Africa-Press – Botswana. First National Bank Botswana (FNBB) has a new offering, eWallet Pro, which allows its business customers to send money to their respective clients through the popular electronic wallet.
In response to the impending phasing out of cheques by December 2023, the BSE quoted banker says it is at the forefront of innovation hence the introduction of the eWallet Pro.
“This revolutionary solution has been developed to address the pressing need for a seamless, secure, and efficient way to disburse funds to employees, whether they are banked or unbanked, and to do so in real-time,” said FNBB on Monday.
Like other banks, FNBB has witnessed bolstered use of online and digital banking channels over the past several years. Botswana’s banking industry profits are racing to near record levels, with the lenders delivering huge profits as the industry proves its resilience amid sluggish economic growth and unemployment.
In the first five months of the year, nine commercial banks generated post tax profit of P1.2 billion, higher than the P986 million earned in the corresponding period last year. At the current pace, the banking sector’s profitability for this year will likely surpass 2022’s cumulative profits of P2.7 billion, which improved on 2021’s profit of P1.8 billion and 2020’s P1.5 billion.
Meanwhile FNBB’s total expenses grew by 12 percent to P1.4 billion, reflecting increased investments in human capital and technology.
Despite that, the South African originating banker recorded its largest profit to date, raking in P1.4 billion in profit before tax, 18 percent higher than the June 2022 profit before tax.
The banker’s total income increased by 15 percent year-on-year to P2.9 billion, with net interest income prior to impairments up by 27 percent through a combination of volume and rate.
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