Botswana is said to reveal the highest per capita income growth in the entire world. This is because the government has been able to sustain sound fiscal policy despite consecutive budget deficits beginning from 2002 to 2004. The government has also been able to sustain foreign debts to a negligible level. This economic record has proven impressive and banks in Botswana have made an immense contribution in this. Botswana has national and international banks that offer a wide range of financial services including credit facilities and money deposits. The activities of these banks have grown with time so that some of these banks are much more sophisticated and they provide equally sophisticated services that leave their customers smiling to the bank all the time. Below are the five biggest banks in Botswana that customer’s don’t fail to bank with.
Top 5 Biggest Banks in Botswana
Barclays Bank Botswana
Barclays bank is the leading bank in Botswana and has so far been named the best bank by the Banker Magazine. This is the world’s premier finance and banking magazine. This bank offers retail banking, credit cards, and commercial banking. The award for being the best bank in Botswana by Banker Magazine came at the time when the same bank was awarded the same title by the emeafinance magazine and also the best published CSR report by the BOCCIM awards. According to the information on their website, Barclays has operated in Botswana for more than 60 years and has the widest branch network in the country employing over 1,200 people with 43 branches and over 100 ATMs throughout the country.
Coming next to Barclays bank is StanChart. This bank first began its operations in the year 1897, which makes it the oldest bank in Botswana. With a broad branch network and a big force of DSRs or Direct Sales Representatives, Stanchart offers exceptional services to both its wholesale and retail customers in the whole country. This bank has also won an award, which is the “Best Bank in Botswana, 2011” by Global Finance magazine. Today, Standard Chartered Bank Botswana operates a network of 17 branches and agencies supported by a Loan Center and Customer Call Center. With a wide branch network and a large force of Direct Sales Representatives(DSRs), the Bank is able to provide excellent service both to both its retail and wholesale customers across the country.
FNBB is part of the big five banks. Presently, this bank operates with a large network of about 18 branches and a grand total of hundred ATMs across the country. It is also a branch of the FirstRand Group of Companies. This group offers a wide range of services and products like retail banking, private banking, corporate banking and investment banking. Following the trend, the bank has once been awarded the “Best Bank in Botswana 2010” at the Euromoney Awards for Excellence. According to information on their website, as at December 2011, FNBB is the largest company on the Botswana Stock Exchange by capitalization. The bank has the largest balance sheet of all the Banks in Botswana totalling P12 billion and the largest advances book of all the Banks in Botswana over P8 billion.
Stanbic is a partition of Standard Bank, which is an affiliate of the Standard Bank Group in Johannesburg, SA. This bank together with the other big four is known to traditionally control the whole banking industry. This is in terms of total asset market share, deposits, and loans. The bank also provides a wide range of services that include retail banking. Stanbic Bank in Botswana is part of one of Africa’s leading banking and financial services groups, the Standard Bank Group Limited, which is based in South Africa and listed on the Johannesburg Securities Exchange.
Bank Gaborone is also another upcoming big bank in Botswana. The bank has been on an aggressive drive in the year 2010, opening a new branch and about six ATMs in the country. It is named the biggest “small” bank when it comes to footprints across Botswana. The bank is also not left out with providing financial services to the people of Botswana.
In conclusion, banking in Botswana began a long time ago. Initially, there were no commercial banks, although now there are 5 biggest banks in Botswana. The increase in the magnitude of these particular financial institutions and banks has broadened several products ranges in the finance sector. The economy in Botswana has also improved over the years due to this amazing trend. These are Top 5 Biggest Banks in Botswana for the safest banking.