The Monitor :: Barclays Boosts Mabogo Dinku Initiative
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Last Updated
Monday 12 November 2018, 18:00 pm.
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Barclays Boosts Mabogo Dinku Initiative

Barclays Bank of Botswana has financially assisted 300 Mabogo Dinku participants, a micro business financing Citizen Entrepreneurial Development Agency (CEDA) product.
By Pauline Dikuelo Mon 26 Mar 2018, 13:37 pm (GMT +2)
The Monitor :: Barclays Boosts Mabogo Dinku Initiative








Mabogo Dinku, introduced two years ago, is a loan product with a ceiling of P20 million intended for micro-businesses that are not able to access the main CEDA development fund. The product allows micro-entrepreneurs to apply for loans up to P150,000 payable in three to 12 months to fund working capital and asset purchases.

When presenting the bank’s financial results for the year ended December 31, 2017 recently, managing director (MD) Reinette van der Merwe said that this had been possible through the bank’s partnership with CEDA. “Our partnership with CEDA and the Mabogo Dinku programme has enabled over 300 individuals to access loans for their businesses,” she said.

The MD said that as part of the bank’s share growth strategy, the bank has launched an Enterprise and Supply Chain Development programme in November last year bringing development to their business banking sector.

The programme is aimed at assisting Small and Medium Enterprises (SME) and strives to address some of the challenges faced by SMEs, including lack of financial management, record keeping, lack of proper management, poor conduct quality and lack of access to finance.

The programme includes business advisory services, which

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will include a workspace and meeting facilities. Enterprise and Supply chain customers would also have access to a business management tool that would allow them to closely monitor their businesses. “Financial inclusion forms an integral part of the Barclays shared growth strategy and we are committed to developing innovative products and services that would make financial services available to rural and remote communities across Botswana,” she said.

Last year the bank incubated 48 youth-owned businesses in Maun where they were given mentors.

“This year we would be launching a pilot job placement programme to assist the most deserving youth with finding a job or internship. We would also be increasing our budget allocation for scholarships to assist more Batswana to pursue their education,” she said.

To date, 39 scholarships have been awarded to Batswana under the Barclays F G Mogae Scholarship Programme in various areas of study. In addition, the MD said that their partnership with Orange Money and Mascom MyZaka further allows customers to extend greater financial support to their loved ones who do not have bank accounts or reside in areas where banks are not easily accessible.

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