Emulate BBS, Matambo urges corporate companies

CHAKALISA DUBE
Staff Writer | Monday September 10, 2012 00:00

 

The Minister of Finance and Development Planning, Kenneth Matambo made the call when officially opening the Botswana Building Society (BBS) branch in the city last Thursday.The BBS branch was completed early last year and began operating in August the same year though it was not officially opened. It was completed within a stipulated budget of P25 million.

In Matambo's view, Francistown's economy could reach greater heights if more corporate companies opened branches in the city.'Corporate companies should follow the example of the BBS and build their regional offices in Francistown. 'This would not only help to change the current situation where a majority of businesses are based in Gaborone, but also help create jobs. This would then boost the economy of the city,' he averred.Should more corporate companies heed the minister's call it will also help change for the better the city's ailing landscape as well as help corporate bodies take their services to the public.Matambo also noted that the growth of BBS over the years has been impressive. He said the society's assets have grown tremendously compared to the last 36 years.In March 1977 the society's assets amounted to P4, 108,000. Today BBS assets have skyrocketed to over P2, 4 billion.

The minister stated that there is evidence that the society is fulfilling its vision of being the premier provider of property finance in Botswana for both residential and commercial investment as well as other financial products tailor-made to make Batswana interested in investment.Although he acknowledged the vital role that the BBS is playing as a partner with the government to encourage home ownership, Matambo said there are some property valuers who make this task unachievable by inflating the prices of houses.'I call on property valuers not to inflate the prices of property. Such inflation of prices makes it difficult and sometimes impossible for mortgage lenders such as BBS to advance finances to ordinary Batswana to buy their own homes.

I also appeal to the Real Estate Institute of Botswana (REIB) to intervene in this matter of property valuations, so that we can avoid a property crash in future,' he said.   For his part, BBS Managing Director, Pius Komane Molefe said the society would continue to review its products offering to accommodate the needs of customers like it has done in the past. BBS board Chairperson and Motor Vehicle Accident (MVA) Fund's Chief Executive Officer (CEO), Cross Kgosidiile echoed Molefe's sentiments.