Banks play essential roles in the private sector in every economy. They are financial institutions that receive deposits, give out loans, and are licensed by the reserve bank of a country. The function of banks includes a variety of financial services such as wealth management, foreign currency exchange, and safe deposit boxes. In general, there are of different kinds, retail, central, commercial, and cooperative.
If you are interested in doing business here or considering employment in any bank here, this guide is just for you.
Six Top Banks in Bostwana
There are several retail and commercial banks available here, but the following are six of the top banks locally or foreign-owned.
Absa Bank Botswana is a subsidiary of Absa Group and one of the largest diversified financial services groups in Africa. Operating in 14 countries, it employs over 40, 000 workers across the African continent. It has new platforms like the internet and mobile app banking. It leads all other Banks in the Botswana banking industry.
First National Bank
It was established in South Africa in 1838 and registered in 1991, as a wholly-owned subsidiary of First National Bank Holdings with its roots in First Rand Holdings. After a while, it was listed on the Botswana Stock Exchange in 1993. FNB Botswana is the biggest commercial financial institution in the country which offers a variety of banking services to persons and businesses. It has 24 branches and over 200 ATMs across the country. The corporate finance division even renders corporate and investment banking bespoke solutions.
It was founded in Nigeria in 1988 and has expanded to over 600 branches, with an international presence on 3 continents, and operations in 12 countries. It has about 36 million customers and acquired about 78 percent of the issued share capital of African Banking Corporation of Botswana Limited (Banc ABC) from Atlas Mara Limited and ABC holdings limited. Operating as both retail and commercial, it is listed on the Botswana Stock Exchange. Although its early operations were in Botswana as a commercial bank, it has since grown to one of the top banks in the continent. It offers numerous products and services through 8 branches across Botswana.
As a member of the Capricorn Group, a Namibia financial services group, it is listed on the Namibian Stock exchange. It has been rendering retail banking services since 2006 with its first office in Gaborone. It has 9 retail banking branches and 15 BG Finance outlets for unsecured lending within the country. It serves both persons and corporations with transactional accounts, savings and investment solutions, loans, SME banking, and foreign exchange services.
Stanbic Bank Botswana Limited
Stanbic offers a complete spectrum of financial services through its Corporate and Investment Banking, Personal, and Business Banking divisions (PBB). Began operations in 1992, it is a part of the Standard Bank Group, the largest bank by assets in Africa. Employs over 600 workers in 12 branches across the country, 62 ATMs, and POS machines.
Standard Chartered Bank
This bank offers retail, business, and institutional services to customers. Its retail banking business services include wealth management, SME banking, and lending. Incorporated in 1975, then listed on the Botswana Stock Exchange, it offers 25 percent of its shares to the public. It serves its customers through a network of 17 branches scattered within the territory. With the bank’s active community program here, it is dedicated to building a sustainable business in Africa. It first began business transactions in 1897, thus technically it is the country’s oldest bank. It has branches in Lobats, Mahalapye, and Gaborone.