BBS Limited (BBSL) has moved a step towards becoming the first indigenous commercial after the regulator granted the financial institution a provisional commercial banking licence. In a statement, BBSL told its Shareholders, Customers, Depositors and other Stakeholders that Bank of Botswana has approved its application for a commercial banking licence after concluding that BBSL satisfies licensing requirements as stipulated in the Banking Act (Cap. 46:04).
“The approval is subject to conditions which BBSL is required to address before a full banking licence is granted by Bank of Botswana,” BBSL said.
“We are confident that the matters noted by Bank of Botswana for resolution are not insurmountable. Thus, both the Board and Management are working very hard to ensure that the issues are dealt with to the satisfaction of Bank of Botswana in the shortest time possible.”
“This exciting development means that BBSL will become the first indigenous financial institution to operate as a commercial bank since Botswana attained independence 55 years ago. All BBSL stakeholders should be proud that they have built such a remarkable institution which is set to change the local banking landscape in a significant way.
“Once again, we would like to express our appreciation to Shareholders, Customers, and
other Stakeholders for their continued faith in BBS Limited. We would not have reached this milestone without your unwavering support. Further developments regarding the commercial banking licence application process will be announced in due course.”
However, the approval is subject to conditions which BBSL is required to address before a full banking license is granted by Bank of Botswana.