Bank Gaborone opens in Maun 

SHARE   |   Monday, 18 September 2017   |   By Solomon Tjinyeka 

Bank Gaborone has set foot in the tourism capital, Maun – opening the country’s 9th branch in the township. Governor of Bank of Botswana, Moses Pelaelo, when officially opening the Bank Gaborone in Maun on Monday commended the bank for its steady growth. Bank Gaborone started operations in 2006, and in a relatively short period of 11 years as it has expanded its network of branches, surpassing some of the older banks in the country. The bank also provides electronic banking services, which further extends its coverage and footprint.  “I should also recognise that, Bank Gaborone employs 261 people, mostly Batswana, hence, contributing to the economic and social well-being of the employees and their families,” he said. He added that Bank Gaborone is adding to the inputs and resources needed to enhance productivity of economic pursuits, and for the community to harness and profit from business opportunities. He said as a regional bank and being relatively new, it is expected that the bank and its design of products will continue to be well aligned to contemporary domestic market requirements.  For Maun, this branch of Bank Gaborone is invariably expected to support the various facets and business value chains in the tourism and agricultural sectors associated with the region.  The tourism industry, of which Maun is a significant player, Pelaelo said accounted for 3.9 percent of the country’s Gross Domestic Product (GDP) in 2016, through industries such as hotels, restaurants, travel agents, airlines and other passenger transportation services.  

Bank Gaborone is a member of the Capricorn Group – a financial services group with its roots in Namibia, offering banking, insurance and asset management services in Botswana, Namibia and Zambia. He stressed that in Botswana, the bank’s financial position has grown steadily since commencement of operations in 2006. Total assets increased from P268 million in June 2007 to P4.6 billion in June 2017; lending increased from P197 million to P3.2 billion in June 2017 while deposits grew from P188 million to P3.9 billion in June 2017. The bank has, therefore, in a relatively short period, mobilised approximately P4 billion worth of financial resources, he said adding that these resources have been productively employed and distributed, in the form of loans and other credit facilities, to support real economic activity in diverse sectors across Botswana, including consumption spending. The bank’s board chairman Peter Collins said their purpose is to be a connector of positive change as they strive to create sustainable opportunities for all their stakeholders. “We believe that we can unlock value for customers through a relevant, convenient and responsive network of people and communication channels,” he said. He said his bank has a meaningful role to play in the development of the tourism industry and Maun is a perfect fit for their 9th branch. Collins said for the past 11 years the bank has opened nine branches across the country and 12 unsecured lending BG Finance offices, 17 ATMs and numerous retail products and services covering transactional accounts, electronic web based channels, Business Banking, SME Banking and innovative treasury services.