BSB NAMED 2023 BEST SAVINGS BANK IN 

BOTSWANA

Botswana Savings  Bank has been awarded the winner  of the 2023  Best  Savings  Bank in Botswana Award by International Business  Magazine (UAE).

The  Bank  was  recognised for its strides  in the  local  market  by excelling under the following  criteria:

•     A bank garnering  maximum  trust in the banking system of Botswana.

•     Creating  an ecosystem of financial inclusion  for Batswana.

•      Provision of banking  services that  play  a significant  role in the  development of Botswana.

•     A   bank   renowned   for   being   a   trusted    financial   services   provider   in

Botswana.

Core   to  its  business   strategy  is  to  promote  and  mobilise   savings   amongst   the people   of  Botswana and  its  customers.    The  Bank  has  steadily driven  growth   in customer  savings   over  the  years.  In  the  2022   financial  year,  customer  savings increased  by  7%  to  the  value  of  P2.74  billion  (2021:  P2.56  billion).  The  loans  and advances  also  increased from P2.40  billion  to  P2.70  billion  in the  same  period.  The Bank   has   directed   considerable  investment  into   the   enhancing    of   its   digital channels,   including   expanding  its   automated  service   points,   with   the   intent   to increase  awareness and influence customer behaviour  towards savings.

In terms  of the savings  products, BSB’s  efforts  are well  represented in the diverse, affordable,   and  attractive  savings   products   that   cater   for  different   customer segments.   The   Bank   offers   various   savings   products  such   as   Sesigo   Savings Account,  Save  As  you  Earn, Ordinary Savings  Account and Fixed Deposit Account. All of which  have been tailored  to suit various  needs  and remain  affordable  across segment   of  clients,  with  the  lowest having  a  minimum  balance  of  P50.00   or  any affordable  amount.

The   attractive  features   of  the   diverse   and  affordable   savings   products   bring diversity  to   the   Banks   product   portfolio   and  making   them   competitive  to   the market.

Over  and  above  the  lucrative  rates,  the  tax  exemption on  BSB  savings  products, gives  clients  an advantage on returns,  as  their  interest earned  will  not  be  taxed, thus directly earned  by the client.

In 2021, Botswana Savings  Bank was chosen  a winner of the 2021  Best  Savings  Bank in Botswana Award honoured  by the Global  Banking  and Finance  Review 2021. This  is a clear indication  of the Bank’s unwavering commitment in cultivating the culture of savings  and driving its mandate  of financial inclusivity in Botswana.

Botswana Savings  Bank Chief Executive Officer, Nixon Marumoloa noted that, the developing of products  and services which are accessible, inclusive  and savings- conscious is vital  for the  Bank’s  delivery on it’s mandate.   This  is in order  that  BSB customers  experience  convenient banking  whilst   also  experiencing  growth   from using  the  Bank’s  competitive savings  products,  which  empower clients  to  invest  in their future ambitions and generations.

“I greatly commend  my  team  and it is a great  honour  for us to receive  this  award.

We are delighted to be recognised for our passionate approach to supporting the national development agenda  as a trusted  Botswana bank.”  noted Mr Marumoloa.

[BSB]