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Risk and Compliance department

A fairly new department under the Botswana Insurance Company (BIC) the Risk and Compliance Department is convinced the insurance company is to last more than an additional 40 years.

BIC the country’s longest serving short term insurance provider is marking 40 years of existence. BIC is the first insurance company to be awarded an AA-credit rating.

The Risk and Compliance manager said R&C is a relatively new department of BIC. The department which is  an aggregation of several individual programmes has its main focus addressed to the BIC Enterprise Risk Management Integrated Framework, Compliance issues, Claims Audit and the obtaining and providing legal advice to BIC to ensure their strict compliance with the NBFIRA Act, the Insurance Industry Act, the Financial Intelligence Act and other Financial Services laws.

The department is also responsible for the development of commercial contracts for Agents, Service Providers, Consultant Specialists, and Service Level Agreements.  In addition the department has the responsibility for review of the Legal and Governance framework and with the enforcement of the BIC Compliance Procedures.

“We make recommendations where necessary to Executive Management for presentation to the board for ratification if required” said the manager.

The Compliance Procedures are monitored on a daily basis and reported to the Principal Officer at least once per quarter. The Department prepares a quarterly report that is presented to the Audit Committee of the BIC board.

“After 40 years in business, BIC’s future is bound to last more than an additional 40 years,” he said.

 The company opened its doors for business on 12th August 1975, to provide insurance solutions for both general insurance and life assurance business. The company was originally divided between two parties with Botswana development Corporation holding 51 percent of the shares and J.H.Minet &Company Limited of London remaining 49 percent.

BIC is a subsidiary of Masawara Plc, which has interests across Africa.BIC was set up in 1975 by Botswana Development Corporation(BDC) 51% and J.H Minet and Company Limited of London 49% to provide insurance solutions for both general and life assurance business, but was subsequently restructured to provide only short term market solutions In 1991 to comply with the Botswana Insurance Act of 1987. It has a AA- credit rating for firm capital accumulation, profits and stable investment income.

BIC is the oldest short term insurance company in Botswana with an experience of 40 years in the local market. It operates from a head office in Gaborone and 2 branches in Francistown and Maun respectively to cater for the Northern region.

It has 17,000 customers (a combination of Brokers, Agents and Direct clients). BIC is a subsidiary of Masawara Plc, which is listed on the AIM – London Stock Exchange(LSE),and has interests across Africa in insurance, the hospitality industry and agrochemicals sector.

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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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Global CEOs Back Plan to Unlock $3.4 Trillion Potential of Africa Free Trade Area

23rd January 2023

African heads of state and global CEOs at the World Economic Forum Annual Meeting backed the launch of the first of its kind report on how public-private partnerships can support the implementation of the African Continental Free Trade Area (AfCFTA).

AfCFTA: A New Era for Global Business and Investment in Africa outlines high-potential sectors, initiatives to support business and investment, operational tools to facilitate the AfCFTA, and illustrative examples from successful businesses in Africa to guide businesses in entering and expanding in this area.

The report aims to provide a pathway for global businesses and investors to understand the biggest trends, opportunities and strategies to successfully invest and achieve high returns in Africa, developing local, sub-regional and continental value chains and accelerating industrialization, all of which go hand in hand with the success of the AfCFTA.

The AfCFTA is the largest free trade area in the world, by area and number of participating countries. Once fully implemented, it will be the fifth-largest economy in the world, with the potential to have a combined GDP of more than $3.4 trillion. Conceived in 2018, it now has 54 national economies in Africa, could attract billions in foreign investment, and boost overseas exports by a third, double intra-continental trade, raise incomes by 8% and lift 50 million people out of poverty.

To ease the pain of transition to its new single market, Africa has learned from trade liberalization in North America and Europe. “Our wide range of partners and experience can help anticipate and mitigate potential disruptions in business and production dynamics,” said Børge Brende, President, and World Economic Forum. “The Forum’s initiatives will help to ease physical, capital and digital flows in Africa through stakeholder collaboration, private-public collaboration and information-sharing.”

Given the continent’s historically low foreign direct investment relative to other regions, the report highlights the sense of excitement as the AfCFTA lowers or removes barriers to trade and competitiveness. “The promising gains from an integrated African market should be a signal to investors around the world that the continent is ripe for business creation, integration and expansion,” said Chido Munyati, Head of Regional Agenda, Africa, World Economic Forum.

The report focuses on four key sectors that have a combined worth of $130 billion and represent high-potential opportunities for companies looking to invest in Africa: automotive; agriculture and agroprocessing; pharmaceuticals; and transport and logistics.

“Macro trends in the four key sectors and across Africa’s growth potential reveal tremendous opportunities for business expansion as population, income and connectivity are on the rise,” said Wamkele Mene, Secretary-General, AfCFTA Secretariat.

“These projections reveal an unprecedented opportunity for local and global businesses to invest in African countries and play a vital role in the development of crucial local and regional value chains on the continent,” said Landry Signé, Executive Director and Professor, Thunderbird School of Global Management and Co-Chair, World Economic Forum Regional Action Group for Africa.

The Forum is actively working towards implementing trade and investment tools through initiatives, such as Friends of the Africa Continental Free Trade Area, to align with the negotiation process of the AfCFTA. It identifies areas where public-private collaboration can help reduce barriers and facilitate investment from international firms.

About the World Economic Forum Annual Meeting 2023

The World Economic Forum Annual Meeting 2023 convenes the world’s foremost leaders under the theme, Cooperation in a Fragmented World. It calls on world leaders to address immediate economic, energy and food crises while laying the groundwork for a more sustainable, resilient world. For further information,

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