Botswana Stock Exchange (BSE) has recorded a historic turnover in a single day since inception. BSE has recorded a historic P1,072,066,804.70 in a single day today (11 October 2021)
Botswana Stock Exchange has in the past recorded the highest turnover in a single of nearly close to half a billion. Thus this leap is historic for BSE and the economy of the country.
“We are delighted to welcome Access Bank to the local bourse. This transaction has reinvigorated the market as performance has been subdued due to the negative effects of the COVID-19 pandemic. Current & prospective investors of BancABC Botswana will be looking at this acquisition with great optimism as the Bank will look towards leveraging off Access Bank’s vast network and digital banking capabilities to springboard the Bank’s operations to new heights. Further, this transaction represents a great achievement for the BSE in being able to facilitate large trades in line with our current strategy to increase the average daily turnover levels to P18million per day by the end of 2021. This single trade joins other previous trade records including P494.3 million that was recorded in 2016, P484.6 million in 2017 and P458.6 million in 2018”. BSE Chief Executive Officer, Thapelo Tsheole commented.
This turnover, BSE says, is a result of Access Bank’s Seventy-eight point fifteen (78.15%) acquisition of BancABC Botswana.
Access Bank is one of Africa’s leading full-service commercial banks. Access Bank is presently one of the five largest banks in Nigeria in terms of assets, loans, deposits and branch network. The merger of Access Bank and Diamond Bank on 1 April 2019 has made Access Bank the largest bank in Africa.
Access Bank comes at the right time given that Botswana is currently struggling economically to recover from the effects of Corona Virus Disease (COVID-19). With it’s resources, technological advancements, and digital muscle, Access Bank is on the right path on diversifying the economy of the country.