FNNB's pricey mobile banking still ahead of the pack
Friday, October 30, 2009
Under the leadership of its former CEO Danny Zandamela, FNBB set the trend in the use of cellphone banking technology six years ago, overtaking Standard Chartered and Barclays to become Botswana's largest profit maker in the sector.
Introducing cellphone banking only in August this year, Stanchart and Barclays recently emerged on the market with innovative products of their own, which appear to be relatively cheaper in terms of charges but are trailing behind in terms of service.
Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...