BBS to resubmit application for banking licence

Thursday, June 25, 2020

BBS Limited plans to resubmit an application for a commercial banking licence in the last quarter of the year, a development that could see the building society become the country's first indigenous bank.

Writing in the society's annual results for the year ended December 31, 2018, BBS Limited chair, Pelani Siwawa-Ndai said the original application had been withdrawn in October 2019 due to problems with the banking system BBS Limited acquired in preparation for commercial banking actvities.

Siwawa-Ndai said the Temenos T24 banking system experienced “some bugs” following an upgrade resulting in the “integrity of the numbers coming out of it being questioned”.

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BBS to resubmit application for banking licence

BBS Limited plans to resubmit an application for a commercial banking licence in the last quarter of the year, a development that could see the building society become the country's first indigenous bank.