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NDB enters insurance space

This week, the National Development Bank launched a new subsidiary, NDB Insurance Agency, which will focus on the areas of Agriculture, Trade, and Financial Services.

The new journey is in partnership with Botswana Insurance Holdings Limited (BIHL) and its intention is to fill the gap in the often marginalised agriculture sector, among others.

The agency was officially licensed by the Non-Banking and Financial Intelligence Regulatory Authority (NBFIRA) on November 30, 2021. It is expected to bring a variety of products and services to its customers. At the launch, speakers noted that NDB’s Bankassurance solutions will help customers manage their risks.

At the launch, NDB CEO, Lorato Morapedi, said they are looking forward to working with government and other stakeholder groups to improve the country’s risk management. She noted that the bank is committed to helping the country grow. She further noted that, as set out in the Banks Letsema Strategy of 2019-2022, they are driven by their pledge to customers and stakeholders, to continue breaking new grounds.

According to her, the partnership with BIHL was the right decision for the bank as it fits in with the fast-paced world of today’s customers.

She noted that the untapped insurance market has the potential to grow, and this presents an opportunity for market players. According to her, a report released by Deloitte indicated that the demand for insurance products in emerging markets is expected to grow by around 7%.

The CEO noted that the partnership between NDB and BIHL was a testimony of the two companies’ support of the government’s commitment to the development of the insurance industry.

Botswana Life’s CEO, Ronald Samuels, said the partnership between the two companies is focused on creating sustainable financial services that will benefit the people of Botswana.

The CEO of Botswana’s oldest insurer, which was established in 1975, noted that despite the global economic downturn as a result of COVID-19, the company was able to come up with innovative solutions. He commended the partnership between the two companies and said they are committed to making the country a better place.

Deputy Permanent Secretary responsible for Financial Policy in the Ministry of Finance and Economic Development Boikanyo Mathiba lauded the partnership between the NDB and BIHL for developing products and services that will benefit the country’s economy and its citizens. He noted that the two companies’ experience and knowledge would help develop new products and solutions.

“The National Development Bank is an Agricultural Bank, and it is confirmed by the path it takes to make its investments”. According to Mathiba, the bank invested over P1.7 billion in various agricultural and sub-sectors during the period 2008 to 2018. Through the partnership with BIHL, the country will have more insurance products and services related to agriculture.

She noted that the NDB’s decision to expand its operations into the insurance industry was prompted by the need to address food security.

The partnership between the two companies is expected to provide customized insurance solutions to meet the needs of their customers. This partnership is a reflection of the government’s commitment to working with private sector players to stimulate economic growth in the country.

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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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