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FNBB CEO orders probe into Itsose business competition

FNBB Chief Executive Officer (CEO), Steven Bogatsu

First National Bank of Botswana (FNBB) Chief Executive Officer (CEO), Steven Bogatsu has instructed the bank to investigate the fracas relating to Itsose business competition through which the bank was to finance some business projects to enhance the spirit of entrepreneurship in Botswana.

The aim of FNB Itsose business competition was to “fast track the start-up and growth of businesses with great potential and support their long term success” and to “facilitate the provision of funding to entrepreneurs who meet the criteria of the competition’s funding partners.”

The projects who were expected to be funded emanated from the last 10 front-runners with the business plans out of 2 800 applicants who have thrown their hats in the ring for the then seemingly lucrative and promising competition.

Itsose business competition was initiated under the tenure of the then bank CEO, Danny Zandamela who then passed the baton to Lorato Boakgomo and lately Bogatsu. Bogatsu is said to be unversed on how the competition ravelled since its inception as he was yet to rise to the helm of the bank when it started.

Bogatsu orders a full investigation onto the matter following a Weekend Post exposé earlier in February where there were complaints from some competition winners to the effect that they had not received funding as promised.

It is understood that he has instructed his subordinate to lead the investigation and report back to management.

“Bogatsu gave a directive to the Director of Business to investigate what exactly transpired with the Itsose business project that has led to the current hullabaloo; leading to some of our clients not being assisted according to client specifications,” a highly placed source who preferred anonymity hinted.

Through the inception of the project in 2008, initially close to 2 800 participants had entered the competition and out of that number only 100 were selected and taken through training and development. They were then allocated 3 weeks to craft their business proposals which were later presented before a panel of judges in which only 10 winners with the best proposals emerged.

The ten winners were Thabo Ntshinogang, Setaung Setaung, Moagi Kelerile, Tumo Kgopo, Thomas Bika, Elliot Phindela, Eric Malefu, Kefentse Masimolole, Tiroyaone  Barungwi and Darryl Ellitson.

Information reaching this publication also suggests that there was a secretive 40 million pula which may have been set aside by the bank for the funding of the 10 winners. It is understood that at the time, the money was reserved to finance those proposals as they were regarded as “special projects” that needed to be pursued and be supported.

At the time, FNBB Head of Business Banking, Tsholofelo Kokorwe had stated that 21% of the finalists entered business ideas in the field of Agriculture, 6% in Tourism, 19% in Services, 19% in Manufacturing and the rest in other sector, and that more than half the entrants came from places outside Gaborone.

Projects that could not receive funding through the competition include a condom dispenser, beekeeping, waste management, a piggery business, advertising, a sports academy, a driving school and safari and toll gates among others.

One of the 10 winners, Thabo Ntshinogang could not hide his disappointment with the FNBB and stated, “yes I was one of the last 10 winners. Owaii! Indeed they (FNBB) reneged on their promise. We only received laptops, cell phones and P10 000.”

According to Ntshinogang, even Local Enterprise Authority (LEA) was supposed to assist them find mentors and funding, but they failed dismally.

“I don't mind being part of this story because I believe all the organisations which were involved in the competitions didn't seem serious about the whole thing,” he further lamented.

Another competition winner, Tumo Kgopo, who FNB claimed to have funded was allegedly harassed after he got the money which was “way below” what his business needed.

However, just this week, FNBB Director of Marketing and Communications, Obonye Malope told WeekendPost in an e-mail enquiry that, “two citizen-owned companies that participated in the competition were funded; however, in compliance with our standard banking regulations and responsible practice, we cannot disclose private details of our customers. As a responsible organisation, we uphold the confidentiality of our customers’ information in utmost regard.”

That notwithstanding, this publication has it on good authority that, Tumo Kgopo was the only one funded albeit with a little amount. He was apparently funded with P167 000 while his project of waste management needed close to 3 million pula to take off and sustain itself.  

Another winner that FNBB claims to have funded is Tiroyaone Barungwi who it turns out was never funded.

Malope also insisted that LEA may be a better place to seek such data as this (Itsose competition) was a LEA Programme. She pointed out that “as previously stated, the remaining eight contestants were referred to LEA for advice and alternative funding opportunities.”

When efforts were made to solicit a comment from LEA Chief Executive Officer, Tebogo Matome, he was said to be in a meeting. Matome has been steering the ship at LEA since its inception in 2007.

In the FNB Itsose business competition, LEA provided mentoring and monitoring of the projects. The University of Botswana Business Clinic also participated to ensure business coaching and Sunday Standard also assisted with promotion and publicity for the business competition. FNB was said to be tasked with financing the projects.  

The FNBB Director of Marketing and Communications explained that they are in the business of responsible lending and thus do not prescribe to providing loans that would potentially cripple a beneficiary.

“This would be irresponsible of us to do so and further more would be irresponsible in the eyes of our shareholders and, most importantly, to those we lend to,” she maintained.

According to Malope, it is rather regrettable that WeekendPost would suggest that FNBB has created a “Fiasco” when in fact the opposite is true. “We stood up when LEA asked us to get involved, as we believe it is important to help SMMEs in Botswana grow,” she highlighted in the response.

Conversely Malope stated ambiguously that, “we wish to clarify that this competition was not a donation, but was simply meant to provide Small, Medium and Micro-sized Enterprises (SMME’s) with the correct framework to have a fair chance at success.”

The adjudication processes, according to her was made clear in their terms and conditions which all participants were furnished with-that winners would still need to undergo the normal credit application for funding.

Section 8 of the competition terms and conditions stated that, “I accept and agree that funding is not guaranteed even if I win the competition. And while FNBB will endeavour to fund my proposal, any such funding is subject to satisfactorily conclusion of a due diligence investigation or any other investigation which FNBB may deem necessary; furthermore any funding shall be subject to the negotiation and conclusion of an agreement between myself/ourselves and FNBB.”

The FNBB spokesperson maintained that they want SMME’s to succeed so they are able to contribute to the economy and most importantly, to service the loans they take out without undue stress to their businesses. She said they are also big believers that financial institutions should not be too quick to put SMMEs into debt.

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BOMU, DBS roadshow partners in crime

18th March 2024

The Department of Broadcasting Services (DBS) roadshow has found and trusted the Botswana Musicians Union (BOMU) as a companion it could trust in empowering and facilitating the creative sector, in particular, performing artists and musicians.

BOMU exits to ensure that musicians in Botswana are supported by all platforms and services that are aligned to what they do, which at most times is the production of music.

In 2023, the Union put together grand music awards prized at a whooping P3 million. Indeed, the man working behind the awards, Seabelo Modibe of Total Music Group understood the assignment. For the very first time, BOMU awards left an impressive mark, leaving people murmuring.

With that said and done, BOMU became a very important stakeholder in the on-going DBS roadshow. The relationship started in 2022 when the project was initiated. In this massive project, BOMU plays a role of mobilizing and registering new artists.

In the previous years, the Union has been clouded by dispute and back-and-forth. It was accused of being bungling, purposeless and served no interests of its members (artists). Following the effective execution of the eleventh music awards, artists progressively joined BOMU and the DBS roadshow added cherry on top.

Some of the artists who made it to the Top 30 of the DBS roadshows much-admired the platform, saying it played a major part in changing their lives. Some of them started getting booked, changed their mindsets and consider music as a business entity.

These are some of the few nuggets of wisdom they raked from the man behind the roadshow, Thato Sikwane. He is known as DJ Fresh in the music sector and his company, Big Dawg Productions is the brainchild behind the DBS roadshow.

Matter of fact, DJ Fresh and Modibe worked on this concept together with an aim of unearthing new talent in as much as music is concerned. In order to achieve this goal, the duo had to engage BOMU to allow for the artists to have a body that governs them.

When speaking in an interview with WeekendLife, BOMU Secretary General Rasina Rasina said the roadshow is actually a blessing in disguise, as it was initially considered a tall show.

“This is a much-needed platform for a sector that has been deteriorating over the years. We believe it is here to resurrect the music industry. The DBS roadshow cultivate talent from scratch and nurtures it. This will help us as a Union to have a solid foundation and as BOMU, as we are highly appreciative.”

Rasina said BOMU is very much aware of Season One challenges, adding that they too experienced them. “As BOMU, we therefore appreciate that it was the beginning. Naturally, beginnings have challenges but we are optimistic that everything will be in order as together as a team, we can work to solve all pressing matters that delay the progress of artists in Botswana.”

Successful artists during the DBS roadshow will reap from what they sow. BOMU has been allocated a budget to help artists access the roadshow. Rasina has however refused to divulge the total amount but specified that they ensure artist participation and mobilization, as well as feeding.

“We have learnt from past challenges. We do not pay artists but we assist them with transportation funds to mobilize them to attend the roadshow and showcase. What we offer them is not payment. We ensure their participation, transport mobilization and feeding. They compete, showcase and get the platform they need. We partner with them to deliver a product. Essentially, there is a car, a record deal, airtime deal and cohesion.”

Thus far and during the Season 2 roadshow, BOMU has registered an average of five hundred (500) members. In the process, it has managed to rebuild an average of ten BOMU District chapters nationwide.

Rasina commended the government for coming up with a project that caters for the welfare of artists and creative minds in Botswana.

“Our expectations from the next season is that it will be bigger and better. We appreciate the contribution of DBS and the recent focus towards the creative industry by government. Importantly, it is important to note that the creative industry should never be treated from a blanket approach view. Every region, district, village or town has its own talent. The heritage of Botswana is defined by the creative industry talent.”

 

 

 

 

 

 

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Report links child poverty to disability

12th March 2024

Child poverty is a pressing issue that affects millions of children around the world, and the link between child poverty and disability is a particularly concerning aspect of this problem. The recent research paper published by the Botswana Institute for Development Policy Analysis (BIDPA) sheds light on the stark reality that children with disabilities are more likely to be living in poverty compared to their non-disabled peers.

The findings of the research paper reveal that children with disabilities face higher levels of deprivation in basic capabilities such as education and health. This means that they are often excluded from essential services and opportunities that are necessary for their well-being and development. The wider gap in education outcomes between children with disabilities and their non-disabled peers highlights the systemic barriers that prevent children with disabilities from accessing quality education.

Moreover, the higher rates of deprivation in health and food security among children with disabilities further exacerbate their vulnerability to illness and malnutrition. This not only impacts their physical well-being but also hinders their overall development and potential. The research paper also highlights the economic disparities faced by children with disabilities, indicating that they are more likely to experience poverty across demographic and economic variables.

The implications of these findings are profound and call for urgent action to address the inequalities faced by children with disabilities. Affirmative action is needed to ensure that policies and interventions are specifically targeted towards addressing the unique needs of children with disabilities. It is crucial to prioritize the inclusion and empowerment of children with disabilities in all aspects of society to ensure that they have equal opportunities to thrive and succeed.

In conclusion, the link between child poverty and disability is a critical issue that requires immediate attention and action. It is essential for policymakers, stakeholders, and communities to come together to create a more inclusive and equitable society where all children, regardless of their abilities, have the opportunity to reach their full potential. By addressing the root causes of poverty and discrimination faced by children with disabilities, we can work towards building a more just and compassionate world for all.

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Botswana’s internet rated the second fastest in Africa

8th March 2024

Botswana continues to make significant strides in its digital trasnformation aspirations, as it secures its position among the top-ranking African countries for mobile internet speed. Based on statistics from the Speedtest Global Index, Botswana has been rated the second fastest mobile internet speed in the continent, with an impressive 43.79Mbps, according to a recent study by Business Insider Africa.

This accomplishment demonstrates Botswana’s dedication to improving the quality of broadband internet in the country; and re-affirms its position as a leader in Africa’s telecommunications and ICT services. “The acknowledgment of Botswana’s internet as the 2nd fastest in Africa reflects our commitment to cultivating a digitally inclusive society,” remarked Mr. Keabetswe Segole, Acting CEO of Botswana Fibre Networks (BoFiNet). “This achievement highlights our ongoing endeavors to enable all citizens to participate in the digital economy.” BoFiNet, the leading provider of telecommunications infrastructure in Botswana, has been instrumental in shaping the nation’s digital landscape.

Reflecting on BoFiNet’s contribution to Botswana’s digital connectivity, the Acting CEO stated:”BoFiNet takes pride in its role in securing Botswana’s position as the 2nd fastest country in Africa for mobile internet. Our robust fibre optic and microwave network has been pivotal in delivering high-speed connectivity to both urban and rural areas, ensuring access to reliable internet services for all citizens. We remain committed to fostering innovation and digital inclusion, thereby paving the way for a prosperous digital future in Botswana.” Through the recently launched SmartBots Village Connectivity project, 1,138 premises across 144 villages in different Botswana districts are able to connect to this fast internet.

Botswana’s population is utilising connectivity creatively as a result of a boom in mobile penetration, which is advancing the nation’s digitalisation. Rapid advancements in mobile high-speed internet are causing a digital revolution in Africa, bringing about changes in areas including the economy, education, healthcare, and empowerment.

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