Bankers Association launches EKYC
Bankers Association of Botswana (BAB) has recently launched an electronic Know-your Customer (EKYC).
This is a system which provides commercial banks with online instant verification of identity card against the national database.
The application is a collaborative effort between the Association, Bank of Botswana (BOB), Financial Intelligence Agency (FIA) and the Ministry of Immigration, Nationality and Gender Affairs.
Speaking during the launch, Min
ister of Finance and Economic Development, Dr Thapelo Matsheka, said from a systemic and regulatory perspective, the EKYC Interface stands out as a vital pillar in ensuring that banks adhere to the structures of Know-your-customer (KYC) compliance, which is a critical component of an effective national Anti-money Laundering (AML) regime.
“The fact that customers will no longer need to present certified copies of their omang documents when they visit a bank will be a time saver for both customers and the various certifying agencies in government and the private sector,” said Dr Matsheka.
While the system is currently ex
clusive to banks only, Matsheka said in the future it will be made available to other financial institutions as way of strengthening the national AML/ KYC regime across the financial sector.
For her part, BAB Chairperson, Keabetswe Pheko-moshagane, noted that the banking industry has defied all the odds such as Covid-19 to pursue a P1.5 million system.
“The banking industry managed to push for this project completion despite all these challenges, and this has boosted my drive on a personal level on what more we can achieve through unity, collaboration and focus,” said Pheko-moshagane.