Saturday, May 8, 2021

Banker alleged to have defrauded BSB of P2.5 million

Botswana Savings Bank (BSB)led by Nixon Marumola has kick-started the year with a potential reputational risk after an employee in the Finance Department intercepted internal processes and stole over P2.5 million.

The millions were traced to the employee’s bank account but the banker reportedly failed to account for the money. The alleged thief did not qualify for a loan facility to the equivalent of the amount stolen. 

The significant amount of money involved in the fraud matter also suggests that there may have been negligence and internal collusion. 

Information reaching this publication is that the alleged employee may have not acted alone but is linked to a non-bank employee in the fraud case. 

There are fears the bank’s weak internal controls may affect both investor and consumer confidence.

Last week, BSB Head of Marketing and Corporate Affairs, Bomolemo Selaledi confirmed the fraud incident but remained cagey with details on the matter which has since been reported to the Serious Crime Squad.

“Due to the sensitivity of the matter, Botswana Savings Bank is not in a position to divulge any further details pertaining to this matter. As per the bank’s policy, any fraudulent activity is handled through the necessary internal and external investigation processes,” protested Selaledi.   

Pressed further Selaleldi said Botswana Savings Bank has procedures in place aimed at identifying control lapses.  She added that the bank is committed to providing assurance to its customers in doing business and remains accountable to it’s current and future stakeholders. 

“The bank’s focus is to grow its partnerships and strengthen its relationships in driving sustainable business growth,” she stated.

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