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Top 6 list of Retail Banks in Botswana 2022

Banks are very important partners for the private sector in any economy. The way we trade depends on the ease to make transactions, whether you use an online application or over the counter, a bank involved.


There are different types of bank accounts for businesses. I am going to profile some retail banks in Botswana in 2021.

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What is a Bank?


A bank is a financial institution that receives deposits, makes loans, and is licensed by the reserve bank of a country. Banks provide a variety of financial services including wealth management, foreign currency exchange, and safe deposit boxes. There are different types of banks retail, central, commercial, cooperative banks.

1.ABSA Bank


Overview


Established: 1950


Originated: United Kingdom


Business Type: Listed Company


Number of Branches: 32


Locations: Countrywide


Website: www.absa.co.bw


Absa Bank Botswana is a member of Absa Group. Absa Group is listed on the JSE (South Africa) and is one of Africa’s largest diversified financial services groups. It operates in 14 African countries and employs more the 42 000 people.

Botswana Operations


Absa Group (Absa) has brought to Botswana new platforms, such as internet and mobile app banking with the branding changes. Absa is the leader in the Botswana banking industry. It employs 1,100 people, with 32 branches and 114 ATMs across the country. Its infrastructure is set up to serve more than 150 000 customers

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2.First National Bank


Overview


Established: 1838


Originated: South Africa


Business Type: Listed Company


Number of Branches: 12


Locations: Countrywide


Website: www.fnbbotswana.co.bw

First National Bank (FNB) was founded in neighboring South Africa in 1838. After some mergers and landmark events, it got its current name and business structure. The most recent happening in 1998. At the time, Rand Merchant Bank Holdings and Anglo-American Corporation merged their financial interests to form FirstRand Limited. First Rand then purchased FNB. This made FNB a wholly-owned subsidiary of FirstRand Limited.

Botswana Operations


First National Bank Botswana (FNBB) was registered in 1991, as a wholly-owned subsidiary of First National Bank Holdings with its roots in First Rand Holdings. Various acquisitions led to the Bank being listed on the Botswana Stock Exchange in 1993.


FNB Botswana is the largest commercial bank in Botswana. FNB provides a full range of banking services to individuals, businesses. FNB has a footprint of 24 branches across the country and 212 ATMs.


Their corporate finance division, RMB, provides corporate and investment banking bespoke solutions.

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3.Access Bank


Overview


Established: 1988


Originated: Nigeria


Business Type: Listed Company


Number of Branches: 8


Locations: Countrywide


Website: botswana.accessbankplc.com

About Access bank


Access Bank Plc is a Nigerian-founded bank. Since 1988 it has grown to a network of more than 600 branches, with a presence in 3 continents, and operations in 12 countries. Access Bank serves about over 36 million customers in its group.


In 2021, Access bank acquired about 78% of the issued share capital of African Banking Corporation of Botswana Limited (Banc ABC) from Atlas Mara Limited and ABC holdings limited.


Botswana Operations


Access bank operates in Botswana as a retail and commercial banking institution listed on the Botswana Stock Exchange. It started its operations in Botswana as a commercial bank in 2009 and has since grown to become one of the top banks in the country.


The bank offers various products and services to over 60,000 customers through 8 branches across the country. It serves its customers in the 5 main towns and cities with only 13 ATMs.

4.Bank Gaborone


Overview


Established: 2006


Originated: Namibia


Business Type: Listed Company


Number of Branches: 9


Locations: Countrywide


Website: www.bankgaborone.co.bw

Brief History


Bank Gaborone is a member of the Capricorn Group, Namibia financial services group listed on the Namibian Stock exchange. Capricorn Group has an 84.8% stake in Capricorn Investment Holdings Botswana Limited which in turn holds 100% of the share capital in Bank Gaborone.


Capricorn Group is a diversified Namibian financial services group with interests in banking, asset management, and insurance. Bank Gaborone has been providing retail banking services in Botswana since 2006 with their first brand in Gaborone.


About Bank Gaborone


Bank Gaborone is a greenfield investment by Capricorn Group to Botswana and the first of its kind in the group.


Botswana Operations


Bank Gaborone has 9 retail banking branches and 12 BG Finance outlets for unsecured lending offices across the country. Given their low offprint around the country, they only have 20 ATMs.


Bank Gaborone serves both individuals and businesses with transactional accounts, savings and investment solutions, loans, SME banking, and foreign exchange services. Through their sister company, BG Insurance Agency, Bank Gaborone offer insurance products in the market.

5.Stanbic Bank Botswana Limited

Overview


Established: 1862


Originated: Britain


Business Type: Listed Company


Number of Branches: 12


Locations: Countrywide


Website: www.stanbicbank.co.bw

About Stanbic Bank


Stanbic bank provides the full spectrum of financial services through its Corporate & Investment Banking, Personal and Business Banking divisions (PBB).


Botswana operations


Stanbic Bank started operating in Botswana in 1992 and has grown since then. Stanbic Bank Botswana is part of the Standard Bank Group, Africa’s largest bank by assets. Stanbic Bank employs over 600 people. They serve their clients with a 12 branch footprint around the country, 62 ATMs nationwide, and POS machines at various retailers.

6.Standard Chartered Bank


Overview


Established: 1897


Originated: Britain


Business Type: Listed Company


Number of Branches: 17


Locations: Countrywide


Website: www.sc.com/bw

About Standard Chartered


Standard Chartered provides retail, corporate & institutional services to customers. The bank’s retail banking business offers a wide range of products and services in the areas of Wealth Management, SME Banking, and Lending.


Botswana Operations


Standard Chartered Bank Botswana first opened for business in 1897, technically making it the country’s oldest bank. In 1956, the office got a full branch status and they went on to open three new branches in Lobatse (1958), Mahalapye (1963), and Gaborone (1964).


They later were incorporated in 1975 with a full board and then listed on the Botswana Stock Exchange and offer 25% of their shares to the public.


As of writing this article in 2021, Standard Chartered serves its customer through a network of 17 branches across the country.


Standard Chartered Bank Botswana has an active community program and is committed to building a sustainable business in Botswana.

A quick recap


Botswana's top bank of 2022 are:


  1. Absa Bank
  2. First National Bank
  3. Access Bank
  4. Stanbic Bank
  5. Standard Chartered Bank

Are you thinking of getting Finance for your business in Botswana can be exciting. Looking for information, knowing where to start can be a challenge. We understand that. We’re here to empower you with the tools need to start, grow and lead in the Botswana market. Contact us at email or contact us.

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Tumisang Bogwasi