BBS Ltd is set to become the country’s first indigenous bank after the Bank of Botswana granted it provisional approval of a commercial banking licence.
In a statement this afternoon, BBS Ltd managing director, Pius Molefe said the approval is subject to conditions which BBSL is required to address before a full banking license is granted by Bank of Botswana.
“We are confident that the matters noted by Bank of Botswana for resolution are not insurmountable,” Molefe said. “Thus, both the board and management are working very hard to ensure that the issues are dealt with to the satisfaction of Bank of Botswana in the shortest time possible.”
BBS Ltd withdrew its original application for a banking licence in October 2019 due to problems with the banking system it had acquired in preparation for commercial banking activities. A fresh application was subsequently made late last year.
By converting into a commercial bank, BBS Ltd hopes to 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.