BANK OF BOTSWANA MAKES DIGITAL STRIDES BOB Phases out cheques to improve payments transactions efficiency

Bank of Botswana joined other private sector, parastatal, and government enterprises last week at the Business Botswana Northern Trade Fair grounds in Francistown from the 24th to the 28th of May, displaying their services and products to the public.

The central bank’s mandate is to contribute to the country’s sound economic and financial well-being by promoting and maintaining monetary stability, a safe, sound, and stable financial system, an efficient payments mechanism, public confidence in the national currency, sound international financial relations, and efficient banking services to its various clients.

BOB Public Education Manager Pelontle Mosweu said that the trade show came at the perfect time as they are in the phase of ceasing the use of paper cheques in an effort to stay up with the rapidly evolving world of technology with digital transactions. “We will stop using cheques as a form of payment at the end of this year on December 31. The trade fair will help us effectively convey this message to the people as we will be physically telling them rather than issuing press statements, which occasionally do not reach everyone out there,” said Mosweu.

Mosweu further explained that one of the reasons they are phasing out cheques is because they have been shown to be ineffective, they want to shorten bank time for transactions. The Public education Manager also noted that Bank of Botswana would like to let everyone know that they have since amended the Bank of Botswana Act to reflect the changes in the composition of the Monetary Policy Committee and the Board. Whilst previously the Governor was also the Chairman of the Board, this will no longer be the case with new legislation.

The Public Education Manager also noted that one of the main reasons they decided to address the public at the fair was to sensitise people about the increasing fraud incidents and cash counterfeiting. “Every note has its own marks that identify the authenticity of the note, and it’s easy to spot a fake note, which is why they end up being caught.” It definitely concerns us, and we ask individuals to stop doing it,” stated the Public Education Manager. “Initiatives like ecoplexus and crypto currency that have been making rounds on social media, we consider them to be Ponzi schemes, an investment fraud that pays existing investors with funds collected from new investors,” he explained.

Mosweu finished by adding that their other objective at the exhibition was to raise awareness about proper money handling. “We advise people to be cautious when dealing with money because printing money costs money.if someone soils the notes, it costs a lot of money to replace them,”said Mosweu.