Monday, November 4, 2024

BBS advises Ngami customers against ‘putting eggs in one basket’

The Botswana Building Society (BBS) chief executive officer, Pius Molefe, has advised Ngamiland customers to invest in his society’s shares given the endemic risk of investing in cattle, which persistently fall prey to animal disease outbreaks.

At a customers’ appreciation event hosted for prominent customers at Maun Lodge on Wednesday, Molefe said Ngamiland District is one area that is prone to cattle diseases such as Foot and Mouth Disease (FMD) and other diseases. Given the endemic nature of animal diseases outbreaks in the area, the BBS boss advised the farmers against investing in cattle as it is a high risk investment.

“I encourage you to invest by buying shares in BBS because investment in cattle farming in Maun or the Ngamiland area is very risky, given the fact that the area is prone to cattle diseases,” he said.

Molefe further said that BBS is in the process of transforming itself into a commercial bank in order to move with the times and improve its service delivery.

“Commercialising the bank will not mean abandoning the values you have come to associate BBS with, one of which is delivering products and services at reasonable rates. At the same time we will be able to offer you more products and services such as lease loans and perhaps, more importantly for a tourist hub such as Maun, we will provide foreign exchange services not only to tourists but yourselves as well,” he said.

He added that commercialising the bank will also bring along other services, such as electronic banking, which will help the bank to compete effectively with other banks.

Molefe said that unlike other banks, BBS does not charge high tariffs to its clients but continues to make profits. He said that BBS has grown immensely in the last 10 years, adding that they have made a profit of P10 million in the financial year 2011/12.
The society’s assets have grown to at least P2.8 billion.

Molefe said he anticipates his society’s share price to continue growing driven mainly by positive performance that the BBS continues to post year in and year out.

He said after the society has been granted a commercial banking license, they intend to list on the Botswana Stock Exchange (BSE).

Molefe thanked their clients in Maun for the loyalty and support they have offered the bank over the years.

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