The Botswana Stock Exchange (BSE) has granted Access Bank Botswana approval for a P2 billion note programme under which the bank will occasionally seek debt from the capital market.
In a market notice recently, Access Bank said the proceeds of notes issued from the programme would be channelled towards “ongoing normal operations” unless otherwise stated.
Once Access Bank issues its first notes from the programme, it will join several other banks who have outstanding bonds in the local capital market, such as Botswana Savings Bank, First Capital, Stanbic and Standard Chartered Bank.
According to its approved note programme, Access Bank will determine whether the bonds to be floated are fixed rate, floating or any other condition, while the method of sale will either be via private placement or public offer.
As of December 2021, Access Bank was ranked fifth in Botswana in terms of loans and advances, with a 12% market share. The bank plans to grow its corporate and retail by increasing access to finance through the offer of different products and services, across evolving technologies.
In particular, Access Bank has identified the Small to Medium Enterprise sector as a key growth node and has developed an “attractive value proposition” to target this market, officials said in the note programme’s commentary.
