Africa-Press – Botswana. The launch of Babereki Life Insurance Company (BLIC) next year is expected to assist ordinary Batswana build generational wealth.
To demonstrate its objective, BLIC founding chief executive officer, Mr Tshepo Jim said the company was incorporated by Batswana, with ordinary members, through the Maloko Trust, holding the majority stake at 45 per cent.
Another 40 per cent is owned by BLIC, while the remaining 15 per cent is allotted to Botswana Public Employees Union, Babereki Insurance Brokers and Babereki Investments each owning 5 per cent stake. This arrangement, Mr Jim said exemplified a citizen-led business in Botswana.
He said the company’s core philosophy was to safeguard Botswana’s economy by keeping wealth within the country rather than allowing it to flow offshore. Mr Jim therefore invited citizens to form strategic partnerships and join the journey toward a prosperous Botswana.
What sets BLIC apart from other insurance underwriters in the country, according to Mr Jim, was its mass ownership model, with ordinary citizens as major shareholders. He claimed this makes it the first such structure in Africa, drawing historical parallels to similar entities established in London in the early 1800s and in Latin America in the early 1900s.
“The concept stems from like-minded individuals who sought additional income streams beyond salaries. They envisioned a company that will honour workers with dignity during their careers and upon retirement,” he said.
“As we move forward, BLIC will continue to champion inclusive growth, professional integrity, and strategic innovation. We invite like-minded investors to join us not to control, but to grow together. In doing so, we will shape a life insurer that reflects the best of Botswana: people-centric, united, empowered, and future-ready.”
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