BBS to resubmit application for banking licence

Mbongeni Mguni | Thursday June 25, 2020 17:04

 

BBS to resubmit application for banking licence

Writing in the society's annual results for the year ended December 31, 2018, BBS Limited chair, Pelani Siwawa-Ndai said the original application had been withdrawn in October 2019 due to problems with the banking system BBS Limited acquired in preparation for commercial banking actvities.

Siwawa-Ndai said the Temenos T24 banking system experienced “some bugs” following an upgrade resulting in the “integrity of the numbers coming out of it being questioned”.

She said the system was stabilising and directors were confident that by the time the banking licence was issued, “it would be functioning as we wish it to”. Meanwhile, the society is finalising a new business strategy that is more attuned to the demands of a commercial bank.

The strategy will feature new products and services to suit the anticipated circumstances. By converting into a commercial bank, BBS Limited will compete on a more level playing field with other banks, which for years have been offering products similar to the society in addition to others BBS was statutorily unable to offer.