Stanbic Bank Botswana is adamant that the virtual assets sector has an immense potential to grow Botswana’s economy and transform the local financial sector to be competitive at the global level. The bank hosted the inaugural virtual assets financial crime compliance conference on Wednesday under the theme “Harnessing Virtual Assets for Enhanced AML/CFT Strategies: Navigating Opportunities and Challenges.
Stanbic Bank Botswana Chief Executive (CE) Chose Modise said virtual assets have the potential to bridge financial gaps, enabling greater participation in the economy.
“But let us be clear – innovation without integrity is a hollow promise. According to Secure Frame, cyberattacks have increased by 30% in 2024, with organisations facing an average of 1,636 attacks per week,” he said.
Modise said at Stanbic, they are proactively responding to these risks by enhancing cybersecurity measures, deploying blockchain analytics, and investing in AI-driven compliance tools. He said their goal is to ensure that Batswana can explore and adopt virtual assets with confidence and security.
“We are at the frontier of a digital revolution, and the choices we make today will shape the economy for generations to come. Virtual assets are transforming global finance, with projections estimating a $13 trillion market by 2027 (Juniper Research, 2023),” he added.
This, he said, presents immense opportunities for Botswana to leverage technology, expand financial access, and foster economic competitiveness. However, Modise said opportunity must be met with responsibility; noting that the rapid rise of virtual assets comes with new risks—from cyber threats to financial crime vulnerabilities.
“In this era, we either lead or get left behind. At Stanbic Bank, we choose to lead. Botswana has previously faced challenges with grey listing and financial risk ratings. As a nation, we cannot afford to take a passive approach,” he said.
By strengthening AML/CFT frameworks, reinforcing regulatory oversight, and fostering collaboration between banks, regulators, and technology providers, Modise said they would build a secure and resilient financial sector.
REGULATION
Meanwhile, Head of Licensing at Non- Bank Financial Institutions Regulatory Authority (NBFIRA) Ogona Tshoswane said regulation of virtual assets is very important as it ensures compliance.
He said examples of virtual assets are cryptocurrencies, asset tokens, security tokens and utility tokens. Tshoswane said Botswana’s Virtual Asset Act was enacted in February 2022 and amended in 2025. He said the objective of the Act is to regulate the virtual assets services provider (VASPs) to ensure consumer protection and prevent financial crimes.
He said some of the risks include balancing innovation with consumer protection, adding that Regulators face the challenge of fostering while ensuring consumer protection against fraud, data breaches and unethical practices.
Tshoswane said another risk is Market Integrity and Stability; Virtual assets and decentralised finance (DeFi) systems can impact market stability due to volatility. Experts highlighted that virtual assets or cryptocurrencies sector come with criminal activities due to its decentralized nature.
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