The First National Bank of Botswana last week Tuesday launched a fuel-a-retailer value proposition at the Avani Gaborone Resort and Casino.
The launch was said to be a gateway to a holistic offering including guarantee scheme, preferential banking rates and overdrafts, lending facilities, specialised finance insurance and investment to accommodate fuel retailer’s banking needs.
Fuel service stations are an important part of today’s society that enables mobility and distribution of goods and services around the country.
Sunday Standard was informed that Statistics Botswana had revealed that in 2016 Botswana petrol stations contributed 3.9 percent to the retail Gross Domestic Product as the fuel imports was the second largest import at 13.8 percent valued at US$716 million.
The partnership between Hollard Insurance Botswana and First National Bank Botswana will provide a less capital demand payment solution for local fuel retailers.
The guarantee scheme requires collateral for the payments to be discounted. Vivo Energy Botswana is said to be the first fuel retailer to come on board to make use of the value proposition.
Ogone Madisa-Kgwarae, Director of Business FNBB said: “We are excited at the opportunity to make a difference within this important sector and see this as valuable addition to our FNBB Business offering.
“Our banquet of products and services such as merchants’ services, business loans, overdraft facility, business credit card, online banking gives a business one-stop shop banking hence saving money”
Diphuka Maganu, Head of Bancassurance and Group Marketing said Hollard Botswana prides itself on being a market innovator, and is very proud to partner with similar brands in such an ode to excellent customer delivery. She went on to say they were looking forward to working with both FNB and Vivo Energy Botswana.
Vivo Energy Botswana Retail Manager Pramodh Huneewooth said: “Our business strategy is simple. We want both our shareholders and retailers to maximise the value we get from the Shell brand and we want to do business the right way.”