Banking sector profits grows, despite poor service
Friday, December 20, 2013
Four major banks (First National Bank, Standard Chartered Bank, Barclays Bank and Stanbic Bank) continued their domination of the local banking market.
However, some small banks, notably BancABC recorded significant growth this year. First National Bank of Botswana balance sheet continued to increase in advances with the year on year growth registering an impressive 23 percent to close at a book record of P10 billion.
That sounds like good news. But the report also warns that this may simply be because our digital economy is still young, not because we are safe. As more people shop, bank and pay online, criminals will follow.We Batswana do not need a report to tell us that danger is real. Many of us have heard of or fallen victim to KYC scams. A caller impersonates your bank or mobile money provider. They say they need to “verify” your account. They ask...