{"id":4971,"date":"2022-04-06T06:59:08","date_gmt":"2022-04-06T06:59:08","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/all-news\/bbs-commercial-bank-transition-on-track"},"modified":"2022-04-06T13:56:39","modified_gmt":"2022-04-06T13:56:39","slug":"bbs-commercial-bank-transition-on-track","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/bbs-commercial-bank-transition-on-track","title":{"rendered":"BBS commercial bank transition on track"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>Botswana Building Society (BBS) is working around the clock to ensure they operate as a commercial bank by the second half of 2022.<\/b><\/p>\n

Commenting on the bank\u2019s financials for the year ended December 31, 2021, bank Managing Director Pius Molefe said they are back on track and are working very hard to satisfy Bank of Botswana’s (BoB) conditions to become the first indigenous bank institution.<\/p>\n

\u201cI will not mention the conditions here due to the sensitivity of the process but I can assure you that we would be able to satisfy them with the support of relevant shareholders. BBS Limited is indeed poised to become a successful indigenous commercial bank,\u201d he said Last year BoB approved the BBSL banking licence application with conditions to be met before a commercial banking license can be granted.<\/p>\n

BBS subsequently made a fresh application late in 2020 after the bank withdrew its original application for a banking licence in October 2019 due to problems with the banking system it had acquired in preparation for commercial banking activities. However, Molefe is optimistic about the move, saying that they had managed to build a solid mortgage and retail customer base as well as generate a sustainable brand with a tangible track record in Botswana over the years. \u201cWe have come up with a corporate strategy that leverages on this admirable legacy.<\/p>\n

There will be a broader range of products and services, many of which will be digitally enabled for the convenience of users while also adding to the bottom line. We are also excited that unlike in the past, our information technology platforms such as our ATM network will be VISA-enabled. BBSL is changing in a very big and commercially meaningful way,\u201d he said. Meanwhile, the bank\u2019s mortgage loans and advances were reduced by eight percent from P3.4 billion recorded as at December 31, 2020, to P3.1 billion as at December 31, 2021.<\/p>\n

The MD said their mortgage loans and advances book has been stagnant due to the prudent lending measures and mitigations implemented by management to manage the liquidity challenges resulting in the company experiencing reduced uptake of mortgage loans and advances and an increased level of attrition. \u201cThis resulted in a significant decline of the mortgage book, which is our core product and consequently loss of interest income and related non-interest income. The trend was noted since the beginning of the year and continued until year-end,\u201d he said.<\/p>\n

For More News And Analysis About Botswana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Botswana. Botswana Building Society (BBS) is working around the clock to ensure they operate as a commercial bank by the second half of 2022. Commenting on the bank\u2019s financials for the year ended December 31, 2021, bank Managing Director Pius Molefe said they are back on track and are working very hard to […]<\/p>\n","protected":false},"author":84,"featured_media":4970,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8,16],"tags":[233,237,234],"class_list":["post-4971","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\nBBS commercial bank transition on track - Botswana<\/title>\n<meta name=\"description\" content=\"Botswana Building Society (BBS) is working around the clock to ensure they operate as a commercial bank by the second ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/botswana\/all-news\/bbs-commercial-bank-transition-on-track\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BBS commercial bank transition on track\" \/>\n<meta property=\"og:description\" content=\"Botswana Building Society (BBS) is working around the clock to ensure they operate as a commercial bank by the second ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/botswana\/all-news\/bbs-commercial-bank-transition-on-track\" \/>\n<meta property=\"og:site_name\" content=\"Botswana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-06T06:59:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-06T13:56:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2022\/04\/img-624d9c00e9ff8.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"532\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/bbs-commercial-bank-transition-on-track#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/bbs-commercial-bank-transition-on-track\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"BBS commercial bank transition on track\",\"datePublished\":\"2022-04-06T06:59:08+00:00\",\"dateModified\":\"2022-04-06T13:56:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/bbs-commercial-bank-transition-on-track\"},\"wordCount\":416,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/bbs-commercial-bank-transition-on-track#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2022\/04\/img-624d9c00e9ff8.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Botswana\",\"Botswana\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"homepage-english\",\"twitter\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/botswana\/all-news\/bbs-commercial-bank-transition-on-track#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/bbs-commercial-bank-transition-on-track\",\"url\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/bbs-commercial-bank-transition-on-track\",\"name\":\"BBS commercial bank transition on track - 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