- Tsaone Segaetsho
BBS Bank Managing Director, Pedzani Tafa, said that the bank aims to provide more solutions during challenging economic times.
Speaking to this publication at a networking session held during the launch of the bank’s business current account this week, Tafa described the new product as tailor-made to enhance business banking experiences, support business growth and streamline business operations.
BBS transitioned to a commercial bank in 2022, having operated as a building savings scheme for over five decades. Despite its new status, the bank faced financial challenges, recording losses since acquiring its commercial licence. Under Tafa’s leadership, however, it has now been steered towards profitability.
Although often considered to be overshadowed by the growing banking sector in Botswana, BBS continued to face difficulties, posting a substantial loss of P29 million in its 2023 financial results.
Tafa explained that the bank is pursuing a five-year transformation plan, known as the Pilediwa Strategy, which was the catalyst for the unveiling of the new product. She noted that the bank’s objective is to consistently introduce products and services it deems essential for its growth. The newly launched business current account, she said, aims to unlock working capital for clients.
“This is to enable your businesses to take advantage of whatever economic micro factors surround us, which will then grow your business,” said Tafa.
The Pilediwa Strategy, presented by Tafa at the event, is anticipated to place the bank on a sustainable profit-making trajectory over the next five years and beyond.
