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FNBB launches forex online

First National Bank Botswana has introduced a new online service that is aimed at enhancing its cross boarder payment system. According to a communiqué form the bank released last week the new platform is part of component of the company’s “Brick to Clicks” strategy, which maximizes technology benefits to streamline and boost customer experience.  

Dubbed “Forex Online” the platform enables online payments and transfers of foreign currency for both individual and corporate clients, eliminating the manual process of submitting telegraphic forms at the branch. The bank says customers can now execute transactions in a matter of minutes from the convenience of their home or office, allowing clients to make foreign currency transactions and trade internationally, anytime, anywhere, effectively saving them time and money.

FNBB Chief Executive Officer, Bogatsu observed that customer centricity underpins the essence of his bank.  “We place great value on our customers’ experience and they are at the center of everything we do. That is why we constantly innovate by availing new ways and channels of banking to facilitate pleasant, easy, fast and secure banking for our customers,” he said.

Some of FNB’s “Bricks to Click” inventions include, Mobile Banking, Internet Banking and the Smartphone Banking Application (App), which is an all-in-one platform that gives customers the flexibility to transact anytime in a secure manner, as well as the functionality to prevent fraud by reporting suspicious transactions from their accounts. The latest enhancement of the online platform is amongst the many initiatives the bank has undertaken to make cross border transactions seamless for clients.

FNB boast of “BestForeign Exchange (Forex) Provider in Botswana” accolade which they received was at the 19th annual World’s Best FX Provider Awards hosted by Global Finance Magazine late last year. “It’s worth noting that the award was given for our a 3rd consecutive year reflecting continued commitment to excellence in cross border transactions, FX innovation and customer service,” said Bogatsu. Digital Banking which has been in existence for some years is currently intensified by many banking companies to keep up with evolving customer demands.

Recently it transformed to internet a new channel between customers and banks which benefits both. The main aim of e- banking services is to provide the customers a much faster services with low cost. From the last twenty years, banking sector has chosen a new method of banking based on the progress of information technology.  In addition to these customers, transaction and communication abilities are fastened based on information technology.

The progress of electronic banking started with use of automatic teller machines and afterwards it developed to online banking. The use of mobile phones to enhance convenience has been fast taking over. FNB says it continues to improve digital and internet services to keep up with increasing competition. “Currently, digital platforms account for 90 percent of FNBB’s transactions. This not only fulfills the digital transformation strategy but drives our customer centricity agenda by creating real value for the customers in terms of convenience and cost efficiencies,” said Bogatsu.

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China’s GDP expands 3% in 2022 despite various pressures

2nd February 2023
China’s Gross Domestic Product (GDP) expanded by 3% year-on-year to 121.02 trillion yuan ($17.93 trillion) in 2022 despite being mired in various growth pressures, according to data from the National Bureau Statistics.

The annual growth rate beat a median economist forecast of 2.8% as polled by Reuters. The country’s fourth-quarter GDP growth of 2.9% also surpassed expectations for a 1.8% increase.

In 2022, the Chinese economy encountered more difficulties and challenges than was expected amid a complex domestic and international situation. However, NBS said economic growth stabilized after various measures were taken to shore up growth.

Industrial output rose 3.6% in 2022 over the previous year, while retail sales slightly shrank by 0.2% data show that fixed-asset investment increased 5.1% over 2021, with a 9.1% hike in manufacturing investment but a 10% fall in property investment.

China created 12.06 million new jobs in urban regions throughout the year, surpassing its annual target of 11 million, and officials have stressed the importance of continuing an employment-first policy in 2023.

Meanwhile, China tourism market is a step closer to robust recovery. Tourism operators are in high spirits because the market saw a good chance of a robust recovery during the Spring Festival holiday amid relaxed COVID-19 travel policies.

On January 27, the last day of the seven-day break, the Ministry of Culture and Tourism published an encouraging performance report of the tourism market. It said that domestic destinations and attractions received 308 million visits, up 23.1% year-on-year. The number is roughly 88.6% of that in 2019, they year before the pandemic hit.

According to the report, tourism-related revenue generated during the seven-day period was about 375.8 billion yuan ($55.41 billion), a year-on-year rise of 30%. The revenue was about 73% of that in 2019, the Ministry said.

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Jewellery manufacturing plant to create over 100 jobs

30th January 2023

The state of the art jewellery manufacturing plant that has been set up by international diamond and cutting company, KGK Diamonds Botswana will create over 100 jobs, of which 89 percent will be localized.

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Investors inject capital into Tsodilo Resources Company

25th January 2023

Local diamond and metal exploration company Tsodilo Resources Limited has negotiated a non-brokered private placement of 2,200, 914 units of the company at a price per unit of 0.20 US Dollars, which will provide gross proceeds to the company in the amount of C$440, 188. 20.

According to a statement from the group, proceeds from the private placement will be used for the betterment of the Xaudum iron formation project in Botswana and general corporate purposes.

The statement says every unit of the company will consist of a common share in the capital of the company and one Common Share purchase warrant of the company.

Each warrant will enable a holder to make a single purchase for the period of 24 months at an amount of $0.20. As per regularity requirements, the group indicates that the common shares and warrants will be subject to a four month plus a day hold period from date of closure.

Tsodilo is exempt from the formal valuation and minority shareholder approval requirements. This is for the reason that the fair market value of the private placement, insofar as it involves the director, is not more than 25% of the company’s market capitalization.

Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond and metal deposits at its Bosoto Limited and Gcwihaba Resources projects in Botswana.  The company has a 100% stake in Bosoto which holds the BK16 kimberlite project in the Orapa Kimberlite Field (OKF) in Botswana.

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