First National Bank Botswana (FNBB), a unit of South African FNB, has launched the first Auto Teller Machines (ATMs) that accepts cash deposits in the southern African nation.
The highly innovative ATM Advance scan cash deposits and allows for the cash to be credited to the holder’s account immediately.
“The deployment of the ATM Advance was a defining moment in the local banking industry, a service which we as FNBB are proud to offer our customers,” said FNBB Marketing and Communications Director, Bomolemo Selaledi.
Botswana has 13 licensed backs with FNBB and Barclays Bank Botswana which is also listed on Bostwana Stock Exchange (BSE) dominating the country’s banking industry.
The country has a growing financial sector, and the national stock market, BSE based in the capital Gaborone, is given the responsibility to operate and regulate the equities and fixed interest securities market.
To date, the BSE is one of Africa’s best performing stock exchanges, averaging 24 percent aggregate return in the past decade. This has allowed the BSE to be the third largest stock exchange, in terms of market capitalization, in southern Africa.
Botswana’s impressive economic record has been built on a foundation of diamond mining, prudent fiscal policies, international financial and technical assistance, and a cautious foreign policy. (Ventures Africa)
