BOB IMPLORES ACCESS BANK TO SUPPORT ECONOMIC GROWTH
Central bank governor, Moses Pelaelo has challenged new financial institution, Access Bank Botswana to actively participate in national development and economic transformation efforts.
Access Bank Botswana joins the local financial institution league after acquisition of majority shareholding in African Banking Corporation of Botswana Limited (BancABC).
Pelaelo said the national development and economic transformation intends to accelerate economic diversification and inclusive growth and help to transition the country to high-income status by 2036.
He said elements of the blueprint include promoting export-led growth involving integration of the domestic industry into the global value chains, harnessing of information and communications technology, digitilisation, for the purposes of efficiently and competitively driving economic activity and for growth of new industries/businesses. In addition, promoting enhanced use and productivity of domestically mobilised financial resources and therefore generate higher levels of industrialisation, fostering infrastructure development and efficiency of provision of government services for greater impact on private sector operations.
Bank of Botswana (BoB) has also implored Access Bank to improve on BancABC’s current position which stood at a P9.1 billion asset base, as of August 31, 2021 and 5th largest bank in the Botswana market. “The expectation is that Access Bank will, as an individual entity, continue to be well governed, operate in a sound manner and adhere to the prudential requirements and regulatory guidelines and therefore contribute to enduring strength and stability of the banking system and the broader financial sector,” said Pelaelo.
Meanwhile, Group Managing-Director of Access Bank Plc, Herbert Higwe said Access Bank Botswana is committed to supporting and contributing to the growth of the country’s economy.
“We are aware how access to credit and capital remain one of the biggest concerns for businesses, women and youth,” said Higwe. He further highlighted that Access Bank’s presence in the key trade corridors connects Africa with Dubai, China, Lebanon and Mumbai as well as the global hubs of UK, US and Hong Kong.