(Ecofin Agency) - Botswana Building Society which announced, April 2018, that it would apply for a banking licence has not yet initiated the procedures in that regard.

The information was disclosed by Botswana’s minister of finance during his address to the parliament in the framework of the 2019 draft bill. “BBS is submitting a license to the central bank to operate as a full commercial bank which will be the first local bank in the country” Kenneth Matambo (photo) informed while talking about ongoing privatization in the country.

BBS’ decision to become a full commercial bank falls within the framework of its management's will to extend its service base to boost profit.

A step has been taken with the company’s conversion from a mutual to a limited company. BBS has already been introduced on the alternative market of the Botswana Stock Exchange (Serela OTC Board) where 487 million of its shares can be traded by interested investors. For its last fiscal year ending in late March 2018, the company declared a net profit of 49 million pula ($4.7 million) on a year to year basis.

Idriss Linge