Africa-Press – Botswana. The state-owned financial institution posted a 7% increase in total assets and a 258% rise in net profit, thanks to expansion of digital transformation under its Lesedi 2025 strategy.
Botswana Savings Bank (BSB) recorded significant financial growth in 2024, with CEO Nixon Marumoloa citing the bank’s ongoing digital transformation and customer-focused strategies under its Lesedi 2025 plan.
The state-owned financial institution posted a 7 percent increase in total assets and a 258 percent rise in net profit. Marumoloa attributed this performance to expansion of digital and mobile banking services, which registered a 28 percent uptick in transactions.
According to the CEO, the bank’s shift to digital platforms has extended its reach and improved operational efficiency. In a sign of increasing reliance on mobile and online banking, over 80 percent of new customers in 2024 were onboarded through digital channels.
AI-powered customer support
“We have made great strides in product innovation,” Marumoloa said, referencing the launch of AI-powered customer support and advanced credit scoring tools. These technologies have been deployed to enhance customer service and assess borrower risk better, contributing to more sustainable loan portfolio management.
The bank reported a 15 percent improvement in operational efficiency across BSB’s branch network and digital platforms. Marumoloa attributed this to streamlining of internal processes, automation of routine tasks, and use of data analytics to support decision-making.
The efficiency gains, he said, have helped reduce operational costs while also improving service delivery – outcomes that align with the goals of Lesedi 2025, which emphasises innovation, inclusion and sustainability.
Rural populations
A key pillar of the Lesedi 2025 strategy is expanding financial access, particularly in underserved areas. Marumoloa said the bank’s digital transformation has enabled BSB to reach rural populations that previously lacked access to formal banking services.
He noted that the bank’s ongoing investment in artificial intelligence and machine learning will support development of personalised financial products and more flexible credit options, ultimately enhancing customer engagement.
Looking ahead, BSB plans to focus on the final phase of Lesedi 2025, which includes further development of digital capabilities, expanding the agency banking model, and enhancing customer experience through AI. Marumoloa said the bank will also prioritise sustainability and governance.
While acknowledging the uncertainty of the external environment, he expressed confidence in BSB’s ability to remain adaptable and resilient.
For More News And Analysis About Botswana Follow Africa-Press
