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for the year ended December 31, 2018, BBS Limited chair, Pelani Siwawa-Ndai said the original application had been withdrawn in October 2019 due to problems with the banking system BBS Limited acquired in preparation for commercial banking actvities.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”.
She said the system was stabilising and directors were confident that by the time the banking licence
The strategy will feature new products and services to suit the anticipated circumstances. By converting into a commercial bank, BBS Limited will 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.