Thursday, October 1, 2020

FNBB strategic focus targets retail, unbanked segments

First National Bank of Botswana (FNBB) warned competitors on Friday that it wants to remain the most innovative bank in the country as it continues with its Strategic Focus that comes with vigorous energy on retail banking.

Part of the two-facet strategic focus is what the bank has been doing in the past and the other one being implemented with the bank’s new initiatives.

FNBB Chief Executive Officer, Lorato Boakgomo-Ntakhwana, said at the presentation of the bank’s half year interim results that they have identified an opportunity to target the retail market in Botswana.

“This is all done to increase our market share. We think there is an opportunity to increase market share in the retail market,” said Boakgomo-Ntakhwana referring to branch network expansion and new suit of products the bank is introducing.

Before he left, former CEO of the bank, Danny Zandamela, had identified that there was an opportunity to target the retail space.

FNBB has recently expanded its branch network now at 18 to target the previously neglected and unbanked areas including Molepolole–where the bank has opened a branch at the famous and spacious Mafenyatlala Shopping Mall.

It also refurbished its branches with the major one in Francistown that transformed the Blue Jacket Street, which the bank said was a ‘strategic decision’.

The bank has also adopted the sexy style of banking called ‘Look and Feel’ at the Riverwalk and Broadhurst branches and moving to Kgale in the next couple of months.

Apart from increasing its footprint, FNBB has also partnered with top retailer Pick n Pay to roll out kiosks with three more expected this year.

“We hope it will help us with our One (Shop) Stop Strategy; people should be able to go there and get full suit of products and reach out customers that we did not reach in the past,” added Boakgomo-Ntakhwana.

FNBB also revealed that it wants to reach out to the previously unbanked segment of the society in the most efficient way like ATMs.

The bank currently has over 80 ATMs around the country and the CEO promised that they will like to increase up-time although currently its Information Technology is highly rated in the market.

“I am very passionate about customer service; FNBB’s comparative advantage has been customer service,” she said.

“We want to remain the leader in market innovation,” she added, responding to recent announcements by competitors after they introduced technology based banking products.

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