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]