The Ministry of Local Government and Rural Development has recently appointed Botswana Savings Bank to disburse social benefits for people with disability, destitute, old Age Pensioners, World War II and Veterans.
Through this programme, the BSB customers will each be issued with a Visa debit card to enable them to access and withdraw their cash at their convenience, through their transactional based account. In addition, this facility will create a lot of convenience and security for the clients with no charge on maintenance fee. The use of the Visa debit cards allows the beneficiaries the flexibility and access to their cash at any BSB ATM or any Visa compliant ATM country-wide.
This strategic partnership is a commendable milestone for both institutions as it further reinforces their financial inclusion mandate and outreach strategy aimed at providing consumers with simple and easy access to financial education. It has advanced BSB in achieving its financial inclusion mandate as it is partial fulfilment of the strategy and commitment to bank the unbanked population. Botswana Savings Bank mandate supports the Financial Inclusion Roadmap and Strategy, which lays out the national priorities for the enhancement of Financial Inclusion in Botswana.
BSB has a mandate to provide affordable financial services to the nation and most importantly take a lead in financial inclusion. This partnership is a true reflection of BSB 2016-2021 strategy, that the bank is determined to provide products for all income groups in Botswana. This milestone is a signal of BSB’s intensified efforts to expand its customer base, its outreach across the country and to continue increasing the Banks revenue growth. Collaboration with Ministry of Local Government & Rural Development ( MLGRD) will enable BSB to reach out to the unbanked segment of market.
As a wholly owned government bank, BSB understands the needs of the citizens of this country and the Bank is excited to partner with the Ministry to make a positive change in the lives of Batswana.
It is envisaged to provide the unbanked with a modern and dignified banking service. Access to cash is a major challenge particularly in areas where there is no Bank representation.
“At BSB we adamantly believe that Financial Inclusion can aid national growth and impact people’s welfare, primarily in areas that have limited access to banking services, which is what the Bank will achieve through this collaboration, “ noted BSB’s Chief Executive Officer, Mr Nixon Marumoloa.
The year- long contract will cover the following regions and villages in the North; being Mahalapye, Palapye and Serowe; South Centra being: Gaborone, Gabane, Tlokweng, Mogoditshane, Mochudi, Ramotswa and South being: Lobatse, Kanye, Moshopa, Molepolole, Goodhope.