First National Bank Botswana (FNBB) has reaffirmed its unwavering commitment to its financial inclusion agenda.
FNBB, a leading commercial banking institution, has been making significant strides in promoting financial inclusion through various initiatives, with the CashPlus Agency proposition gaining substantial momentum and popularity.
“During the 2023 financial year alone, we on boarded 450 new Agents and facilitated 4.7 million transactions through the CashPlus Agency network, “Dr. Mbako Mbo, Chief Financial Officer (CFO) said in an interview with this publication. “These transactions were valued at 3.8 billion, and you will note that this service is very popular among traditionally unbanked or underbanked communities.”
Another successful initiative by FNBB is the eWallet, which Dr. Mbo emphasized as affordable and convenient, contributing to its widespread popularity. “In the year ending on June 30, 2023, we facilitated 12.5 million transactions through the eWallet platform,” he stated. “We continue to provide third-party product sales to clients, with 24 million and 3.5 million airtime and electricity transactions respectively during the year under review. Our footprint extends to every corner of the country through our branches, ATMs, and CashPlus Agency network.”
As FNBB charts its course toward a cashless society, Dr. Mbo addressed the financial benefits and potential cost savings for both the bank and its customers. He explained, “Transitioning to a cashless society is an exciting endeavor for us, but, more importantly, we must not leave the client behind, especially from an inclusion standpoint. With all the new technology that we have introduced, we have ensured that those who cannot use it or do not have access, can continue to transact through USSD short codes for instance. This sort of transition will be a gradual process and must maintain inclusion. We have made extensive investments in digitization, and the benefits are becoming evident.
FNBB, stands as the largest commercial bank in the country, offering a comprehensive range of banking services to individuals and businesses of all sizes. Their corporate finance division, RMB, provides tailored corporate and investment banking solutions. With an extensive nationwide branch and automated teller machine (ATM and ADT) network, as well as self-service channels like CashPlus and digital platforms including Online Banking, the FNB App, and Cellphone Banking, the bank ensures its customers have convenient access to banking solutions around the clock.