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Bank Gaborone revolutionizes payment solutions with card- to-card feature

This week, Bank Gaborone, a subsidiary of Namibian Stock Exchange listed Capricorn Group launched a Card-2-Card payment solution, the first of its kind in Botswana. 

Card-2-Card allows Customers to instantly transfer money to a trusted partner with a Botswana registered debit and/or credit card. The new feature is part of the Bank Gaborone’s digital banking strategy which has evolved over the years to give Customers more access to banking services, including sending money at their convenience.

Giving an overview of the product, Bank Gaborone Managing Director, Sybrand Coetzee said Card-2-Card was a new feature in the bank’s newly enhanced Mobile Banking App, which is primarily designed to give better value and experience to clients and customers.

Coetzee said it was through clients’ valuable feedback that the bank was able to create this very affordable, smart, secure and convenient solution with fewer clicks to enable effortless and instant transfer of money across Botswana.

The Bank Gaborone newly enhanced Mobile Banking App has evolved since its introduction to the market in 2019. The security features have been enhanced to include; biometric authentication, login notification and the use of card PIN to confirm each transaction.

There are also smart features which enable Customers to manage card & EFT (Electronic Funds Transfer) limits as well as disable lost or stolen cards. Customers can also locate their nearest branch on the Apps Google Map locator. In addition to that, Customers can now include a reference when purchasing airtime or electricity, schedule payments to multiple beneficiaries, and much more.

Bank Gaborone has also enabled the mobile banking App in more stores; Customers using Android powered devices such as Samsung can access the Bank Gaborone Mobile App on the Google Play store, Huawei users can access App Gallery for Huawei powered devices and those using Apple devices can access it on the IOS Appstore.

Upon downloading the App, Bank Gaborone Customers can self-register. Customers registered on the App can use the same login credentials for e-Pula personal online.

On protecting its Customers, Sybrand Coetzee said “Our intention is not only to provide an affordable option but to offer our Customers a high-tech solution, which safeguards them against fraud. We, however, must stress the importance of divulging the 16 digit card number only to a trusted partner. In addition to that, we strongly discourage Customers from sharing the three-digits on the back of their cards known as a Card Verification Number (CVV) with anyone.”

Bank Gaborone Head of Risk and Compliance Tsaone Raboloko explained that Card – to- Card payment solution allows customers to instantly send or receive money to or from a trusted partner with a Botswana VISA debit or credit card, “whether they are in the same room with you, or living half – way around Botswana.”

“Your SECURITY a priority FOR US whether you are doing an electronic funds transfer via our Internet Banking, or using our cell phone banking service ‘Tobetsa” or transacting on your mobile banking app or whether you are transacting physically at a branch,” he said.

Sending funds is only available to Bank Gaborone customers, meaning only Bank Gaborone customers can send funds through the service, other VISA card holders can only receive funds. The service is also only available on the Bank Gaborone mobile app, for your information onboarding on the BG app is itself highly secure (you need a Bank Gaborone Bank Account, A Bank Gaborone VISA Card and PIN in order to register on the app.

Further to that, the app requires you to enter a password when you log on, where you phone supports it you can use biometrics such as facial recognition and your fingerprint.

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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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