FNBB anticipates tough trading year on rising rates

outflow of pension funds which were restricted from international markets while Botswana was on the Financial Action Task Force list of countries with strategic AML/ CFT deficiencies (Botswana’s greylisting was lifted in October 2021). Increasing competition for banking customers and skilled talent compound these external risks.”

He said in the coming year the bank will have an opportunity to secure and grow its SME customer base as they have a strong appetite for SME lending.

The bank will also increase investment in IT as we roll out the new single-view banking platform.

Bogatsu said they also have a plan to invest more in creating collections capacity. “As we enter a new year, I am confident that we have the people, culture, and strategic focus to maintain growth momentum and defend our leading position.”

FNB Chief Financial Officer, Luke Woodford said the bank continues to apply a cautious approach to lending to ensure responsible and manageable consumer exposure.

“This is evidenced by the gross customer advances growing at a similar pace to the market. The gross customer advances increased by eight percent while the market gross advances rose by seven percent.”