Leading commercial integrated service provider, First National Bank Botswana (FNBB), has demonstrated a resilient performance amid difficult trading conditions. As the economic recovery from the Covid-19 pandemic remains uncertain, the continued roll out vaccination program should provide the springboard for an improved economic outlook.
This was noted by FNBB Chief Financial Officer Luke Woodford recently, as the Bank announced its financial performance for the year ended 30 June 2021.
As a bank, FNBB is mandated to provide innovative solutions to customers to make banking easier and more accessible by migrating customers to utilise the Bank’s digital platforms. Investment in infrastructure and especially in the Bank’s robust cyber security measures remain key objectives, so as to facilitate self-service initiatives which are both efficient and secure for customers.
Growth has therefore been witnessed in registrations across all digital platforms (Cellphone Banking, FNB App, Online Banking) with customers appreciating the ease of digital transactability and the options to serve themselves in the form of convenient, value-added services with minimum added exposure to COVID-19.
The Bank also invested in improved connectivity to enhance customer experience and broadened its financial inclusion by continuing to expand its Cash Plus channel and thereby bringing services to more remote locations while offering further convenience to our customers. To date there are 358 Cash Plus agents countrywide.
Although the past year has presented itself as real economic test, FNBB’s performance demonstrates that its income streams are resilient while a key focus has been on strengthening the balance sheet.
The Bank attained positive shifts in the non-performing loans and the credit losses. Additionally, in building this balance sheet resilience, the Bank’s focus has been directed towards effective allocation of scarce financial sources taking into consideration the tradeoffs between growth targets, sustainable returns achievable and the risk-taking capacity.
This balance sheet management solution is buttressed by the deliberate willingness to achieve long term sustainability by delivering on commitments made to all stakeholders including the Bank’s shared value initiatives.