The development of a new head office, named First Place in the Gaborone Central Business District (CBD), is said to be a continuation of the First National Bank Botswana (FNBB)’s broader strategy to bring all its business areas under one roof.
The five stories boast of the bank’s oneÔÇôstop shop capability. The expansion of the office facilities accommodating all the Bank’s divisions such as electronic banking, private banking, property finance, WesBank, First Card is said to get a full bouquet of FNBB products.
Speaking at the launch, FNBB Chief Executive Officer, Lorato Boakgomo-Ntakhwana, said that the investment supports their service strategy of bringing value added solutions to customers at a location convenient for business. She added that a more spacious, conducive and brand customized premise allows all divisions of the bank to benefit from synergies resulting in improved efficiencies.
“The highly sought after CBD was not only the best address for such an innovation but was also the most logical place to build the First Place due to government’s vision of the CBD,” said Boakgomo-Ntakhwana.
She pointed out that FNBB will continue to strive towards achieving greater excellence in banking by serving Botswana based customers in the most innovative way. She also revealed that the bank secured a one hectare plot in the CBD through the vision of the then CEO, Danny Zandamela.
“Since opening its doors in 1991, the bank has experienced phenomenal growth and to date the FNB brand is amongst the largest corporate brands trading in the Botswana economy,” she said.
Officially unveiling the ‘First Place’, Vice President Dr Ponatshego Kedikilwe pointed out that the financial sector plays an important role in the economic development of any country. He noted that better developed financial systems-mostly aided by access, efficiencies and stability measures are associated with faster economic growth.
Kedikilwe observed that Botswana’s financial sector is relatively well developed and has a potential to contribute much more to the achievement of sustained broad-based growth.
“It is in this respect that the government expects a strong and vibrant financial system to play a critical role in the development of the economy. According to Bank of Botswana Data Chart, the Botswana banking and financial services sector account for more than 3.8 percent of the GDP. This sector has experienced slow growth,” he revealed.
He said that the Bank of Botswana, in consultation with the Ministry of Finance and Development Planning, will continue to apply appropriate supervisory standards over the financial institution. He added that it will be under its jurisdiction to pre-empt any institutional fallouts which could constrain prospects for economic growth and diversification.
“These standards of supervision and governance have, to a significant extent, been extended to the rest of the financial services sector through the establishment of the Non Bank Financial Institutions Regulatory Authority,” said Kedikilwe.
He urged financial institutions to strengthen their security systems to guard against incidents of fraud where customers lose money from their accounts. He also added that it should be seriously addressed to retain the confidence of customers. He expressed satisfaction that FNBB continues to educate customers on vigilance and anti-fraud measures.
“Capacity building is of crucial importance to the development of a sound, efficient, innovative and responsive financial sector. Batswana need to be exposed to the intricacies of banking, such as treasury management, wholesale and investment banking, in a bid to develop a pool and supply of relevant skills in the country,” he said.
