President Dr Mokgweetsi Masisi today officially opened the head office of First Capital Bank at First Capital House in New CBD, which is the first and only building in Botswana with a 4 star green rating with promises bank will strengthen, consolidate and intensify support for Botswana Government’s agenda for economic diversification, job creation
and sustainable economic growth.
“You may be aware that Government has adopted the Cluster Development Model in the targeted sectors of Tourism, Beef and Finance and Knowledge Intensive Business Services. The Cluster Development Programme is expected to enhance Botswana’s overall competitiveness by developing sectors with a high potential for growth, as well as improving business productivity,” said Dr Mokgweetsi Masisi, President of the Republic of Botswana.
He said, “Government has developed a Financial Inclusion Roadmap and Strategy that provides a holistic outlook for the financial needs of our country as well as how the financial sector will be improved to provide better services and promote financial inclusion, under five priority areas namely: Improvement of Payments Eco-System ; Facilitation of Low Cost, Accessible Savings Products; Development of Accessible Risk Mitigation Products; Improvement of the Credit Market and Consumer Empowerment and Protection.”
Masisi indicated that it is of vital importance that the Botswana Government achieves financial inclusion in Botswana for individuals and businesses irrespective of location, gender and level of education.
According to the Alliance for Financial Inclusion, which is the world’s leading organization on the financial inclusion policy and related regulations, it is estimated that approximately 2 billion adults worldwide, more than half of the total adult population of the world, do not have an account in a formal financial institution, and the vast majority of these unbanked adults live in developing countries.
Financial inclusion is therefore becoming a priority for policymakers, regulators and development agencies. It has been identified as an enabler for 7 out of the 17 Sustainable Development Goals.
“In this regard, Botswana agrees with the World Bank grouping in considering financial inclusion as a key enabler to reduce extreme poverty and boost shared prosperity, in accordance with the ambitious global goal to reaching Universal Financial Access (UFA) by 2020,” said Masisi.
First Capital Bank Botswana is developing its digital banking infrastructure and safety measures to accommodate changes in technological systems. Digital financial technology, and the heightened uptake and utilisation of mobile phones has facilitated expansion of access to financial services, by reaching greater numbers of people and small businesses at a low cost and low risk. In this context, cellular network providers are key stakeholders in driving access to online banking solutions.
That is why the Botswana Communications Regulatory Authority (BOCRA), has worked tirelessly over the years to promote competitiveness in the cellular network industry. The confirmation by the High Court in May 2018 of the legality of the BOCRA directive to reduce local mobile tariffs for off-net calls by up 20 percent was therefore cited as a welcome development.
“This reduction in mobile tariffs is an opportunity for the Botswana consumer to conveniently access various online services including mobile banking,” said Masisi.
Of the one hundred and sixty (160) employees of First Capital Bank of Botswana, 41 percent are youth aged between 18 and 30 years. It is also noteworthy to mention that the Bank has a gender strength of 71 percent female employees.
According to officials the demographic dividend is of paramount and strategic importance for all organizations since the success of youth is the only guarantee of the long-term economic prospects for Botswana.
First Capital Bank’s commitment to uplifting the lives of the communities they operate within was also cited as a reason for commendation, after they donated school uniforms to more than 60 pupils of Bogogobo Primary School, which is in-line with the Adopt-A-School Programme.
It was also the basis of a donation of P100,000 to the Office of the President to the Eyes for the World Agora International Project, which gives children from underprivileged areas access to sys tests and glasses. This commitment to corporate social responsibility has hurt the company’s bottom line.
“First Capital Bank has been privileged to have outperformed the other players in the local banking industry over the past five years and today we serve over 18 000 customers. But what we are most proud of is not our own achievements, but those of our clients,” said Raj Patel, Vice Chairman of First Capital Bank.
He said, “Some of you may remember that – until not so very long ago – we were called Capital Bank. The name change to First Capital Bank may seem small, but it represents a far greater step in the evolution of our bank. Our operations under the FMB capital Holdings group is now represented by a single and cohesive brand in Malawi, Zambia, Zimbabwe, and Mozambique.”
First Capital Bank first began operating in Botswana in 2008 as Capital Bank and has grown to employ 160 staff members serving more than 18,000 customers. It currently has four branches in Botswana – three in Gaborone and 1 in Francistown.
