Stanbic Bank Botswana has in its endeavour to unlock growth signed a pact with Statistics Botswana (SB).
The bank unveiled a strategic partnership through signing Memorandum of Understanding (MOU) with the national statistics custodian as the bank moves to tap on valuable data.
Stanbic Chief Executive Samuel Minta said the partnership with SB would enable the bank to continue on its efforts of empowering young entrepreneurs to alleviate high unemployment.
Minta said the bank is seeing economic value on statistical data as compiled and released by Statistics Botswana, adding that in Botswana businesses are seating on gold regarding data.
“The statistics data is very useful for the private sector to tap on and generate revenue from. In other countries technology companies bank on national economic statistics to make money. There are business opportunities from our partnership with statistics Botswana,” Minta said.
In addition, Minta – a staunch supporter of young entrepreneurs – said the private sector should take a leading charge in ensuring that there is access to funding for the viable youth businesses.
He underscored his bank’s commitment to creating capacity for entrepreneurs to be competitive. “Access to funding for startup businesses depend on the viability of business proposed.as the bank we will be amplifying data for our supported businesses to enable them know the business opportunities for possible growth or expansion beyond Botswana as well,” he added.
Statistician General Dr Burton Mguni said private sector businesses such as banks are important partners that should assist the agency to disseminate and simplify statistical data.
He noted that the national statistics agency is in a quest to court the private sector for it to unlock economic potential value as the statistics is pivotal in influencing decision making.
According to Dr Mguni, employment creation should be a national priority to grow economy.
“The partnership with private sector is crucial in diversifying the economy. Knowledge-based economy requires implementation of statistical data outcomes. We want the private sector to unlock the economic wealth from the data that we analyse and disseminate freely,” he said.
Furthermore, he said Botswana as a country should be competitive in the global market and this would take the collective effort of all stakeholders involved to create space for business growth.
The enabling policies set by government, he said, also need to be augmented by the private sector.
“As part of our efforts to facilitate competitiveness, the agency is keen on improving on how we disseminate the statistics. Botswana has potential to grow beyond expectation,’’ Dr Mguni said.
Minta reiterated that collaboration through Public Private Partnership is very critical for the betterment of the country’s socio- economic status by creating sustainable growth solutions.
“The Bank boost of inimitable strategic platform to provide support and through leadership expertise to contribute towards usage of statistics for planning and decision making in the long term. Our AcceleR8 initiative empowers youth entrepreneurship to grow further,” he added.