He said that the debit card will also extend convenience to the business community because they will no longer be required to visit the branches physically to do the business transactions.
Furthermore, Kumara indicated that the bank will continue to develop more innovative services.
“We are committed to embark on robust digitilisation of our all banking services. The bank of Baroda is also keen on expanding across the country as we currently have four (4) branches in Botswana with 2 in Gaborone, 1 in Francistown and Plateau respectively. Growth is imminent for the bank because Botswana is one of the fast growing financial markets in Africa as well,” he said.