BBS turns a commercial bank

The Botswana Building Society Limited (BBSL) has taken a decision to turn into a commercial bank. The Company wishes to have accomplished its mission before the end of 2021.

“In the meantime, we are working hard to ensure that our information technology systems, including VISA capability, are ready. BBS Limited has also been strengthening its human resources capabilities in readiness for commercial banking operations. In the next few months we will also be launching our new brand identity which is intrinsically linked to our new corporate strategy. I hope you will find it exciting and invigorating. We are confident that the new brand identity, backed up by new products and services as well as exceptional customer service, will announce our presence in the commercial banking space in a very strong way.” said the company’s Chairperson, Pelani Siwawa-Ndai

The Company has already made a loss of over Fourteen million pula (P14, 552 million) for the year ended December 2020, which is a bit of an improvement compared to the year ended December 2019. BBSL recorded a loss of over Thirty-five million (P35, 761 million) for the year ended December 2019. However, the company is expected to record another loss in 2021 due to investment in systems and human resources going into commercialization.

As a result by the end of 2021, BBSL customers will be able to use VISA to transact in BBSL machines and those of other simillar service providers in Botswana and outside the country. The company’s intention is to launch BBSL VISA family of debit cards, consequently non-BBSL customers will also be able to use BBSL ATM machines.

On a lighter note, BBSL shareholders who have not yet claimed their shares are urged to come forward to claim them. Some of those might have closed their accounts but were nonetheless “given free shares of appreciation for their investments over the years when BBSL became a company in readiness to operate as a bank.”

The Botswana Building Society was established on 13 December 1976 with a mission to provide affordable property finance and attractive investment returns through efficient utilisation of resources in the spirit of teamwork for the benefit of their stakeholders.

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